Patents by Inventor Bernard P. Hagan

Bernard P. Hagan has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Patent number: 6895390
    Abstract: The data processing system and method implements an investment account structure establishing and providing an increasing income financial product. Each subscriber invests in a financial contractual product or program. Each subscriber designates at least a primary beneficiary. The primary beneficiary is assigned, along with a number of demographically similar beneficiaries, to a certain contract group. The financial product contract is funded with principal payments, premiums or other contributions paid by subscribers. Income is provided according to the contractual terms or parameters to surviving primary beneficiaries of the same assigned contract group on an increasing, survivorship basis until (a) all the initial primary beneficiaries die; or (b) the contract expires based upon the expiration of pre-established time periods. When the contract expires, the designated secondary beneficiaries receive their pro rata share of the principal from the contract group.
    Type: Grant
    Filed: April 20, 2000
    Date of Patent: May 17, 2005
    Inventor: Bernard P. Hagan
  • Publication number: 20030040999
    Abstract: The increasing income financial product is a financial contractual product or program wherein a subscriber invests and designates primary and secondary beneficiaries. Investment plans include (a) lump sum (b) periodic (c) a pledge of an asset, or (d) combinatory. The primary beneficiary is assigned to a group of similar beneficiaries and to a certain contract group. With pledges, when the primary dies, the pledged assets are gathered by an administrator. Income is paid according to the contract to surviving primaries on an increasing, survivorship basis until (a) all primaries die; or (b) a predetermined percentage die; (c) the contract expires per its parameters; or (d) upon any other contractually defined event. Alternatively, the increasing income may be paid to the surviving members based upon mortality tables. Upon expiration, the surviving primaries or designated secondaries receive pro rata shares of the principal from the contract group.
    Type: Application
    Filed: June 25, 2002
    Publication date: February 27, 2003
    Inventor: Bernard P. Hagan
  • Patent number: 6415267
    Abstract: The present invention relates to an increasing income financial product. According to one embodiment of the invention, each subscriber invests in a financial contractual product or program. Each subscriber designates primary and secondary beneficiaries. The subscriber has various payment plan options to fund the financial product. Those plans include (a) lump sum payment, (b) periodic payments, (c) a pledge of a subscriber's financial asset, and (d) a pledge of a subscriber's financial asset accompanied with periodic payments. The primary beneficiary is assigned, along with a number of demographically similar beneficiaries, to a certain contract group. In the event the subscriber utilizes the pledge payment plan, when the primary beneficiary dies, the pledged assets of the subscriber are placed under the control of the financial product administrator or its designee.
    Type: Grant
    Filed: July 17, 2000
    Date of Patent: July 2, 2002
    Inventor: Bernard P Hagan
  • Patent number: 6061661
    Abstract: The present invention responds to these administrative problems associated with an increasing income financial product and addresses deficiencies in the prior art. The data processing system and method according to a preferred embodiment of the present invention implements an investment account structure establishing and providing an increasing income financial product.According to a preferred embodiment of the invention, each subscriber invests in a financial contractual product or program. Each subscriber designates primary and secondary beneficiaries. The primary beneficiary is assigned, along with a number of demographically similar beneficiaries, to a certain contract group. The financial product contract is funded with principal payments or premiums paid by subscribers.
    Type: Grant
    Filed: June 8, 1999
    Date of Patent: May 9, 2000
    Inventor: Bernard P. Hagan
  • Patent number: 5864685
    Abstract: This invention relates to a data processing system and computer-based data processing method for managing an investment account structure. According to some of the preferred embodiments, the account structure is made up of one or more annuity contracts or life insurance contracts, each of the contracts being owned by one or more individual subscribers. Premiums are paid for the contracts being invested in one or more depository accounts, insured by deposit insurance, at one or more financial institutions. According to another preferred embodiment, annuity contracts are structured in one or more irrevocable trusts, with each subscriber's principal and/or income placed in a trust corpus of one of the irrevocable trusts. Each subscriber has a primary beneficiary (usually the subscriber) and a secondary beneficiary. When a subscriber dies, the trust income is distributed to the remaining primary beneficiaries.
    Type: Grant
    Filed: February 28, 1994
    Date of Patent: January 26, 1999
    Inventor: Bernard P. Hagan
  • Patent number: 5631828
    Abstract: The method and computer-based system for electronically processing transactional data and monitoring annuity or life insurance funds includes identifying and storing fund data, customer data, beneficiary data, and banking institution data. In one embodiment, banking institutions which hold non-annuity or non-life insurance funds for a particular beneficiary over a pre-determined initial amount are monitored. The system sums all funds, whether qualified or unqualified or annuity or life insurance funds, identified with a single beneficiary and held by the banking institutions. If the sum exceeds the predetermined fund limit, the system either commands the transfer of all additional or excess funds identified with that single beneficiary to another banking institution or transfers the excess funds into an account established for another annuity beneficiary which is a pre-approved beneficiary from a group initially identified by the customer.
    Type: Grant
    Filed: June 24, 1994
    Date of Patent: May 20, 1997
    Inventor: Bernard P. Hagan
  • Patent number: 5291398
    Abstract: The method and system for electronically processing transactional data and monitoring annuity funds includes identifying and storing annuity fund data, customer data, annuity beneficiary data, and banking institution data. Banking institutions which hold non-annuity funds for a particular annuity beneficiary are classified as non-available banking institutions for that beneficiary. The system sums all annuity funds identified with a single annuity beneficiary and designated for certificates of deposits issued by one of the banking institutions that is not classified as a non-available banking institution. If the sum exceeds the predetermined fund limit, that identified banking institution is classified as a non-available banking institution for that particular annuity beneficiary. The system then commands the transfer of all additional annuity funds identified with that single annuity beneficiary to another banking institution that is an available institution.
    Type: Grant
    Filed: July 10, 1992
    Date of Patent: March 1, 1994
    Inventor: Bernard P. Hagan