Patent ID: 8160946
Filing Date: 2012-04-17
Classification: G06Q

Abstract:
1. A computer-implemented method for processing data related to a life insurance product issued by an insurance provider to an individual having at least one death benefit payable to a beneficiary upon a death of an insured, comprising: storing in a data storage device data associated with said life insurance product, the stored data including data indicative of a face value of the life insurance product payable to the beneficiary upon the death of the insured, an account value of the life insurance product, and an accelerated benefit payable in periodic payments to an owner of the life insurance product, without restriction on the use of the payments, during a lifetime of the insured and while the product remains in effect, the death benefit being reduced by an amount of the periodic payments; and determining, by a processor in communication with the data storage device, reduced values of face value, an account value, surrender charges, indebtedness, and no lapse guarantee premiums of the life insurance product, which values are reduced as a result of payment of the accelerated benefit; wherein said accelerated benefit is payable at any time during the lifetime of the insured responsive to at least one medical condition of said insured being met.