Patent ID: 7765115

Claim:
A computer-implemented method for online processing of a life insurance application, comprising: under control of instructions executed by one or more computing devices in a computer system: receiving information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual; generating an illustration that provides future values of a proposed life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application, wherein the illustration is based on a projection of future performance of the life insurance policy; obtaining a commitment from the insurance policy applicant for purchase of the life insurance policy in accordance with parameters of the life insurance application; and receiving a certification via an electronic data communications link that confirms whether the generated illustration was delivered to the insurance policy applicant at the time of commitment for purchase of the life insurance policy, wherein the certification includes at least one of: (a) a certification from the insurance policy applicant in which the applicant explicitly confirms that the generated illustration has been received; (b) a certification from an agent in which the agent explicitly confirms that the generated illustration has been delivered electronically to the insurance policy applicant; (c) a certification from an agent in which the agent explicitly confirms that the generated illustration has been provided to the insurance policy applicant via a postal or courier service; or (d) a waiver from the insurance policy applicant in which the applicant explicitly confirms an understanding that the generated illustration will be delivered at the time the life insurance policy is delivered, and wherein the certification is received at the time the commitment for purchase of the life insurance policy is obtained.