The Prudential Insurance Company of America

Hartford Fire Insurance Compnay

Michael J Roscoe

Stephen A Roche

Dawn M LeBlanc

Leslie Ann Reynolds

Christopher Benedict Cramer

Lisa Michelle Proch

David P Wiland

Edwin Clifford Barron, Jr

Rodney R Howard

Steven J Williams

Paul M Fischer

Thomas P Kalmbach

Shawn M Denman

Greg D Lindquist

Kimberly Ann Rasmussen

Shawn P Hilario

Mary Katherine Weise

A computer system for administering a life insurance policy is configured to, responsive to receipt of certification that the insured has either loss of ability to perform two activities of daily living or cognitive impairment, provide instructions to pay an owner of the policy, in periodic payments, an accelerated benefit, the accelerated benefit being in an amount less than the death benefit, a first of the periodic payments being for a time period commencing on a date of receipt of the certification, and continuing until the insured no longer has the loss of ability to perform two activities of daily living or cognitive impairment. The system is further configured to, responsive to each of the periodic payments, determine a reduction of the amount of the death benefit by an amount of each of the periodic payments.

System and method for administration of life insurance policy with accelerated benefits

A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.

System and method for processing data related to  life insurance policies issued prior to underwriting

A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of application data and data indicative of a health of a proposed insured; based on the received data, determine whether the proposed insured is eligible, and generate an output signal to cause a policy to be generated and comprehensive underwriting to commence. Upon completion of comprehensive underwriting, additional policy documents may be determined. Calculations of commissions and reinsurance premiums may be made upon issue of a policy and recalculated upon completion of comprehensive underwriting.

System and method for application processing and policy administration for insurance policies issued before comprehensive underwriting

A computer system for processing data relating to a life insurance policy issued by an insurance company to an owner includes a data storage device storing data relating to the life insurance policy, including data indicative of a face amount, a benefit account, an investment account and a death benefit factor, and a processor configured to access data indicative of the face amount, a value of the investment account, a value of the benefit account and a value of the death benefit factor; determine a first value based on a sum of the face amount and the value of the investment account; determine a second value based on the benefit account value, the investment account value and the value of the death benefit factor; and determine an amount of a death benefit of the life insurance policy to be the greater of the first value and the second value.

System and method for processing data related to death benefit amounts for life insurance policies

A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is eligible for life insurance issued before completion of comprehensive underwriting; responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and by commencing a comprehensive underwriting process. The processor may be configured to receive data indicative of a result of the comprehensive underwriting process and based on the result of the comprehensive underwriting process, provide an output signal indicative of policy changes.

System and method for administering insurance policies issued before comprehensive underwriting

According to some embodiments, a current net amount at risk associated with a life insurance policy is determined. The life insurance policy may, for example, have been previously issued to a consumer for a given face death benefit amount. At least one applicable cost of insurance rate may then be automatically selected based at least in part on the determined net amount at risk. The applicable cost of insurance rate can then be applied to the current net amount at risk for the policy. For example, a first cost of insurance rate may be applied to a first portion of the current net amount at risk, and the applicable cost of insurance rate may be applied to a second portion of the current net amount at risk.

Systems and methods for determining cost of insurance rates

Pursuant to some embodiments, a computer system for pricing a paycheck term policy is provided which includes a processor, a communication device in communication with the processor the communication device configured to receive an input data set, the input data set including at least an issue age of an insured associated with the policy, a desired death benefit payment amount, an underwriting class associated with the insured, and an interest rate factor.

System and method for pricing and issuing level pay death benefit policies

Disclosed is a novel insurance product that provides an accelerated death benefit to the insured individual. The insurance product contains a lifeaccess accelerated benefit feature that allows the insured individual to file a claim and receive benefits under a life insurance product if the insured individual becomes chronically or terminally ill.

Method and system for processing data related to a life insurance policy having an accelerated benefit

System and method for administering life insurance policies issued prior to underwriting

Disclosed is a novel life insurance product that provides an improved return to a purchaser. The life insurance product contains a benefit payment, and has a fixed benefit amount and a variable benefit amount. A policy protection benefit prevents a purchaser's life insurance product from lapsing, and a minimum death benefit ensures that the purchaser receives the greater of the face value of the product and a predetermined percentage of the account value.

Hybrid life insurance product with an improved total return

A method for processing data related to a life insurance product having a death benefit amount payable to a beneficiary upon death of an insured includes receiving data indicative of certification that the insured is chronically ill, and responsive to receipt of the data indicative of the certification, providing output signals having data indicative of instructions to pay an owner of the life insurance product periodic payments, during the lifetime of the insured, each of which periodic payments reduces the death benefit amount.

Growing community of inventors

South Windsor, CT, United States of America

Michael J Roscoe