Patent ID: 8666857
Filing Date: 2014-03-04
Classification: G06Q

Abstract:
1. A computer system for administration of a life insurance policy issued by an insurance company and having an accelerated benefit, comprising: a memory device having stored therein data relating to the life insurance policy, including owner data, insured data, beneficiary data, a face value amount payable to a beneficiary on death of the insured, and a premium amount; a processor in communication with the memory device, the processor being configured to: responsive to receipt of data indicative of receipt of certification that the insured has either loss of ability to perform two activities of daily living or cognitive impairment, provide an output signal having data indicative of payment of periodic payments of an accelerated benefit, the accelerated benefit being in an amount less than the death benefit, and continuing while the insured has either loss of ability to perform two activities of daily living or cognitive impairment; and calculate, responsive to each of the periodic payments, a reduction of the amount of the death benefit by an amount of each of the periodic payments, wherein the amount of the death benefit prior to a first of the periodic payments is based in part on the face value amount, wherein a first of the periodic payments is in an amount determined based on a time period commencing on a date of receipt of the certification, and wherein the processor is further configured to, at any time following receipt of certification, including times after a recovery of the insured, determine a value of an account associated with the insurance policy minus a value of indebtedness under the insurance policy; determine current periodic deduction amount for charges associated with the insurance policy; compare the determined value of the account value minus the value of indebtedness to the current periodic deduction amount; and, responsive to determining that the determined value of the account associated with the insurance policy minus the value of indebtedness is less than the current periodic deduction amount, determine a reduced current periodic deduction amount, the reduced current periodic deduction amount being no greater than the determined value of the account value minus the value of indebtedness.