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US 8,301,562 B2Granted
Life settlement transaction system and method involving apportioned death benefit
AssigneeCoventry First LLC
InventorAlan H. Buerger
Life of this patent
Estimating the term…
Abstract
A method and system for structuring a life settlement with a paid-up policy transaction. An existing insurance policy holder exchanges an existing insurance policy for a paid-up insurance policy or life insurance group certificate purchased by a buyer on a secondary market. The policy could also exchange their policy for being named as a beneficiary of a second insurance policy purchased by a buyer on a secondary market.
Claims14
A computer-implemented method for conducting a life settlement transaction with a policyholder, comprising:
- receiving by a buyer, in exchange for consideration given to a policyholder, an assignment by the policyholder of an interest in life insurance having a first death benefit value on a life of an insured, the life insurance being group life insurance, the consideration having an estimated economic value approximately equivalent to a life settlement value of the life insurance at the time of the assignment;
- the life settlement value of the life insurance being determined on a computer and stored in a computer memory;
- selecting, by a computer, a second death benefit value for life insurance on the life of the insured calculated using the life settlement value, the second death benefit value being a function of the first death benefit value;
- at least part of the consideration being payment of premiums on the life insurance, the life insurance having the second death benefit being issued by someone other than the buyer.
1 more element
A system for facilitating life settlement transactions, the system comprising:
- at least one computer, the at least one computer having at least one processor configured to:
- receive by a buyer, in exchange for consideration given to a policyholder, an assignment by the policyholder of an interest in life insurance having a first death benefit value on a life of an insured, the life insurance being group life insurance, the consideration having an estimated economic value approximately equivalent to a life settlement value of the life insurance at the time of the assignment;
- the life settlement value of the life insurance being determined on a computer and stored in a computer memory;
- select a second death benefit value for life insurance on the life of the insured calculated using the life settlement value, the second death benefit value being a function of the first death benefit value;
- at least part of the consideration being payment of premiums on the life insurance, the life insurance having the second death benefit being issued by someone other than the buyer.
2 more elements
Dependencies are inferred from the claim text.