Digital processing machine, article, and method for an entity holding insurance
AssigneeConcept Hedging, LLC
InventorsMatthew B. Schoen, Wayne F. Perg, John Andrew Pfleger
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Abstract
A digital data processing method, machine, and article for an entity holding insurance. The machine is configured to transform, by digital processing, data into an accounting for an entity and allocations among parties contributing permanent life insurance to the entity in producing digital output which includes the accounting and at least one of the allocations.
Claims44
A machine configured to transform, by digital processing, data into an accounting for an entity and allocations among parties contributing permanent life insurance to the entity in producing digital output which includes the accounting and at least one of the allocations, the machine comprising:
- a memory storing in terms of an agreement governing an entity in which at least two parties have contributed permanent life insurance policies to the entity in exchange for ownership interests in the entity;
- a programmed digital computer carrying out the operations of:
- determining, by accessing the memory in using the terms, and receiving and storing in the memory policy cash value data, a transformation of the data into an allocation of entity ownership among the parties, and storing the allocation in the memory;
- determining, by accessing the memory in using the terms, and receiving and storing in the memory data corresponding to policy cash values, policy death benefits and entity revenue, expenses, assets, and liabilities, a transformation of the data into an allocation of entity profits and losses among the parties, a transformation of the data into an allocation of income among the parties, a transformation of the data into an allocation of cash from an incoming policy death benefit, a transformation of the data into an allocation of expenses among the parties, and a transformation of the data into an allocation of changes in entity assets among the parties that occur from one specified point in time to another, and storing said allocations in the memory;
- determining, by accessing the memory in using the terms and at least some of the stored data, a transformation of said at least some of the stored data into an accounting of entity income, expenses, assets, liabilities, and cash from an incoming policy death benefit;
- and
- an output device, outputting from the computer, the accounting and at least one of the allocations.
A method of using a machine configured to transform, by digital processing, data into an accounting for an entity and allocations among parties contributing permanent life insurance to the entity in producing digital output which includes the accounting and at least one of the allocations, the method including:
- storing in memory terms of an agreement governing an entity in which at least two parties have contributed permanent life insurance policies to the entity in exchange for ownership interests in the entity;
- determining, by a digital computer accessing the memory in using the terms, and receiving and storing in the memory policy cash value data, a transformation of the data into an allocation of entity ownership among the parties, and storing the allocation in the memory;
- determining, by the computer accessing the memory in using the terms, and receiving and storing in the memory data corresponding to policy cash values, policy death benefits and entity revenue, expenses, assets, and liabilities, a transformation of the data into an allocation of entity profits and losses among the parties, a transformation of the data into an allocation of income among the parties, a transformation of the data into an allocation of cash from an incoming policy death benefit, a transformation of the data into an allocation of expenses among the parties, and a transformation of the data into an allocation of changes in entity assets among the parties that occur from one specified point in time to another, and storing said allocations in the memory;
- determining, by the computer accessing the memory in using the terms and at least some of the stored data, a transformation of said at least some of the stored data into an accounting of entity income, expenses, assets, liabilities, and cash from an incoming policy death benefit;
- and
- outputting, by the computer, the accounting and at least one of the allocations.
Dependencies are inferred from the claim text.