Abstract: An exemplary aspect comprises a computer system with a receiving component that receives application information for an insurance policy that extends the term of an existing life insurance product, and is pre-paid for by a third party, the third party to be paid fees based on the customer's selection of one of a first option providing the customer with the right of first refusal to continue the insurance policy, and a second option providing the third party with the right of first refusal to continue the insurance policy; an underwriting component that determines whether the customer qualifies for the insurance policy; a pricing component that calculates the fees to be paid by the customer to the third party; and a closing component that provides relevant closing documentation for the insurance policy to at least the customer, the insurance company, and the third party.
Type:
Grant
Filed:
April 18, 2019
Date of Patent:
May 12, 2020
Assignee:
INTEGRATED PLAN DESIGN LLC
Inventors:
Andrew Alan Hyman, Jon Franklin Davis, Jeffrey Young
Abstract: An exemplary aspect comprises a computer system with a receiving component that receives application information for an insurance policy that extends the term of an existing life insurance product, and is pre-paid for by a third party, the third party to be paid fees based on the customer's selection of one of a first option providing the customer with the right of first refusal to continue the insurance policy, and a second option providing the third party with the right of first refusal to continue the insurance policy; an underwriting component that determines whether the customer qualifies for the insurance policy; a pricing component that calculates the fees to be paid by the customer to the third party; and a closing component that provides relevant closing documentation for the insurance policy to at least the customer, the insurance company, and the third party.
Type:
Grant
Filed:
September 3, 2014
Date of Patent:
June 4, 2019
Assignee:
INTEGRATED PLAN DESIGN LLC.
Inventors:
Andrew Alan Hyman, Jon Franklin Davis, Jeffrey Young