Abstract:
A method and insurance platform for whole life insurance implemented in the insurance field of financial e-commerce is provided. The present invention reflects the interactivity between a consumer and a platform provider in the age of network technology, and creates an insurance platform to enable the consumer to expand his/her credit on the platform and increase investment opportunities according to his/her own risk preference. 
     The present invention provides the insurance platform to replace the savings block of the whole life insurance, such that information symmetry is created between an insurance company and the consumer and the closure of the conventional insurance product is broken to enable the insurance products to compete on the active market of financial products.

Description:
BACKGROUND OF THE INVENTION 
       [0001]    1. Field of Invention 
         [0002]    The present invention relates to the field of life insurance, and more particularly to a method and insurance platform for whole life insurance combined with an investment at autonomous interest rates created by using the information technology. 
         [0003]    2. Related Art 
         [0004]    The whole life insurance can be regarded as a death insurance, i.e., a permanent death insurance of an insurant. In other words, the whole life insurance is a term death insurance, in which the insurance period does not expire until the insurant dies. Therefore, the whole life insurance is comparatively applicable to insurants having heavy family responsibilities and groups reserving retirement pensions. 
         [0005]    However, the guarantee value of the whole life insurance is higher than the cash value only in the first few years of the initial insurance. That is, if no accident happens to the customer in the insurance period, the savings benefit is very low. Moreover, the information about the investment of the insurance company is not open, so the insured can neither know the profit nor decide the profit. Such an insurance product structure is very unfair to consumers. The insurance company makes large profit based on information asymmetry even to the extent of making a fortune out of the ignorance of the consumers. 
         [0006]    Generally speaking, for the insurance company, the whole life insurance enables the insurance company to earn a great benefit from the funds operation under interest rate spread risks; for the customers, the whole life insurance completely lacks the benefit of savings. Therefore, it has become an urgent task for the insurance industry to solve to reflect the characteristics of information efficiency of the network technology, to establish an insurance platform, and to increase the customer&#39;s benefit of savings. 
         [0007]    In recent years, with the development of the network technology, the information largely inclines towards consumers. The conventional whole life insurance product cannot satisfy the consumers any more. The consumers hope to have some room for autonomy on the insurance platform. Therefore, how to inject the concept of autonomy for consumers into the insurance platform is a main condition for the insurance industry to win today. 
         [0008]    Particularly, in the age of the network economy, investment products are diversified, and time deposits of the entire banking industry largely flow towards various financial products such as stocks, funds, and bonds. As known from the variation of American IRA investment objective distribution proportion, the bank deposit accounts for 42% of the investment objective distribution proportion in 1990, which is reduced to 9% in ten years in 2000. On the life insurance market, according to the experience of other industrial countries, in people&#39;s financing funds, 25% is savings, 25% is invested on the common fund, and remaining less than 10% of the funds goes to the life insurance market. Therefore, how can the life insurance products strengthen the multi-function of the savings becomes the key for the life insurance industry to compete and win on the financial market. 
         [0009]    U.S. Pat. Gazette No. 6,456,979, entitled “Method of Evaluating a Permanent Life Insurance Policy”, proposes to establish a basic insurance cost architecture and then adjust a premium of an individual insured according to various factors such as the gender and life form of the insured. US Patent Publication No. US2007005399, entitled “Method and Computer Program for Evaluating the Sustainability of a Permanent Life Insurance Policy” asks a proposer various questions through a system to assist the proposer in selecting the most appropriate insurance product. However, the two patents do not solve the problem that the whole life insurance product lacks the savings benefit. 
         [0010]    Japanese Patent Publication No. JP2004062632, entitled “System, Method and Program for Processing Whole-life Insurance Change” and Japanese Patent Publication No. JP2003281372, entitled “Processing System for Shifting Insurance Contract to Whole-life Insurance, Insurance Contract Processing System, Processing Method for Shifting Insurance Contract to Whole-life Insurance, and Its Program” propose a system that enables an insured to shift an insurance contract to a whole life insurance policy and calculates relevant funds demands of the policy. However, they do not solve the fundamental problem that the whole life insurance lacks the savings benefit. The conventional whole life insurance product is a product of the age of the industrial economy, which lacks the information symmetry and has no room for autonomy of the consumers. Therefore, a financial insurance product reflecting the age of the network technology is expected not only by the insurance industry but also by the mass consumers. 
       SUMMARY OF THE INVENTION 
       [0011]    In order to solve the fundamental problem that the whole life insurance information is asymmetrical, provide a proposer with opportunities of expanding his/her credit with various risk preferences, and make the whole life insurance more suitable for the active financial market, the present invention is directed to a method and system for investment-type whole life insurance at autonomous interest rates. The objectives of the present invention are as follows. 
         [0012]    1. In the present invention, a deposit and borrowing insurance platform at autonomous interest rates is constructed, such that a competitive bidding savings mechanism replaces savings of the conventional whole life insurance, and static savings are converted into dynamic savings. Thus, an insurance company can earn a commission fee and avoid interest rate spread risks. 
         [0013]    2. The insurance platform created in the present invention enables an insurance customer to have opportunities of raising funds, expanding his/her credit, and participating in an investment, and thus attracts investor groups with various different preferences. 
         [0014]    3. The insurance platform created in the present invention reflects the interactivity of information in the age of the network technology, and turns the insurance into a fairer and more reasonable financial product. 
         [0015]    4. The present invention is an open insurance product, which is different from the conventional insurance product that is suitable for only specific investor groups, and can meet the demands of investor groups with various risk preferences on the market. 
         [0016]    5. The present invention reflects the market interest rate through the operation of the deposit and borrowing insurance platform at autonomous interest rates, and thus is a competitive financial product on the market. 
         [0017]    In a method for investment-type whole life insurance at autonomous interest rates of the present invention, an insurance company fulfills a whole life insurance policy which provides a channel for savings and investment in addition to an insurance money; a proposer may join a deposit and borrowing platform at autonomous interest rates operated by a financial institution to perform the savings, so as to obtain a steady savings return at a high interest rate; if the proposer seeks other investment manners, he/she may also compete for a bid and submit a successful bidding amount to the financial institution for investment management. Under this architecture, the proposer not only has two options of savings and investment, but also can obtain a higher return, such that a beneficiary obtains a higher guarantee when an accident happens. 
         [0018]    In order to achieve the above objectives, the present invention provides a method for investment-type whole life insurance at autonomous interest rates, which combines a whole life insurance with a deposit and borrowing mode at autonomous interest rates of an insurance platform to set up an investment-type whole life insurance contract at autonomous interest rates. The method includes the following steps. 
         [0019]    A proposer applies for an investment-type whole life insurance at autonomous interest rates to the insurance platform, and an online policy processing and issuing module of the insurance platform instructs the proposer to fill basic information. 
         [0020]    The online policy processing and issuing module audits the basic information filled by the proposer, and analyzes a policy condition of the investment-type whole life insurance at autonomous interest rates and provides an insurance scale combination of the investment-type whole life insurance at autonomous interest rates for the proposer to select according to the basic information of the proposer. 
         [0021]    When the proposer accepts the proposed condition and completes selecting the insurance scale combination, the online policy processing and issuing module approves the whole life insurance applied by the proposer, and collects a premium from the proposer and issues a policy to the proposer. 
         [0022]    The proposer logs in to the insurance platform to participate in a competitive bidding. 
         [0023]    The proposer enters a bidding amount into the insurance platform. A deposit and borrowing competitive bidding module at autonomous interest rates of the insurance platform calculates an average deposit interest rate and a borrowing interest rate of the bidding proposer according to the entered bidding amount, and determines a successful bidding amount and a number of successful bidders according to a fund balance of the insurance platform and the borrowing interest rate of the bidding proposer. 
         [0024]    The deposit and borrowing competitive bidding module at autonomous interest rates clears a total successful bidding amount of the successful bidding proposer according to the successful bidding amount, and clears a deposit amount of the unsuccessful bidding proposer according to the average borrowing interest rate and a deposit bid bond of the successful bidding proposer, a highest bidding amount of the unsuccessful bidding proposer, or a benchmark interest rate. 
         [0025]    The deposit and borrowing competitive bidding module at autonomous interest rates settles and deposits the total successful bidding amount in an investment sub-account of the successful bidding proposer, and settles and deposits the deposit amount in a savings sub-account of the unsuccessful bidding proposer. 
         [0026]    An accident identification and fund appropriation module of the insurance platform determines whether an accident happens to an insurant before or after a whole life insurance payment period expires, so as to appropriate insurance proceeds and a balance of the investment sub-account or the savings sub-account to a beneficiary or appropriate the balance of the investment sub-account or the savings sub-account to the proposer. 
         [0027]    The present invention constructs an insurance platform for investment-type whole life insurance at autonomous interest rates, to which a proposer may be connected through a user terminal. The insurance platform includes an online policy processing and issuing module, a deposit and borrowing competitive bidding module at autonomous interest rates, and an accident identification and fund appropriation module. 
         [0028]    The online policy processing and issuing module is used for accepting an application of the proposer for an investment-type whole life insurance at autonomous interest rates, receiving and auditing basic information filled by the proposer through the user terminal, analyzing a policy condition of the investment-type whole life insurance at autonomous interest rates and providing an insurance scale combination of the investment-type whole life insurance at autonomous interest rates for the proposer to select according to the basic information of the proposer, and collecting a premium from the proposer and issuing a policy to the proposer when approving the investment-type whole life insurance at autonomous interest rates applied by the proposer. 
         [0029]    The deposit and borrowing competitive bidding module at autonomous interest rates is used for the proposer to enter a bidding amount through the user terminal to calculate an average deposit interest rate and a borrowing interest rate, determining a successful bidding amount and a number of successful bidders according to a fund balance of the deposit and borrowing competitive bidding module at autonomous interest rates and the borrowing interest rate, clearing a total successful bidding amount according to the successful bidding amount, clearing a deposit amount according to the average borrowing interest rate and a deposit bid bond, a highest bidding amount, or a benchmark interest rate, settling and depositing the total successful bidding amount in an investment sub-account, and settling and depositing the deposit amount in a savings sub-account. 
         [0030]    The accident identification and fund appropriation module is used for determining whether an accident happens to an insurant before or after a whole life insurance payment period expires, so as to appropriate insurance proceeds and a balance of the investment sub-account or the savings sub-account to a beneficiary or appropriate the balance of the investment sub-account or the savings sub-account to the proposer. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0031]      FIG. 1  is a block diagram of an insurance platform for investment-type whole life insurance at autonomous interest rates of the present invention; 
           [0032]      FIG. 2  is a flow chart of a method for investment-type whole life insurance at autonomous interest rates of the present invention; and 
           [0033]      FIG. 3  is a flow chart of the process for appropriating the insurance money of an investment-type whole life insurance at autonomous interest rates of the present invention. 
       
    
    
     DETAILED DESCRIPTION OF THE INVENTION 
       [0034]    The present invention creates a funds competitive bidding platform based on the law of large numbers by using a deposit and borrowing platform at autonomous interest rates in ROC patent application No. 096116081, entitled “Method and System for Constructing Online Deposit and Borrowing Platform at Autonomous Interest Rates”. Thus, a client participating in the platform may raise funds to expand his/her credit and increase an investment through a funds competitive bidding mechanism of the platform according to his/her own investment decision, or adopt a conservative strategy to not participate in a competitive bidding to earn merely an interest, and a financial institution can earn a commission fee as a platform service provider. 
         [0035]    The insurance platform created in the present invention provides an opportunity for an interaction between an insurance company and a consumer, and enables a single insurance product to meet the demands of groups with various risk preferences under the funds competitive bidding and flow mechanism of the platform. 
         [0036]    In order to make the present invention practicable, preferred embodiments will be described in detail below. 
         [0037]      FIG. 1  is a block diagram of an insurance platform for investment-type whole life insurance at autonomous interest rates of the present invention. In  FIG. 1 , the insurance platform  402  includes an online policy processing and issuing module  405 , a deposit and borrowing competitive bidding module  409  at autonomous interest rates, an investment management operation module  410 , an accident identification and fund appropriation module  411 , and a database  412 . A user terminal  401  is externally connected to the insurance platform  402 . 
         [0038]    The online policy processing and issuing module  405  is used for accepting an application of a proposer for an investment-type whole life insurance at autonomous interest rates, and receiving and auditing basic information filled by the proposer through the user terminal  401 . The online policy processing and issuing module  405  analyzes a policy condition of the investment-type whole life insurance at autonomous interest rates and provides an insurance scale combination of the investment-type whole life insurance at autonomous interest rates for the proposer to select according to the basic information of the proposer. When approving the investment-type whole life insurance at autonomous interest rates applied by the proposer, the online policy processing and issuing module  405  collects a premium from the proposer and issues a policy to the proposer. 
         [0039]    The online policy processing and issuing module  405  analyzes the policy condition to generate a total payment amount, insurance proceeds, a policy type, and other conditions and contents of an insurance contract covered by the proposer. The step of providing the insurance scale combination of the investment-type whole life insurance at autonomous interest rates by the online policy processing and issuing module  405  includes analyzing a total payment amount of the policy according to an employment status and a financial status in the basic information of the proposer and generating at least one insurance scale combination for the proposer to select. The insurance scale combination includes a payment period, a number of competitive bidding sessions, a competitive bidding contribution amount, and the premium to be paid in each of the sessions. The online policy processing and issuing module  405  stores the policy condition and the insurance scale combination in the database  412 . 
         [0040]    The online policy processing and issuing module  405  issues the policy as well as an account and a password to the proposer. The proposer may enter the account and password through the user terminal  401  to log in to the insurance platform  402  so as to participate in a competitive bidding. The online policy processing and issuing module  405  stores the policy as well as the account and password in the database  412 . 
         [0041]    The basic information filled by the proposer through the user terminal  401  is a physical status, health, medical record information, and life and work attributes of an insurant, employment statuses, income levels, financial statuses of the proposer and the insurant, and relevant information for determining an underwriting condition of the proposer and a risk degree of the insurant. The online policy processing and issuing module  405  stores the information in the database  412 . 
         [0042]    The deposit and borrowing competitive bidding module  409  at autonomous interest rates is used for the proposer to enter a bidding amount through the user terminal to calculate an average deposit interest rate and a borrowing interest rate. The deposit and borrowing competitive bidding module  409  at autonomous interest rates determines a successful bidding amount and a number of successful bidders according to a fund balance of the deposit and borrowing competitive bidding module  409  at autonomous interest rates and the borrowing interest rate, clears a total successful bidding amount according to the successful bidding amount, and clears a deposit amount according to the average borrowing interest rate and a deposit bid bond, a highest bidding amount, or a benchmark interest rate. The deposit and borrowing competitive bidding module  409  at autonomous interest rates settles and deposits the total successful bidding amount in an investment sub-account, and settles and deposits the deposit amount in a savings sub-account. 
         [0043]    The investment management operation module  410  is used for publishing, through the user terminal  401 , an investment objective, an investment profit and loss, and a net asset value of an investment of the invested and managed funds of the investment sub-account, and storing the information in the database  412 . 
         [0044]    The accident identification and fund appropriation module  411  is used for determining whether an accident happens to the insurant before or after a whole life insurance payment period expires, so as to appropriate insurance proceeds and a balance of the investment sub-account or the savings sub-account to a beneficiary or appropriate the balance of the investment sub-account or the savings sub-account to the proposer. 
         [0045]    The database  412  is used for the online policy processing and issuing module  405  to access the basic information of the proposer, the policy condition, the insurance scale combination, and other information, for the deposit and borrowing competitive bidding module  409  at autonomous interest rates to access the bidding amount, the average deposit interest rate, the borrowing interest rate, the fund balance, the successful bidding amount and the number of the successful bidders, the deposit bid bond, the highest bidding amount, the deposit amount, the total successful bidding amount, the investment sub-account, the savings sub-account, and other information, and for the accident identification and fund appropriation module  411  to access the accident identification, the fund appropriation, and other information. 
         [0046]    A deposit and borrowing method at autonomous interest rates with the characteristic of direct finance is mainly constructed on the basis of a concept of fund balance. The deposit and borrowing competitive bidding module  409  at autonomous interest rates of the insurance platform  402  calculates corresponding borrowing interest rates according to bidding amounts of all bidders (i.e., proposers), and determines the number of bidders who win the bid, the total successful bidding amount that all successful bidders (also the proposers) can obtain, and the amount that unsuccessful bidders (depositors, also the proposers) should deposit at each time point (i.e., a bid opening time) according to the fund balance and the borrowing interest rates. The process is as follows: 
         [0047]    Step  1 : let the number of successful bidders be zero, and the deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates a fund balance at this time point. The deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates the fund balance by subtracting the total successful bidding amount of all successful bidders at this time point from the amount that all unsuccessful bidders should deposit at this time point. Only a total deposit amount of all depositors and the amount required to be deposited by the unsuccessful bidders need to be calculated in this step. The calculation is performed with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0048]    In the case of pre-paid interest: 
         [0000]      U-IX n    (1) 
         [0049]    In the case of post-paid interest: 
         [0000]      U   (2) 
         [0050]    where, 
         [0051]    U is a competitive bidding upper limit of the bidder; and 
         [0052]    IX n  is a deposit bid bond of the depositor calculated according to a benchmark interest rate in the n th  session. 
         [0053]    In addition, the total successful bidding amount of the successful bidders (the borrowers) is calculated with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0000]    
       
         
           
             
               
                 
                   
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         [0054]    where, 
         [0055]    A n  is the total successful bidding amount of the successful bidders when the bid is won in the n th  session; 
         [0056]    U is a competitive bidding upper limit; 
         [0057]    N is a total contracted number of sessions; 
         [0058]    n is a current session, and n≦N 
         [0059]    I n  is the successful bidding amount in the n th  session of the successful bidder; and 
         [0060]    I i  is the amount that the depositor deposits in the i th  session, and i&lt;n. 
         [0061]    The pre-paid interest refers to that the interest to be paid in the future has been deducted from the obtained principal in advance at borrowing, which is similar to the zero coupon bond. The post-paid interest refers to that complete principal can be obtained at borrowing and the interest will be paid in the future when making repayments, which is similar to the common loan or house loan. 
         [0062]    Step  2 : the deposit and borrowing competitive bidding module  409  at autonomous interest rates determines whether a fund balance X at a previous time point+a fund balance B 0  at this time point (i.e., a fund level) is less than or equal to zero. If the fund balance X at the previous time point plus the fund balance B 0  at this time point is less than or equal to zero (i.e., B 0 +X≦0), the deposit and borrowing competitive bidding module  409  at autonomous interest rates determines that nobody wins the bid at this time point, that is, all bidders have to deposit money at this time point. On the contrary, if the deposit and borrowing competitive bidding module  409  at autonomous interest rates determines that the fund balance is greater than zero, the flow proceeds to Step  3 . 
         [0063]    When a deposit and borrowing mechanism at autonomous interest rates similar to the direct finance is constructed, the fund balance in the deposit and borrowing competitive bidding module  409  at autonomous interest rates should be equal to zero. However, the probability that the fund balance in the deposit and borrowing competitive bidding module  409  at autonomous interest rates is exactly equal to zero is very small. Therefore, the fund balance thereof is bound to be greater than or equal to or smaller than or equal to zero. If the fund balance in the deposit and borrowing competitive bidding module  409  at autonomous interest rates is greater than zero, for a financial institution operating this method, the form of the fund balance becomes a borrowing amount of the financial institution, resulting in an outlay cost of the financial institution. If the fund balance in the deposit and borrowing competitive bidding module  409  at autonomous interest rates is smaller than zero, for the financial institution operating this method, the form of the fund balance becomes a lending amount of the financial institution, and the financial institution can earn a small amount of commission fee, thereby changing the conventional operating mode of indirect finance in which the financial institution earns a spread between the deposit interest rate and the loan interest rate. Here, in the deposit and borrowing method at autonomous interest rates, it is assumed that the fund balance in the deposit and borrowing competitive bidding module  409  at autonomous interest rates is smaller than or equal to zero in the operation of the competitive bidding transaction. 
         [0064]    Step  3 : the borrowing interest rates are sorted. If the fund balance calculated by the deposit and borrowing competitive bidding module  409  at autonomous interest rates in Step  2  is greater than zero, the deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates corresponding borrowing interest rates for the bidding amounts of bidders who place bids, and sorts the borrowing interest rates. When a borrowing interest rate of bid bond in the n th  (n falls at this time point for calculation) session of a bidder is calculated, the deposit and borrowing competitive bidding module  409  at autonomous interest rates first uses the following formula (5) to calculate an average deposit interest rate r of previous sessions of the bidder, and then uses the following formula (6) to calculate a borrowing interest rate R if the bidder wins the bid at the time point, for example, by using a financial concept of internal rate of return (IRR). The formulas are as follows: 
         [0000]    
       
         
           
             
               
                 
                   
                     
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         [0065]    where, 
         [0066]    U is a competitive bidding upper limit; 
         [0067]    N is a total contracted number of sessions; 
         [0068]    n is a current session, and n≦N; 
         [0069]    I i  is the amount that the depositor deposits in the i th  session, and i&lt;n; 
         [0070]    r is the average deposit interest rate from the 1 st  to the i th  session of the depositor; 
         [0071]    R is the borrowing interest rate; and 
         [0072]    A n  is the total successful bidding amount of the successful bidders if the bid is won in the n th  session, and is calculated with reference to formulas (3) and (4). 
         [0073]    The deposit and borrowing competitive bidding module  409  at autonomous interest rates sorts the borrowing interest rates corresponding to all bidders from high to low immediately after calculating the borrowing interest rates of all bidders at this time point. 
         [0074]    Step  4 : the deposit and borrowing competitive bidding module  409  at autonomous interest rates finds a maximum number of successful bidders making the fund balance smaller than or equal to zero. In this step, for example, a concept of trial and error method is used to find the number of the successful bidders n when the fund balance at this time point plus the fund balance at a previous time point of the deposit and borrowing competitive bidding module  409  at autonomous interest rates is smaller than or equal to zero, and then, a minimum number of bidders who win the bid is found: 
         [0075]    Min 
         [0000]      { n|B   n   +X≦ 0}   (7) 
         [0076]    where, 
         [0077]    B n  is the fund balance when the number of the successful bidders at this time point is n; and 
         [0078]    X is the fund balance at the previous time point. 
         [0079]    Step  5 : the successful bidders are cleared. For the successful bidders (borrowers), the deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates the total successful bidding amount of the successful bidders in the situation that the bid is won at this time point. The calculation of the deposit and borrowing competitive bidding module  409  at autonomous interest rates is performed with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0080]    In the case of pre-paid interest: 
         [0000]        A   n =( U−I   n )×( N−n )+ U× ( n− 1)   (8) 
         [0081]    In the case of post-paid interest: 
         [0000]    
       
         
           
             
               
                 
                   
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         [0082]    where, 
         [0083]    A n  is the total successful bidding amount of the successful bidders when the bid is won in the n th  session; 
         [0084]    U is a competitive bidding upper limit; 
         [0085]    N is a total contracted number of sessions; 
         [0086]    n is a current session, and n≦N; 
         [0087]    I n  is the successful bidding amount in the n th  session of the successful bidder; and 
         [0088]    I i  is the amount that the depositor deposits in the i th  session, and i&lt;n. 
         [0089]    The successful bidder needs to make repayments in the future sessions, and a repayment amount is calculated according to the following formulas: 
         [0090]    In the case of pre-paid interest: 
         [0000]      U   (10) 
         [0091]    In the case of post-paid interest: 
         [0000]      U+I n    (11) 
         [0092]    where, 
         [0093]    U is a competitive bidding upper limit; and 
         [0094]    I n  is the amount that the bidder bids in the n th  session. 
         [0095]    Step  6 : the users who do not win the bid are cleared. When the deposit and borrowing competitive bidding module  409  at autonomous interest rates determines that the number of people that may win the bid at this time point is n (n=1 . . . i), the deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates an average borrowing interest rate when the number of bidders who may win the bid at this time point is n, and then calculates a deposit amount IA n  of an unsuccessful bidder (i.e., a depositor). The deposit and borrowing competitive bidding module  409  at autonomous interest rates clears the deposit amount IA n  of the depositors with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0096]    In the case of pre-paid interest: 
         [0000]      ( U−IA   n )×(1+ R   a ) N−n   =U    (12) 
         [0097]    In the case of post-paid interest: 
         [0000]        U× (1+ R   a ) N−n   =U+IA   n    (13) 
         [0098]    where, 
         [0099]    U is a competitive bidding upper limit; 
         [0100]    N is a total contracted number of sessions; 
         [0101]    n is a current session, and n≦N; 
         [0102]    IA n  is the deposit amount of the depositor calculated according to the average borrowing interest rate of the n th  session; and 
         [0103]    R a  is an average borrowing interest rate. 
         [0104]    If a bidder wins the bid at this time point, the deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates the deposit amount IA n  according to the average borrowing interest rate. The amount to be deposited by the unsuccessful bidder is similarly calculated with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0105]    In the case of pre-paid interest: 
         [0000]        U-IA   n    (14) 
         [0106]    In the case of post-paid interest: 
         [0000]      U   (15) 
         [0107]    where, 
         [0108]    U is a competitive bidding upper limit; and 
         [0109]    IA n  is the deposit amount of the depositor calculated according to the average borrowing interest rate of the n th  session. 
         [0110]    If no bidder wins the bid, but the bidder places a bid at this time point (the bidder must deposit money because he/she does not win the bid), the management server of the fund transaction platform calculates the deposit amount of the bidder with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0111]    In the case of pre-paid interest: 
         [0000]      U-IH n    (16) 
         [0112]    In the case of post-paid interest: 
         [0000]      U   (17) 
         [0113]    where, 
         [0114]    U is a competitive bidding upper limit; and 
         [0115]    IH n  is a highest bidding amount of the bidder who does not win the bid in the n th  session. 
         [0116]    As for the unsuccessful bidder, if no bidder wins the bid and the bidder does not place any bid in the n th  session, the deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates the deposit amount of the bidder with the following two formulas based on whether the interest is pre-paid or post-paid: 
         [0117]    In the case of pre-paid interest: 
         [0000]      U-IX n    (18) 
         [0118]    In the case of post-paid interest: 
         [0000]      U   (19) 
         [0119]    where, 
         [0120]    U is a competitive bidding upper limit; and 
         [0121]    IX n  is the deposit amount of the depositor calculated according to a benchmark interest rate of the n th  session. 
         [0122]      FIG. 2  is a flow chart of a method for investment-type whole life insurance at autonomous interest rates of the present invention. The flow of  FIG. 2  is described with reference to the components in  FIG. 1 . The method for investment-type whole life insurance at autonomous interest rates of the present invention combines a whole life insurance with a deposit and borrowing mode at autonomous interest rates of an insurance platform to set up an investment-type whole life insurance contract at autonomous interest rates. The investment-type whole life insurance contract at autonomous interest rates refers to that the proposer can log in to the insurance platform  402  through a user terminal  401  and select to participate in a competitive bidding in a payment period after he/she covers the insurance. The method includes the following steps. 
         [0123]    First, a proposer applies for an investment-type whole life insurance at autonomous interest rates to the insurance platform  402  through the user terminal  401 , and the online policy processing and issuing module  405  instructs the proposer to fill basic information through the user terminal  401  (Step S 201 ). The basic information required to be filled is described as above. The online policy processing and issuing module  405  stores the information in the database  412 . 
         [0124]    Then, the online policy processing and issuing module  405  audits the basic information filled by the proposer, analyzes a policy condition of the investment-type whole life insurance at autonomous interest rates, and provides an insurance scale combination of the investment-type whole life insurance at autonomous interest rates for the proposer to select according to the basic information of the proposer (Step S 203 ). The online policy processing and issuing module  405  stores the policy condition and the insurance scale combination in the database  412 . The policy condition and the insurance scale combination are described as above. 
         [0125]    A policy payment period is the same as a competitive bidding period of the insurance platform  402 , in which the proposer can participate in the competitive bidding of the insurance platform  402  in the case that the proposer pays a premium in each session. 
         [0126]    When the proposer accepts the proposed condition and completes selecting the insurance scale combination, the online policy processing and issuing module  405  approves the whole life insurance applied by the proposer, and collects a premium from the proposer and issues a policy to the proposer (Step S 205 ). When approving the policy, the online policy processing and issuing module  405  gives the proposer an account and a password. The proposer may enter the account and password through the user terminal  401  to log in to the insurance platform  402  so as to participate in the competitive bidding. The online policy processing and issuing module  405  stores the account and the password in the database  412 . 
         [0127]    Next, the proposer enters the account and the password through the user terminal  401  to log in to the insurance platform  402  so as to participate in the competitive bidding (Step S 207 ). Afterwards, the proposer enters a bidding amount into the insurance platform  402  through the user terminal  401 . The deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates an average deposit interest rate and a borrowing interest rate of the bidding proposer based on the description of Step  3  of the deposit and borrowing method at autonomous interest rates according to the entered bidding amount. In Steps  1 - 4  of the deposit and borrowing method at autonomous interest rates, the deposit and borrowing competitive bidding module  409  at autonomous interest rates determines a successful bidding amount and a number of successful bidders according to a fund balance thereof and the borrowing interest rate of the bidding proposer (Step S 209 ). 
         [0128]    In Step  5  of the deposit and borrowing method at autonomous interest rates, the deposit and borrowing competitive bidding module  409  at autonomous interest rates clears a total successful bidding amount of the successful bidding proposer according to the successful bidding amount. In Step  6  of the deposit and borrowing method at autonomous interest rates, the deposit and borrowing competitive bidding module  409  at autonomous interest rates clears a deposit amount of the unsuccessful bidding proposer according to the average borrowing interest rate and a deposit bid bond of the successful bidding proposer, a highest bidding amount of the unsuccessful bidding proposer, or a benchmark interest rate (Step S 211 ). 
         [0129]    Then, the deposit and borrowing competitive bidding module  409  at autonomous interest rates settles and deposits the total successful bidding amount in an investment sub-account of the successful bidding proposer, and settles and deposits the deposit amount in a savings sub-account of the unsuccessful bidding proposer (Step S 213 ). 
         [0130]    Before the proposer wins the bid, the deposit amount of the proposer is deposited in the savings sub-account and an interest of the deposit amount is calculated. After the proposer wins the bid, all funds are deposited in the investment sub-account and an investment management is performed until the policy payment period expires. If the proposer does not win the bid or does not participate in the competitive bidding when the policy payment period expires, all the deposit amount is deposited in the savings sub-account upon the expiration of the policy payment period. 
         [0131]    Then, for example, an investment manager makes an investment on the funds in the investment sub-account of the successful bidding proposer and manages the investment, and the investment management operation module  410  publishes an investment objective, an investment profit and loss, and a net asset value corresponding to the investment of the funds of the investment sub-account to the proposer through the user terminal  401 , and stores the information in the database  412  (Step S 215 ). Afterwards, the accident identification and fund appropriation module  411  determines whether an accident happens to an insurant before or after a whole life insurance payment period expires, so as to appropriate insurance proceeds and a balance of the investment sub-account (when the proposer wins the bid) or the savings sub-account (when the proposer does not win the bid) to a beneficiary, or appropriate the balance of the investment sub-account or the savings sub-account to the proposer (Step S 217 ). 
         [0132]      FIG. 3  is a flow chart of the process for appropriating the insurance money of the investment-type whole life insurance at autonomous interest rates of the present invention. The process of  FIG. 3  is described with reference to the components in  FIG. 1 . 
         [0133]    First, the accident identification and fund appropriation module  411  determines whether an accident happens to the insurant before the whole life insurance payment period expires (Step S 301 ). If an accident happens to the insurant before the whole life insurance payment period expires, the accident identification and fund appropriation module  411  appropriates the insurance proceeds of the policy condition and the balance corresponding to the investment sub-account (when the proposer wins the bid) or the savings sub-account (when the proposer does not win the bid) of the proposer to the beneficiary (Step S 302 ). Afterwards, the accident identification and fund appropriation module  411  terminates the investment-type whole life insurance contract at autonomous interest rates of the proposer (Step S 303 ). 
         [0134]    If no accident happens to the insurant before the whole life insurance payment period expires, the accident identification and fund appropriation module  411  determines whether an accident happens to the insurant after the whole life insurance payment period expires (Step S 304 ). 
         [0135]    If an accident happens to the insurant after the whole life insurance payment period expires, the accident identification and fund appropriation module  411  appropriates the insurance proceeds of the policy condition and the balance corresponding to the investment sub-account or the savings sub-account of the proposer to the beneficiary (Step S 305 ). Afterwards, the accident identification and fund appropriation module  411  terminates the investment-type whole life insurance contract at autonomous interest rates of the proposer (Step S 306 ). 
         [0136]    If no accident happens to the insurant after the whole life insurance payment period expires, the accident identification and fund appropriation module  411  determines whether the proposer applies for the balance corresponding to the investment sub-account or the savings sub-account of the proposer through the user terminal  401  (Step S 307 ). If the proposer does not apply for the balance corresponding to the investment sub-account or the savings sub-account of the proposer, the flow proceeds to Step S 304 . 
         [0137]    If the proposer applies for the balance corresponding to the investment sub-account or the savings sub-account of the proposer, the accident identification and fund appropriation module  411  appropriates the balance corresponding to the investment sub-account or the savings sub-account of the proposer to the proposer (Step S 308 ). The insurance platform  402  keeps the investment-type whole life insurance contract at autonomous interest rates of the proposer valid (Step S 309 ). When an accident happens to the insurant, the accident identification and fund appropriation module  411  appropriates the insurance proceeds of the policy condition to the beneficiary (Step S 310 ). Afterwards, the accident identification and fund appropriation module  411  terminates the investment-type whole life insurance contract at autonomous interest rates of the proposer (Step S 311 ). 
         [0138]    The accident identification and fund appropriation module  411  determines whether the insurant is dead, totally disabled, or accords with a cause of an insurance amount payment, so as to appropriate the insurance proceeds and the balance corresponding to the investment sub-account or the savings sub-account of the proposer to the beneficiary. 
         [0139]    If the accident identification and fund appropriation module  411  determines that still no accident happens to the insurant after the whole life insurance payment period expires, the proposer may select to apply for all or a part of the balance corresponding to the investment sub-account or the savings sub-account of the proposer to the accident identification and fund appropriation module  411 . 
         [0140]    An example is given below to illustrate the detailed implementation of the present invention with reference to  FIGS. 1-3 . 
         [0141]    Jack Chou (hereinafter referred to as Jack), 40 years old now, is a director of an electronics company. Kate Chou (hereinafter referred to as Kate), his wife, is a housewife who does housework and takes care of their three-year old son, Aaron Chou (hereinafter referred to as Aaron). Since Jack is diligent in work and appreciated by the boss, his income can not only cover the basic expenses of his family, but also give material comforts to his family. 
         [0142]    Although currently his income is stable and good, with the growth of Aaron, Jack, as the only one who makes money in the family, cannot help worrying that the family economy will be greatly influenced if he has a health problem. In addition, due to the increasingly fierce competition of the electronics industry in recent years, Jack is not sure whether his existing income and earnings from stock bonus can be sustained. In this situation, Jack and Kate feel that the existing financing mode mainly relying on the time deposit and company&#39;s stock bonus must be adjusted; otherwise, their demands for maintaining the current level of living and guaranteeing retirement life are difficult to be met. 
         [0143]    Jack and Kate asked several friends working as finance specialists to plan for them, but these friends mostly recommended them to purchase general whole life insurance policies. After carefully analyzing clauses of such whole life insurance policies, Jack and Kate found that the existing whole life insurance policies mostly have the following disadvantages. (1) The premium paid in previous sessions is mostly used for paying additional charges of the insurance company (i.e., operation and management expenses of the insurance company and commission of business personnel) without interest feedback to the proposer. (2) The appreciation interest rate of the savings (the policy cash value) is low, such that the insured cannot obtain a high income rate. (3) The declared interest rate of the policy lacks flexibility, and when the interest rate goes down, a negative spread may easily occur to the insurance company, which damages the benefits of the insured. (3) The death benefit amount is difficult to exert an effect unless the survival period of the insurant is long enough. (4) The policies mostly do not clearly specify that the beneficiary can only select to receive one of the accumulated premium, the policy cash value, and the amount of benefit when an accident happens to the insurant, which misleads the proposer. (5) The appreciation interest rate (i.e., the declared interest rate) of the savings is decided by the insurance company, and the proposer is passive, which lacks the investment function. (6) The proposer must rely on the policy loan mechanism to meet temporary fund demands, which is difficult to produce actual benefits due to the extra payment of other costs. 
         [0144]    Just when Jack and Kate hesitated whether to cover a whole life insurance, they talked about their situation with Smart Xiao, their classmate also working as a senior engineer in an electronics company in an alumni party. Smart Xiao recommended them, by taking himself as an example, to participate in an “insurance platform for investment-type whole life insurance at autonomous interest rates” constructed by an insurance institution according to the present invention, such that they can not only obtain the required guarantee in a more fair and reasonable way but also make retirement financing plans more flexibly. 
         [0145]    Jack applies to join the insurance platform  402  for investment-type whole life insurance at autonomous interest rates through the user terminal  401 , and enters his basic information into the online policy processing and issuing module  405  of the insurance platform  402  through the user terminal  401  online (Step S 201 ). The online policy processing and issuing module  405  audits the basic information of Jack, and analyzes a proposed condition of an investment-type whole life insurance at autonomous interest rates, and provides an insurance scale combination of the investment-type whole life insurance at autonomous interest rates for Jack to select according to the basic information (Step S 203 ). 
         [0146]    When Jack accepts the proposed condition and completes selecting the insurance scale combination, the online policy processing and issuing module  405  approves the whole life insurance applied by Jack, and collects a premium from Jack and issues a policy to Jack (Step S 205 ). When issuing the policy, the online policy processing and issuing module  405  gives Jack an account and a password. Jack may enter the password and account through the user terminal  401  to log in to the insurance platform  402  to participate in a competitive bidding. 
         [0147]    After the online policy processing and issuing module  405  completes the underwriting and premium collection, the insurance platform  402  issues an investment-type whole life insurance contract at autonomous interest rates to Jack as follows. 
         [0000]    
       
         
               
             
               
             
           
               
                   
               
               
                 Investment-type Whole Life Insurance Policy at Autonomous Interest Rates 
               
               
                   
               
             
             
               
                   
               
             
          
           
               
                 Basic Policy Conditions 
               
               
                 Proposer: Jack Chou 
               
               
                 Insurant: Jack Chou 
               
               
                 Beneficiary: Aaron Chou 
               
               
                 Insurance Period: for life 
               
               
                 Payment period: 20 years 
               
               
                 Insurance amount: NT$6,000,000 
               
               
                 Premium: calculated based on the anticipated survival years of the insurant 
               
               
                 from the date on which the policy comes into effect and the premium rate of each 
               
               
                 session in the survival years. 
               
               
                 Premium collection: a level premium is collected per month, and it is 
               
               
                 assumed that the premium per month is NT$12,500 in the survival period. 
               
               
                 Insurance payment: 
               
               
                 (1) An accident happens in the payment period: pay all or a part (according to 
               
               
                 the accident type) of the insurance amount of the beneficiary and accumulated 
               
               
                 savings of the deposit and borrowing platform at autonomous interest rates (the bid 
               
               
                 is not won) or the investment account balance of the successful bidding amount that is put 
               
               
                 into investment (the bid is won). 
               
               
                 (2) An accident happens after the payment period expires: pay all or a part 
               
               
                 (according to the accident type) of the insurance amount of the beneficiary and the 
               
               
                 investment account balance that is put into investment when the period expires. 
               
               
                 Regulations on the deposit and borrowing insurance platform at autonomous interest 
               
               
                 rates: 
               
               
                 (1) The proposer of this policy can use the insurance platform of the insurance 
               
               
                 company. 
               
               
                 (2) The participating conditions are as follows. 
               
               
                 (a) Period: a total of 240 sessions for 20 years (1 session/month) 
               
               
                 (b) Contribution amount: NT$25,000 
               
               
                 (c) Bottom price: adjusted based on the supply and demand of funds by the 
               
               
                 insurance company flexibly 
               
               
                   
               
             
          
         
       
     
         [0148]    After signing the contract, Jack not only pays a level premium of NT$12,500 per month, but also obtains an opportunity for savings or raising funds to expand investment since he joins the insurance platform  402 . It is assumed that Jack performs savings in the first two years of the policy, at this time, the bottom price level of the insurance platform  402  is NT$1,500. Then, Jack needs to pay the insurance platform  402  altogether 25,000+12,500−1,500 =NT$36,000 according to the clearing of the deposit and borrowing competitive bidding module  409  at autonomous interest rates (Step S 211 ), and all the deposit amount is deposited in a savings sub-account of Jack (Step S 213 ). 
         [0149]    It is assumed that Jack enters the account and password through the user terminal  401  to log in to the insurance platform  402  so as to compete for a bid at the beginning of the third year (i.e., in the 25 th  session) (Step S 207 ). Jack enters a bidding amount of NT$2,000. The deposit and borrowing competitive bidding module  409  at autonomous interest rates calculates an average deposit interest rate and a borrowing interest rate of all bidding proposers based on the description of Step  3  of the deposit and borrowing method at autonomous interest rates according to the bidding amount entered by Jack. In Steps  1 - 4  of the deposit and borrowing method at autonomous interest rates, the deposit and borrowing competitive bidding module  409  at autonomous interest rates determines that Jack wins the bid with the bidding amount of NT$2,000 according to a fund balance thereof and the borrowing interest rates of the bidding proposers (Step S 209 ). 
         [0150]    The deposit and borrowing competitive bidding module  409  at autonomous interest rates clears a total successful bidding amount of 23,000*215+25,000*24=NT$5,545,000 as an investment amount that Jack can obtain (Step S 211 ). The deposit and borrowing competitive bidding module  409  at autonomous interest rates settles and deposits an amount of NT$5,545,000 in an investment sub-account of Jack (Step S 213 ). 
         [0151]    The total successful bidding amount in the investment sub-account of Jack will be managed by the investment management operation module  410 , for example, will be put into investment by an investment manager following the prudent principle, so as to obtain a higher investment return for Jack. The investment management operation module  410  publishes an investment objective, an investment profit and loss, and a net asset value of the investment of the funds of Jack&#39;s investment sub-account to Jack through the user terminal  401  (Step S 215 ). Jack has to repay a contribution amount of NT$25,000 in each of sessions after he wins the bid. 
         [0152]    For example, in the second year after he wins the bid (i.e., in the 49 th  session), Jack unfortunately dies of myocardial infarction due to overwork. Aaron (or his legal representative) may file a claim to the insurance company. The accident identification and fund appropriation module  411  acknowledges the claim (Step S 301 ), and the investment management operation module  410  immediately calculates a balance of the investment. If the investment performance in each of the two years is 10%, the investment account balance is NT$6,709,450 (5,545,000*(1+0.1)̂2). At this time, Aaron (or his legal representative) can receive insurance proceeds of NT$7,959,450, a sum of insurance proceeds of NT$6,000,000 plus a balance (NT$1,959,450) after a contribution amount (NT$4,750,000) to be paid in the future sessions is deducted from the balance of the investment sub-account (Step S 302 ). Afterwards, the accident identification and fund appropriation module  411  terminates the investment-type whole life insurance contract at autonomous interest rates of Jack (Step S 303 ). 
         [0153]    In another example, it is assumed that Jack does not win the bid or have any accident in the payment period of 20 yeas (Step S 304 ). Jack can receive a total contribution amount of NT$6,000,000 and decides whether to put it into investment in full amount when the period expires in the 20 th  year. At this time, if Jack decides to withdraw NT$3,000,000 to cover his own living expenses after retirement (Step S 307 ), Jack may apply for the NT$3,000,000 in the investment sub-account to the accident identification and fund appropriation module  411  (Step S 308 ), and the remaining NT$3,000,000 in his investment sub-account continues to be put into investment. At this time, the investment-type whole life insurance contract at autonomous interest rates of Jack is still valid. 
         [0154]    If Jack dies in the 25 th  year (Step S 310 ), at which time the balance of his investment sub-account is NT$3,500,000, the accident identification and fund appropriation module  411  appropriates insurance proceeds (a sum of NT$9,500,000) including a death insurance money of NT$6,000,000 and the NT$3,500,000 in the investment sub-account that Aaron can receive to Aaron (Step S 310 ). Afterwards, the accident identification and fund appropriation module  411  terminates the investment-type whole life insurance contract at autonomous interest rates of Jack (Step S 311 ). Therefore, the investment-type whole life insurance at autonomous interest rates constructed in the present invention can bring the insured a better interest than the conventional whole life insurance.