Patent ID: 8504390

Claim:
A computer implemented method for enabling a policy holder of an insurance supplement to vary provisions of the insurance supplement, the method comprising: at least temporarily storing on a data storage medium data relative to an insurance supplement that includes: (i) a deductible provision, set at a first deductible amount; (ii) a premium provision, set at a first premium amount; (iii) a first conversion provision that reduces the first deductible amount to a second deductible amount on the occurrence of one of the following predefined events that may occur after insurance coverage under the insurance supplement begins: (a) the policy holder attaining a predetermined age; amount of time; or (b) a decline in the physical health of the policy holder; and (iv) a second conversion provision that reduces the first deductible amount to the second deductible amount and increases the first premium amount to a second premium amount after the election by the policy holder; wherein an election of the second conversion provision by the policy holder terminates the first conversion provision; selling the insurance supplement to the policy holder; receiving premiums in accordance with the insurance supplement; receiving a notice that at least one of the predefined events occurred to trigger the first conversion provision; computing a reduction of, and thereafter reducing, the first deductible amount to the second deductible amount with a computing device associated with the data storage medium.