Patents Assigned to College Savings Bank
  • Method and apparatus for insuring the funding of a future liability of uncertain cost
    Patent number: 4839804
    Abstract: A method and apparatus are provided to insure a means of purchasing a floating rate zero coupon note that is designed to fund a certain future liability of uncertain value and thereby defease fully its future cost. The method is a one-year renewable term insurance program that fully funds the purchase of a certain floating rate zero coupon note upon the occurrence of some catastrophic event, such as the death of the insured. The system projects the expected death benefit payment and then calculates the annual insurance premium based on the expected death benefit payment, type of policy, and personal and risk characteristics of the insured.
    Type: Grant
    Filed: December 30, 1986
    Date of Patent: June 13, 1989
    Assignee: College Savings Bank
    Inventors: Peter A. Roberts, John D. Finnerty
  • Method and apparatus for funding a future liability of uncertain cost
    Patent number: 4752877
    Abstract: A method and apparatus are provided to fund a certain future liability of uncertain value and thereby defease fully its future cost. The method is an insurance investment plan which can be implemented using a floating rate zero coupon note obligation the interest rate on which varies automatically with the rate of inflation or the cost of some specified service or commodity which gives rise to the future liability, and the interest payments on which are automatically reinvested. The system projects the expected future cost of the liability based on a projected escalation rate associated with a certain specified index and based also on when the liability is expected to come due. It then calculates the present value sale price on the floating rate zero coupon note by discounting the expected cost at maturity at a rate that represents the insurer's projected reinvestment yield net of an insurance risk premium.
    Type: Grant
    Filed: April 9, 1986
    Date of Patent: June 21, 1988
    Assignee: College Savings Bank
    Inventors: Peter A. Roberts, John D. Finnerty
  • Methods and apparatus for funding future liability of uncertain cost
    Patent number: 4722055
    Abstract: Methods and apparatus for funding a future liability by means of an insurance investment program. The system estimates the expected cost of the liability when the liability is expected to occur and computes the present value of each unit of insurance needed to yield that expected cost at maturity. The system also aids the insurance fund manager in making decisions regarding investment of fund assets in order to meet present and future obligations of the fund.
    Type: Grant
    Filed: February 6, 1987
    Date of Patent: January 26, 1988
    Assignee: College Savings Bank
    Inventor: Peter A. Roberts