Patent ID: 6304859
Filing Date: 2001-10-16
Classification: G06Q

Abstract:
A method for monitoring an insurance policy where part of a premium to purchase the insurance policy was funded by a loan from a lending institution and where the insurance policy is collateral for the loan, the method comprising the steps of:electronically receiving a required maximum loan to cash value ratio from the lending institution;electronically receiving a loan balance relating to the loan from the lending institution;determining a current actual cash value of the insurance policy;calculating a loan balance to cash value ratio based upon said loan balance and said cash value;comparing the loan balance to cash value ratio with the required maximum loan to cash value ratio;if the loan balance to cash value ratio is less than or equal to the required maximum loan to cash value ratio, then electronically transmitting a satisfactory status report to the lending institution; andif the loan balance to cash value ratio is greater than the required maximum loan to cash value ratio, then electronically transmitting an unsatisfactory report to the lending institution.