Patents by Inventor Michael J. Roscoe
Michael J. Roscoe 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).
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Patent number: 8666857Abstract: A computer system for administering a life insurance policy is configured to, responsive to receipt of certification that the insured has either loss of ability to perform two activities of daily living or cognitive impairment, provide instructions to pay an owner of the policy, in periodic payments, an accelerated benefit, the accelerated benefit being in an amount less than the death benefit, a first of the periodic payments being for a time period commencing on a date of receipt of the certification, and continuing until the insured no longer has the loss of ability to perform two activities of daily living or cognitive impairment. The system is further configured to, responsive to each of the periodic payments, determine a reduction of the amount of the death benefit by an amount of each of the periodic payments.Type: GrantFiled: December 10, 2010Date of Patent: March 4, 2014Assignee: The Prudential Insurance Company of AmericaInventors: Michael J. Roscoe, Paul M. Fischer, Shawn Hilario, Stephen A. Roche
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Patent number: 8660865Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.Type: GrantFiled: June 27, 2012Date of Patent: February 25, 2014Assignee: The Prudential Insurance Company of AmericaInventors: Leslie Ann Reynolds, Michael J. Roscoe, Rodney R. Howard
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Patent number: 8639536Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of application data and data indicative of a health of a proposed insured; based on the received data, determine whether the proposed insured is eligible, and generate an output signal to cause a policy to be generated and comprehensive underwriting to commence. Upon completion of comprehensive underwriting, additional policy documents may be determined. Calculations of commissions and reinsurance premiums may be made upon issue of a policy and recalculated upon completion of comprehensive underwriting.Type: GrantFiled: December 2, 2010Date of Patent: January 28, 2014Assignee: The Prudential Insurance Company of AmericaInventors: Leslie Ann Reynolds, Michael J. Roscoe, Greg D. Lindquist, Kimberly Ann Rasmussen, Steven J. Williams
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Patent number: 8577700Abstract: A computer system for processing data relating to a life insurance policy issued by an insurance company to an owner includes a data storage device storing data relating to the life insurance policy, including data indicative of a face amount, a benefit account, an investment account and a death benefit factor, and a processor configured to access data indicative of the face amount, a value of the investment account, a value of the benefit account and a value of the death benefit factor; determine a first value based on a sum of the face amount and the value of the investment account; determine a second value based on the benefit account value, the investment account value and the value of the death benefit factor; and determine an amount of a death benefit of the life insurance policy to be the greater of the first value and the second value.Type: GrantFiled: May 15, 2012Date of Patent: November 5, 2013Assignee: The Prudential Insurance Company of AmericaInventors: Edwin Clifford Barron, Jr., Thomas P. Kalmbach, Michael J. Roscoe
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Patent number: 8571897Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is eligible for life insurance issued before completion of comprehensive underwriting; responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and by commencing a comprehensive underwriting process. The processor may be configured to receive data indicative of a result of the comprehensive underwriting process and based on the result of the comprehensive underwriting process, provide an output signal indicative of policy changes.Type: GrantFiled: December 2, 2010Date of Patent: October 29, 2013Assignee: The Prudential Insurance Company of AmericaInventors: Leslie Ann Reynolds, Michael J. Roscoe, Greg D. Lindquist, Kimberly Ann Rasmussen, Steven J. Williams
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Patent number: 8442845Abstract: According to some embodiments, a current net amount at risk associated with a life insurance policy is determined. The life insurance policy may, for example, have been previously issued to a consumer for a given face death benefit amount. At least one applicable cost of insurance rate may then be automatically selected based at least in part on the determined net amount at risk. The applicable cost of insurance rate can then be applied to the current net amount at risk for the policy. For example, a first cost of insurance rate may be applied to a first portion of the current net amount at risk, and the applicable cost of insurance rate may be applied to a second portion of the current net amount at risk.Type: GrantFiled: May 4, 2011Date of Patent: May 14, 2013Assignee: The Prudential Insurance Company of AmericaInventors: Dawn M. LeBlanc, David P. Wiland, Shawn M. Denman, Michael J. Roscoe
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Patent number: 8433589Abstract: Pursuant to some embodiments, a computer system for pricing a paycheck term policy is provided which includes a processor, a communication device in communication with the processor the communication device configured to receive an input data set, the input data set including at least an issue age of an insured associated with the policy, a desired death benefit payment amount, an underwriting class associated with the insured, and an interest rate factor.Type: GrantFiled: December 17, 2009Date of Patent: April 30, 2013Assignee: The Prudential Insurance Company of AmericaInventors: Paul M. Fischer, Stephen A. Roche, Michael J. Roscoe, Mary Katherine Weise
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Publication number: 20120271661Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.Type: ApplicationFiled: June 27, 2012Publication date: October 25, 2012Applicant: HARTFORD FIRE INSURANCE COMPANYInventors: Leslie Ann Reynolds, Michael J. Roscoe, Rodney R. Howard
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Patent number: 8296208Abstract: Disclosed is a novel insurance product that provides an accelerated death benefit to the insured individual. The insurance product contains a lifeaccess accelerated benefit feature that allows the insured individual to file a claim and receive benefits under a life insurance product if the insured individual becomes chronically or terminally ill.Type: GrantFiled: June 6, 2011Date of Patent: October 23, 2012Assignee: Hartford Fire Insurance CompanyInventors: Stephen Roche, Michael J. Roscoe, Dawn M. LeBlanc, Christopher Benedict Cramer, Lisa Michelle Proch
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Publication number: 20120226509Abstract: A computer system for processing data relating to a life insurance policy issued by an insurance company to an owner includes a data storage device storing data relating to the life insurance policy, including data indicative of a face amount, a benefit account, an investment account and a death benefit factor, and a processor configured to access data indicative of the face amount, a value of the investment account, a value of the benefit account and a value of the death benefit factor; determine a first value based on a sum of the face amount and the value of the investment account; determine a second value based on the benefit account value, the investment account value and the value of the death benefit factor; and determine an amount of a death benefit of the life insurance policy to be the greater of the first value and the second value.Type: ApplicationFiled: May 15, 2012Publication date: September 6, 2012Applicant: HARTFORD FIRE INSURANCE COMPANYInventors: Edwin Clifford Barron, JR., Thomas P. Kalmbach, Michael J. Roscoe
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Publication number: 20120209631Abstract: A computer system for processing of data related to a permanent life insurance policy includes a data storage device storing data indicative of a policy owner, an insured under the policy, and a death benefit amount, payable under the policy to a beneficiary upon death of the insured, and a processor in communication with the data storage device. A withdrawal benefit providing periodic payments to the owner, each payment reducing the amount of the death benefit until reaching a residual death benefit amount, is available on owner request, at a minimum age of the insured, on meeting a condition related to a likelihood of policy lapse prior to death of the insured. The processor is configured to determine whether premium payments in accordance with a schedule will cause the condition to be met.Type: ApplicationFiled: April 8, 2011Publication date: August 16, 2012Applicant: HARTFORD FIRE INSURANCE COMPANYInventors: Michael J. Roscoe, Edwin Clifford Barron, JR., Lisa Michelle Proch, Haobo Li
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Patent number: 8224677Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.Type: GrantFiled: November 23, 2009Date of Patent: July 17, 2012Assignee: Hartford Fire Insurance CompanyInventors: Leslie Ann Reynolds, Michael J. Roscoe, Rodney R. Howard
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Patent number: 8180656Abstract: Disclosed is a novel life insurance product that provides an improved return to a purchaser. The life insurance product contains a benefit payment, and has a fixed benefit amount and a variable benefit amount. A policy protection benefit prevents a purchaser's life insurance product from lapsing, and a minimum death benefit ensures that the purchaser receives the greater of the face value of the product and a predetermined percentage of the account value.Type: GrantFiled: April 8, 2008Date of Patent: May 15, 2012Assignee: Hartford Fire Insurance CompanyInventors: Edwin Clifford Barron, Jr., Thomas P. Kalmbach, Michael J. Roscoe
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Patent number: 8160946Abstract: A method for processing data related to a life insurance product having a death benefit amount payable to a beneficiary upon death of an insured includes receiving data indicative of certification that the insured is chronically ill, and responsive to receipt of the data indicative of the certification, providing output signals having data indicative of instructions to pay an owner of the life insurance product periodic payments, during the lifetime of the insured, each of which periodic payments reduces the death benefit amount.Type: GrantFiled: March 18, 2011Date of Patent: April 17, 2012Assignee: Hartford Fire Insurance CompanyInventors: Stephen Roche, Michael J. Roscoe, Dawn M. LeBlanc, Christopher Cramer, Lisa Michelle Proch
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Publication number: 20110208549Abstract: According to some embodiments, a current net amount at risk associated with a life insurance policy is determined. The life insurance policy may, for example, have been previously issued to a consumer for a given face death benefit amount. At least one applicable cost of insurance rate may then be automatically selected based at least in part on the determined net amount at risk. The applicable cost of insurance rate can then be applied to the current net amount at risk for the policy. For example, a first cost of insurance rate may be applied to a first portion of the current net amount at risk, and the applicable cost of insurance rate may be applied to a second portion of the current net amount at risk.Type: ApplicationFiled: May 4, 2011Publication date: August 25, 2011Inventors: Dawn M. LeBlanc, David P. Wiland, Shawn M. Denman, Michael J. Roscoe
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Publication number: 20110153366Abstract: Pursuant to some embodiments, a computer system for pricing a paycheck term policy is provided which includes a processor, a communication device in communication with the processor and receiving an input data set, the input data set including at least an issue age of an insured associated with the policy, a desired death benefit payment amount, an underwriting class associated with the insured, and an interest rate factor.Type: ApplicationFiled: December 17, 2009Publication date: June 23, 2011Inventors: Paul M. Fischer, Stephen A. Roche, Michael J. Roscoe, Mary Katherine Weise
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Patent number: 7962351Abstract: According to some embodiments, a current net amount at risk associated with a life insurance policy is determined. The life insurance policy may, for example, have been previously issued to a consumer for a given face death benefit amount. At least one applicable cost of insurance rate may then be automatically selected based at least in part on the determined net amount at risk. The applicable cost of insurance rate can then be applied to the current net amount at risk for the policy. For example, a first cost of insurance rate may be applied to a first portion of the current net amount at risk, and the applicable cost of insurance rate may be applied to a second portion of the current net amount at risk.Type: GrantFiled: June 19, 2008Date of Patent: June 14, 2011Assignee: Hartford Fire Insurance CompanyInventors: Dawn M. LeBlanc, David P. Wiland, Shawn M. Denman, Michael J. Roscoe
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Publication number: 20110125651Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.Type: ApplicationFiled: November 23, 2009Publication date: May 26, 2011Applicant: HARTFORD FIRE INSURANCE COMPANYInventors: Leslie Ann Reynolds, Michael J. Roscoe, Rodney R. Howard
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Publication number: 20110125536Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is eligible for life insurance issued before completion of comprehensive underwriting; responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and by commencing a comprehensive underwriting process. The processor may be configured to receive data indicative of a result of the comprehensive underwriting process and based on the result of the comprehensive underwriting process, provide an output signal indicative of policy changes.Type: ApplicationFiled: December 2, 2010Publication date: May 26, 2011Applicant: HARTFORD FIRE INSURANCE COMPANYInventors: Leslie Ann Reynolds, Michael J. Roscoe, Greg D. Lindquist, Kimberly Ann Rasmussen, Steven J. Williams
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Publication number: 20110125537Abstract: A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of application data and data indicative of a health of a proposed insured; based on the received data, determine whether the proposed insured is eligible, and generate an output signal to cause a policy to be generated and comprehensive underwriting to commence. Upon completion of comprehensive underwriting, additional policy documents may be determined. Calculations of commissions and reinsurance premiums may be made upon issue of a policy and recalculated upon completion of comprehensive underwriting.Type: ApplicationFiled: December 2, 2010Publication date: May 26, 2011Applicant: HARTFORD FIRE INSURANCE COMPANYInventors: Leslie Ann Reynolds, Michael J. Roscoe, Greg D. Lindquist, Kimberly Ann Rasmussen, Steven J. Williams