Patent ID: 7689445

Claim:
A computerized method for determining insurance benefit amounts based upon tax rules, and potential changes in the tax rules, comprising the steps of: obtaining and storing data regarding an insured on a computer-readable storage medium; obtaining and storing data on items covered on the computer-readable storage medium; obtaining and storing data regarding a policy owner on the computer-readable storage medium; and using a processor apparatus comprising at least one computer processor to determine a form and nature of an insurance benefit based upon input objectives of the policy owner, the tax rules at the time, potential changes in the tax rules, type of protection desired, and applicability of the tax rules based on a relationship of the insured to the policy owner, wherein the amount of the insurance benefit reimburses the policy owner for economic risks associated with that policy owner's taxes related to the potential changes in the tax rules; inputting and storing on the computer-readable storage medium actuarial assumptions to a pricing benefits module wherein assumptions include mortality and morbidity assumptions, lapse rate assumptions, investment return assumptions, and expense rates assumptions; using the processor to calculate an insurance product price based upon the determined form and nature of the insurance benefit and the actuarial assumptions; using the processor to project insurance benefit levels for a current purchase, an expected cost of providing benefits, margins reflecting variability in expected costs, and policy carrier profits, wherein the step of using the processor to project insurance benefit levels is performed iteratively, wherein an initial price is set based on a desired insurance benefit structure, and if all goals are met, this insurance benefit structure is used and if all goals are not met, then the insurance benefits are reduced or limited to achieve a price objective set by the policy owner; and using an output unit to output a full insurance benefit description and price in order that all outputted information is provided to populate an insurance policy's specification page, identifying insurance benefits, limitations, and price.