Increasing a policy value account of a life insurance policy based on an economic value of the policy
AssigneeJohn Hancock Life Insurance Company (U.S.A.)
InventorsDaragh O'Sullivan, Ryan Charland
Life of this patent
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Abstract
The present disclosure describes, among other things, an example method for maintaining an account for a life insurance policy. The method may include determining an amount to apply to the account, the amount based at least in part on i) a plurality of first factors based on data for life insurance policies in a class of policies, wherein the class of policies includes the life insurance policy, and ii) a plurality of second factors based on data for an individual, wherein the individual is a policy holder of the life insurance policy. The method may include increasing at least a portion of the account by the amount.
Claims20
A method for maintaining a value of a life insurance policy comprising a policy value account and an associated death benefit, the method comprising:
- determining, by a processor of a computer, a first cash value of a policy account;
- determining, by the processor, a first value of a death benefit associated with the life insurance policy, wherein:
- the death benefit represents an amount paid to a designated beneficiary of the life insurance policy upon the death of an individual that is the policy holder of the life insurance policy, and
- a value of the insurance policy is based at least in part on the first value of the death benefit and the first cash value of the policy value account;
- determining, by the processor, a change in the value of the life insurance policy,
- wherein the change in value is based at least in part on:
- i) a plurality of first factors based on data for life insurance policies in a class of policies, wherein the class of policies comprises the life insurance policy, and
- ii) a plurality of second factors based on data for the individual that is the policy holder of the life insurance policy;
- determining, by the processor, a first portion of the change in value of the life insurance policy to distribute to the policy value account;
- increasing, by the processor, the first value of the policy value account by the first portion;
- determining, by the processor, a second portion of the change in value of the life insurance policy to distribute now or in the future to pay for the death benefit;
- and
- increasing, by the processor, the first value of the death benefit by an amount based at least in part on the amount of death benefit that could be paid for by the second portion.
A method for maintaining the value of a life insurance policy comprising a policy value account and an associated death benefit, the method comprising:
- determining, by a processor of a computer, a first cash value of a policy value account;
- determining, by the processor, a first value of a death benefit associated with the life insurance policy, wherein:
- the death benefit represents an amount paid to a designated beneficiary of the life insurance policy upon the death of an individual that is the policy holder of the life insurance policy, and
- a value of the life insurance policy is based at least in part on the first value of the death benefit and the first cash value of the policy value account;
- determining, by the processor, a notional index corresponding to an economic value of the life insurance policy, wherein the notional index has been updated since issuance of the life insurance policy;
- determining, by the processor, a change in value of the life insurance policy based at least in part on the notional index and the policy value account;
- determining, by the processor, a first portion of the change in value of the life insurance policy to distribute to the policy value account;
- increasing, by the processor, the first value of the policy value account by the first portion;
- determining, by the processor, a second portion of the change in value of the life insurance policy to distribute now or in the future to pay for the death benefit;
- and
- increasing, by the processor, the first value of the death benefit by an amount based at least in part on the amount of death benefit that could be paid by the second portion.
A non-transitory computer readable medium storing instructions thereon, wherein the instructions, when executed, cause a processor to maintain a value of a life insurance policy comprising a policy value account and an associated death benefit by:
- determining a first cash value of a policy value account;
- determining a first value of a death benefit associated with the life insurance policy, wherein:
- the death benefit represents an amount paid to a designated beneficiary of the life insurance policy upon the death of an individual that is the policy holder of the life insurance policy, and
- a value of the life insurance policy is based at least in part on the first value of the death benefit and the first cash value of the policy value account;
- determining a change in the value of the life insurance policy, wherein the change in value is based at least in part on:
- i) a plurality of first factors based on data for life insurance policies in a class of policies, wherein the class of policies comprises the life insurance policy, and
- ii) a plurality of second factors based on data for the individual that is the policy holder of the life insurance policy;
- determining a first portion of the change in value of the life insurance policy to distribute to the policy value account;
- increasing the first value of the policy value account by the first portion;
- determining a second portion of the change in value of the life insurance policy to distribute now or in the future to pay for the death benefit;
- and
- increasing the first value of the death benefit by an amount based at least in part on the amount of death benefit that could be paid for by the second portion.
A non-transitory computer readable medium storing instructions thereon, wherein the instructions, when executed, cause a processor to maintain a value of a life insurance policy comprising a policy value account and an associated death benefit by:
- determining a first cash value of a policy value account;
- determining a first value of a death benefit associated with the life insurance policy, wherein:
- the death benefit represents an amount paid to a designated beneficiary of the life insurance policy upon the death of an individual that is the policy holder of the life insurance policy, and
- a value of the life insurance policy is based at least in part on the first value of the death benefit and the first cash value of the policy value account;
- determining a notional index corresponding to an economic value of the life insurance policy, wherein the notional index has been updated since issuance of the life insurance policy;
- determining a change in value of the life insurance policy based at least in part on the notional index and the policy value account;
- determining, by the processor, a first portion of the change in value of the life insurance policy to distribute to the policy value account;
- increasing the first value of the policy value account by the first portion;
- determining, by the processor, a second portion of the change in value of the life insurance policy to distribute now or in the future to pay for the death benefit;
- and
- increasing, by the processor, the first value of the death benefit by an amount based at least in part on the amount of death benefit that could be paid for by the second portion.
Dependencies are inferred from the claim text.