Patent ID: 8160902

Claim:
A computer-implemented method for buying and selling in-force life insurance policies including a computer that supports operations of a website comprising at least a web-based interface, wherein access to at least one portion of the web-based interface is limited to administrators and authorized buyers or buyer representatives, and a database, the method comprising: providing the database with information concerning a plurality of in-force life insurance policies; locating, using the web-based interface, from among the plurality of in-force policies stored in the database, those in-force policies whose original policy owners are willing to entertain offers from potential buyers to buy the policy on the insured from that original policy owner; obtaining, via the web-based interface, financial and medical underwriting information about the in-force policies from their original policy owners, as needed, and storing it in the database for evaluation by the potential buyers; categorizing, the financial and medical underwriting information electronically so as to allow queries on the database, based on one or more category, to create a listing of in-force policies being tracked that are available for sale, by some query criteria, for review by the potential buyers, wherein the query criteria includes at least results of a life expectancy report and medical underwriting data stored in the database, the medical underwriting data relating to the original policy owner who is the seller of a policy in the database, in response to user interaction with the web-based interface, filtering offered policies at least based on life expectancy report data and medical underwriting data for those offered policies; tracking membership records so that access to at least a buyer portion of the database is limited to potential buyers who are represented in those membership records; and coordinating auctions between potential buyers of policies and the original policy owners of those policies or their representatives.