Patent ID: 8301470

Claim:
A method for administering an insurance policy premium payment deferral plan that maintains an insurance policy in effect while permitting deferment of premium payments owed under the policy, the method comprising: determining by utilizing a computer whether an insurance policy is eligible for a premium deferral comprising: accessing one or more computer databases containing an issue date of the insurance policy, a predetermined first time frame, a predetermined second time frame, and premium payment data; computing whether the issue date of the insurance policy is within the predetermined first time frame prior to a premium deferral determination time; and computing the amount of premiums paid within the predetermined second time frame prior to the premium deferral determination time using the premium payment data; automatically producing a notification of eligibility for the insurance policy if the insurance policy is eligible for the premium deferral, wherein the insurance policy is eligible for the premium deferral if the issue date of the insurance policy is within the predetermined first time frame and the amount of premiums paid is at least a predetermined amount for the predetermined second time frame; and automatically deferring at least one insurance premium payment if the insurance policy is eligible for the premium deferral and the premium deferral is selected comprising: adjusting a payment schedule for the insurance policy by rescheduling the at least one insurance premium payment; and maintaining the insurance policy such that the insurance policy does not lapse.