Patent ID: 7797173

Claim:
A method for providing juvenile insurance having a waiver of premium feature comprising: electronically obtaining information useful for issuing a juvenile insurance policy for a potential payor and an insured via a computer, wherein the waiver of premium feature is triggered based at least in part upon a payor's ability to pay a premium; electronically determining, via the computer, one of a juvenile insurance policy premium or a juvenile insurance policy death benefit, the juvenile insurance policy premium or death benefit computed based on the potential payor's affiliation as a member within an organization wherein: organization members have at least one commonality between them, the premium or death benefit is independent of the potential payor's age, health, and gender, and a probability associated with a waiver of premium triggering event based on at least one of: (1) an eligibility requirement of the payor belonging to the organization; and (2) the incidence of the triggering event occurring to a subset of the organization; and offering, to the potential payor, the juvenile insurance policy having the waiver of premium feature and the determined premium or death benefit.