Patent ID: 7324950
Filing Date: 2008-01-29
Classification: G06Q

Abstract:
1. A method of providing a simultaneous multiple death insurance policy for one person and another person, the method comprising: identifying the persons as insured parties under the insurance policy, the insurance policy being a stand-alone policy independent in effect from other insurance benefits either or both persons are eligible for; obtaining information regarding the persons; entering information regarding the persons into a data processing apparatus and determining in the data processing apparatus the eligibility of each of the persons by comparing information received regarding each of the persons with one or more standards stored in the data processing apparatus; entering information related to a death benefit amount into the data processing apparatus, the death benefit amount being based upon a probability of the simultaneous death of the persons, the death benefit amount having a fixed value and being established independent of other risk exposures of either or both persons and independent of one or more other insurance benefits either or both persons are eligible for; entering information related to at least one beneficiary of the insurance policy into the data processing apparatus; entering information related to a benefit qualification time frame into the data processing apparatus, the benefit qualification time frame being a term of the insurance policy and defining a predetermined period of time established in the insurance policy between the death of the one person and the death of the another person; generating the insurance policy using the data processing apparatus from the information relating to the eligible persons, the death benefit amount, the at least one beneficiary, and the benefit qualification time frame, the insurance policy creating an obligation of an insurer to pay the death benefit amount only upon the confirmation of at least one of: (i) simultaneous death of the persons at substantially the same time and (ii) death of both persons within the predetermined period of time of the benefit qualification time frame; and issuing the generated insurance policy without performing medical underwriting of the persons, wherein payment of the death benefit amount is made only if at least one of the aforementioned conditions (i) and (ii) is met, the payment of the death benefit amount being independent of the payment of one or more other insurance benefits either or both persons are eligible for.