Patent ID: 7519552

Claim:
A program product for operating as a trustee of assets for a pension system, comprising: a set of computer readable media, wherein set means at least one, having computer readable program code to be executed by a computer embodied therein, or among them if more than one, the computer readable program code comprising program code configured to generate or receive a plurality of files or a reference or references to a plurality of files that form a life insurance settlement pool, wherein each file includes information on a life insurance settlement contract that either (a) provides a plurality of periodic payments during the life of an insured or (b) provides a single death benefit on the life of an insured, but in either case, the insured is not a beneficiary of the pension system, and wherein each file includes information on an insurance settlement contract that meets at least one predetermined criterion; program code configured to issue payment instructions and/or payment instruments to maintain each of a plurality of the life insurance settlement contracts in the life insurance settlement pool in effect; program code configured to register in an electronic database an ownership interest for the pension system in the life insurance settlement pool and/or in each insurance settlement contract in the life insurance settlement pool; program code configured to electronically determine or have electronically determined a proportionate share of the life insurance settlement pool based on an amount of value provided by the pension system for its investment and on total assets in the life insurance settlement pool at the time of purchase; program code configured to pay out or have paid out proceeds from the insurance policies in accordance with a predetermined priority of distribution; program code configured to electronically generate or have electronically generated an actuarial value of the life insurance settlement pool or an actuarial value for an undivided interest held by the pension system in the life insurance settlement pool, and/or an actuarial value of an undivided interest held by the pension system in each of the life insurance settlement contracts in the life insurance settlement pool on a periodic or other basis; and program code configured to communicate the actuarial value of the life insurance settlement pool or the actuarial value for the undivided interest held by the pension system in the life insurance settlement pool and/or the actuarial value of an undivided interest held by the pension system in each of the life insurance settlement contracts in the life insurance settlement pool to at least one pension system that owns an undivided interest in the life insurance settlement pool.