Patent ID: 8543426
Filing Date: 2013-09-24
Classification: G06Q

Abstract:
1. A system for providing a disability insurance product comprising: a storage device having data relating to an insurance product provided under an insurance policy, and periodic payments provided to an insured individual; a processing module operatively coupled to the storage device, said processor configured to read said data relating to an insurance product, and periodic payments provided to the insured individual, the storage device storing modules utilized by the processor, the modules comprising: a generating module for generating an insurance product which provides for: periodic payments in substantially equal amounts to an insured individual in the event of receipt of data indicative of either a disability of the insured individual or a diagnosis of the individual with an illness specified in the policy-related data stored in the storage device, said periodic payments responsive to the disability of the insured individual continuing for a predetermined period of time, provided the insured individual remains disabled and said periodic payments responsive to the data indicative of the diagnosis continuing for the predetermined term provided the insured individual remains living; and a payment on a periodic basis for a first medical opinion as to a diagnosis of the illnesses specified in the policy-related data stored in the storage device; and a payment module for making the periodic payments to the insured, wherein the payment module is further configured to make a transition payment in a finite amount equal to a multiple of the amount of one of the periodic payments to the insured individual responsive to receipt of data indicative of the disability of the insured individual upon the expiration of the predetermined period of time for said periodic payments, provided that the insured remains disabled at said expiry of said predetermined period of time and to make the transition payment to the insured individual responsive to receipt of data indicative of the diagnosis upon the expiration of the predetermined period of time, provided that the insured individual remains living.