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

US8577700B2 · kind B2 · utility

Assignee

• The Prudential Insurance Company of America · US

Inventors

• Edwin C. Barron · Suffield, US
• Thomas Kalmbach · Stuttgart, DE
• Michael J. Roscoe · South Windsor, US

Key dates

• Filing date: May 15, 2012
• Grant date: Nov 5, 2013
• Expiry date: May 15, 2032

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

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.