Patent ID: 8468086

Claim:
A system for protecting a debt, the system comprising at least one subsystem for: communicating with a customer for the purpose of providing a set-amount loan to the customer, wherein the set amount loan comprises a set amount of money loaned to the customer and an interest rate charged on the set amount of money to be loaned; consulting a customer information database having preexisting information on the customer to determine the set amount of money and the interest rate to charge the customer; calculating a premium payment for the protection of a predetermined portion of the debt owed on the set-amount loan provided to the customer based on an amount of the predetermined portion, a term of the set-amount loan, an interest rate of the set-amount loan, and a debt excusing event to be insured against, wherein the premium payment decreases as an amount owed on the set-amount loan decreases; calculating an average periodic premium payment for the protection; collecting the premium payment; receiving information about the debt excusing event that has occurred to the customer; based on the receiving information about the debt excusing event, conducting an investigation into the debt excusing event to determine that the debt excusing event occurred as reported; and paying at least a portion of the debt owed on the set-amount loan provided to the customer.