System and method for administering insurance policies issued before comprehensive underwriting

A computer-implemented method for administration of insurance, comprising:

• receiving by a processor, and storing by the processor in a memory device in communication with the processor, data indicative of an application and an initial premium payment from a proposed insured for life insurance for issue prior to comprehensive underwriting;
• based on the received data, determining by the processor whether the proposed insured is eligible for life insurance issued prior to comprehensive underwriting;
• responsive to a determination that the proposed insured is eligible, generating by the processor an output signal having data indicative of a decision to respond to the application by issuing an initial policy and commencing a comprehensive underwriting process, and providing to an insurance process administration computer system data relating to the issued initial policy for determining insurance data associated with the issued initial policy;
• receiving by the processor data indicative of a result of the comprehensive underwriting process;
• based on the result of the comprehensive underwriting process, determining by the processor terms of a final issued policy;
• and
• providing to the insurance process administration computer system data relating to the final issued policy.

A computer system for issue and administration of life insurance policies, comprising:

• a processing module, comprising a processor, for operable to:
• receive data indicative of an application and an initial premium payment from a proposed insured for life insurance for issue prior to comprehensive underwriting;
• and
• determine, based on the received data, whether the proposed insured is eligible for issue of life insurance issued prior to underwriting;
• an administration module, comprising a processor, operable to:
• responsive to a determination by the processing module that the proposed insured is eligible, administer a mandatory comprehensive underwriting process;
• and
• determine risk data based on a result of the mandatory comprehensive underwriting process;
• and
• an issuance module, comprising a processor, operable to issue a life insurance policy to the proposed insured prior to the mandatory comprehensive underwriting process and responsive to the determination by the processing module that the proposed insured is eligible.

A computer-implemented method for issue and administration of life insurance policies, comprising:

• receiving by a processing module, comprising a processor, data indicative of an application and an initial premium payment from a proposed insured for life insurance for issue prior to comprehensive underwriting;
• determining by the processing module, based on the received data, whether the proposed insured is eligible for issue of life insurance issued prior to underwriting;
• administering by an administration module, comprising a processor, responsive to a determination by the processing module that the proposed insured is eligible, administering a comprehensive underwriting process;
• determining by the administration module risk data based on a result of the comprehensive underwriting process;
• and
• issuing by an issuance module, comprising a processor, a life insurance policy to the proposed insured prior to the comprehensive underwriting process and responsive to the determination by the processing module that the proposed insured is eligible.