Survival risk insurance is a method of transferring the financial
consequences associated with the risk that deaths occurring within
a specified period of time in a selected group of insured lives
will be less in number than the expected number of deaths or less
in amount than the expected amount of death benefits paid. More
particularly, one entity, the Coverage Recipient, can transfer a
financial risk that the actual number of deaths or the actual amount
of death benefits paid during a specified period relative to a selected
group of insured lives will be less than the expected deaths or
the expected amount of death benefits paid to another entity, the
Coverage Provider, for the payment of an appropriate premium based
on the method of this invention.
A system and method for managing an electronically-implemented membership
based health care program without utilizing primary care medical
insurance includes providing a health clinic having doctors to provide
medical services to its members. An electronic database which may
be connected to computer network manages member records, including
a purchase arrangement by which services may be obtained. Enrolled
members in good payment standing may receive primary care medical
services from the clinic, including unlimited office visits. Clinic
employees receive the medical services as an employee benefit. The
clinic may be owned by another company not related to health care
and having employees who also receive the medical services, the
company paying the clinic according to the purchase arrangement.
Neither the clinic nor its members utilize primary care insurance.
The method results in dramatically decreased healthcare costs and
higher effective employee compensation.
A method of providing insurance coverage to a customer comprising
the steps of: (1) selling a debt protection contract to a customer;
and (2) in response to the customer purchasing the debt protection
contract, providing third-party-paid insurance coverage to the customer
at no substantial cost to the customer. This may be done, for example,
to avoid the need to have a licensed insurance agent available when
the customer acquires the insurance product. In various embodiments
of the invention, the debt protection contract may be, for example,
a debt deferment contract or a debt cancellation contract.
An auction-based system and method for a life insurance secondary
exchange. Through a phased process that includes an information
phase, a submission phase, an offer phase and a close phase, a life
insurance policy may be submitted and sold by a policy holder to
purchasing groups via a trusted advisor and broker. The policy information
is received at a central location. Purchasing groups/providers are
automatically notified when a policy is available for sale. If interested,
the purchasing groups/providers pull further details on the policies
they wish to review. The purchasing groups/providers then submit
offers on the policies. The policy holder then determines whether
an acceptable offer has been made, and sells the policy. If not,
the policy may be efficiently re-auctioned.
This invention comprises a method of doing business involving providing
Divorce Insurance individuals who may become parties of divorce
("dissolution" in some states) to protect them from financial
difficulties as a result of a divorce, by providing one or more
lump sum cash benefits.
Automated system used by an insurance carrier that is used by carrier
for evaluating insurance risk and for setting optimal premiums for
policies where the carrier's underwriters act as traders of the
risk by relying on the system to determine whether to issue policies
and to determine a range of appropriate premiums.
The present invention relates to methods and systems for automated
processing and assessment of an insurance disclosure. One embodiment
of the invention can comprise an automated disclosure processing
application engine. The automated disclosure processing application
engine can be adapted to receive health care-related information.
Health care-related information, also known as a "disclosure,"
can include, but is not limited to, a medical claim, a precertification
notice, prescription drug history, or any other information related
to a medical or insurance claim for reimbursement or payment. Health
care-related information can be received at any time, such as in
real time, a predefined basis, daily, or on a less or more frequent
basis. Health care-related information can be stored in a database,
such as a AWAC.RTM. database. A portion of the health care-related
information can be compared to at least one financial parameter.
A portion of the health care-related information can also be compared
to at least one clinical parameter. An output can be generated based
in part on either the comparison with at least the financial parameter
or the clinical parameter.
Systems and methods for facilitating the dispensing of insurance
and of an insurance company selling insurance policies are provided,
which may be network or Internet based, and may be managed through
a general agent. Policy information from insurance companies may
be received or stored. Data may be received from customers and insurance
rates or quotes provided, which may be from competing companies.
An instruction to purchase and payment may be received and proof
of coverage, such as printing a document, may be facilitated. Data
may be input directly by a customer or by an agent on behalf of
the customer. The policy information, customer data, and premiums
may be provided to the insurance companies. Insurance agents may
advertise, and may refer customers from their own websites in exchange
for commissions. The insurance offered for sale may be, automobile
or specialty insurance, and may provide coverage in another country.
A new business method involving the algorithmic use of data from
a wide variety of sources to provide the actuarial information needed
to accurately assess the exposure liability and risk probabilities
associated with the performance of any specific medical (or other)
procedure or service. The major factors include, but are not necessarily
limited to, 1) the procedure, 2) the physician or individual, 3)
the patient (procedure recipient), and 4) regional or geographic
considerations. In the case of medical procedures, an algorithmic
actuarial determination of a per-procedure, one-time application
insurance policy specific to the procedure, physician, patient,
and location of region (e.g., state, county, city, etc.), as well
as any additional risk factors which my be applicable.
The present invention relates to methods, apparatuses and computer
readable media for facilitating the creation of a forward contract
on an insurance policy.
A method for distributing dividend monies from an insurance policy,
such as a life insurance policy, to a policyholder. The method including
the determination of an internal value for the insurance company's
shares or other securities, offering the insurance company's shares
or other securities to the policyholder at the internal value, and
paying the dividend value in the form of the insurance company's
or other securities at the internal value and best car insurance quote