Abstract:
A sophisticated Underwriting system to Insure the continuation of Payments under a Child Support/Alimony/Prenuptial/Palimony/Civil Union agreement in the event of unintentional default and pay legal expenses for enforcement due to intentional default by the Payer is disclosed through which either party can purchase coverage.

Description:
PRIORITY AND CROSS-REFERENCE TO RELATED APPLICATIONS 
       [0001]    This application claims the benefit of U.S. Provisional Application No. 61/698,799, filed Sep. 17, 2012 which application is herein incorporated by reference in its entirety. 
     
    
     FIELD OF THE INVENTION 
       [0002]    Embodiments of the invention relate to a system that makes underwriting SUPPORT PAYMENTS INSURANCE profitable, affordable and thus available. 
       BACKGROUND OF THE INVENTION 
       [0003]    In 2009 the Census Bureau reported that there were approximately 13.7 million single parents, raising 21.8 million children, 41% of all new marriages end in divorce involving over one million children, the majority of payment defaults are as a result of death, disability, unemployment or a call to active military duty. 
         [0004]    Family court Judges, domestic attorneys, child welfare agencies, single parents associations are searching for the answers of how to:
       “Protect the supporting spouse and dependent children from the economic fallout of divorce by assuring the continuation of support payments.”   “Give the supporting spouse increased flexibility during settlement negotiations because the support is assured.”   “Help to neutralize the post-divorce environment by removing the punishment potential from withheld support.”       
 
         [0008]    However, insurance companies are hesitant to offer support default insurance because of the risk that an applicant will apply for the insurance knowing in advance that they will become disabled, called to active military duty, be laid-off or have a terminal medical condition. To provide coverage to unqualified customers would be non-sustainable. Our underwriting system has shown to dramatically eliminate fraudulent claims and over utilization. 
       SUMMARY OF THE INVENTION 
       [0009]    The following presents a simplified summary of one or more embodiments of the invention in order to provide a basic understanding of such embodiments. The system comprises a computing platform including a processor and memory. The system further includes an underwriting request routine stored in the memory and executable by the processor. The underwriting request routine is configured to receive requests to enroll in the default insurance product, than process the applicant&#39;s information through a Credit rating bureau using our psychographic profiling system with specific critiques to determine financial eligibility and the Medical Information bureau to determine pre-existing conditions. 
         [0010]    Embodiments of the underwriting analysis determines the amount of insurance needed to comply with the court order, or other legal agreement, if eligible the system calculates the premium. 
         [0011]    This innovative underwriting system makes it possible to provide support payment insurance on a group discount basis through non profit associations, i.e. Single Parent Association of America and the Child Welfare League of America. 
         [0012]    In another embodiment of this method of underwriting makes it possible for Family law firms to use an online system to make the insurance part of the settlement agreement, thus providing peace of mind to their client and a negotiable item for the supporting Payer. 
         [0013]    In still further embodiments the system comprises a claims control process that includes, a waiting period before the Payer is allowed to make a claim. 
     
    
     
       DESCRIPTION OF THE DRAWING 
         [0014]      FIG. 1  depicts a flowscheme of the method of the invention. 
       
    
    
     DETAILED DESCRIPTION 
       [0015]    The following presents a simplified summary of one or more embodiments of the invention in order to provide a basic understanding of such embodiments. This summary is not an extensive overview of all contemplated embodiments of the invention, and is intended to neither identify key or critical elements of all embodiments of the invention, nor delineate the scope of any or all embodiments. Its sole purpose is to present some concepts of one or more embodiments in a simplified form as a prelude to the more detailed description that is presented later. 
         [0016]    The system comprises a computing platform including a processor and memory. The system further includes an underwriting request routine stored in the memory and executable by the processor. The underwriting request routine is configured to receive requests from an applicant to enroll in the default insurance product, then process the applicant&#39;s information through (1) a credit rating bureau using a psychographic profiling system with specific critiques to determine financial eligibility and (2) a medical information bureau to determine pre-existing conditions. 
         [0017]    Embodiments of the underwriting analysis determine the amount of insurance needed to comply with a court order or other legal agreement and, if the applicant is eligible, the system calculates the premium. 
         [0018]    This innovative underwriting system makes it possible to provide support payment insurance on a group discount basis through nonprofit associations, i.e. Single Parent Association of America and the Child Welfare League of America. 
         [0019]    Another embodiment of this method of underwriting makes it possible for Family law firms to use an online system to make insurance part of a settlement agreement, thus providing peace of mind to clients and a negotiable item for the supporting Payer. 
         [0020]    In still further embodiments the method comprises a claims control process that includes a waiting period before the Payer is allowed to make a claim. 
         [0021]    Turning to  FIG. 1 , the flowscheme of a method for an underwriting and online quoting system for insuring the continuation of child, alimony, palimony and prenuptial payments and legal expenses for enforcement according to the invention is depicted. At  100 , information on proposed insured is submitted online using a specifically designed application. At  110 , the underwriting process begins whereby the underwriting system is connected to a credit bureau and medical information bureaus, using our unique selection criteria each question on an application is assigned points when the negative points reach 55 the process stops, the applicant is notified as to why and how to appeal. At  120 , requests for higher limits, such as for monthly payments of $2,500 or higher, individual underwriting is required. At  130 , for customized payments such as lump sum payments for tuition, summer camp, special education and other benefits, individual underwriting is required. At  140 , if the application is approved, the system automatically calculates the premium based on the amount requested and charges to a credit or debit card monthly. At  150 , the policy is issued and the insured may print or download policy or request a copy of the policy. At  160 , the beneficiary is notified 30 days prior to cancellation of the policy for non-payment. At  170 , all information regarding the policy is transmitted to a central database. 
         [0022]    While certain embodiments have been described, they are merely explanations and not restrictive of the broad invention, and that this invention not be limited to the specific constructions and arrangements described, since various other changes, combinations, omissions, modifications and substitutions, in addition to those set forth in the above paragraphs, are possible. Those skilled in the art will appreciate that various adaptations, combinations, and modifications of the just described embodiments can be configured without departing from the scope and spirit of the invention. Therefore, it is to be understood that, within the scope of the appended claims, the invention may be practiced other than as specifically described herein.