CA2164235A1 - Personalized life insurance - Google Patents
Personalized life insuranceInfo
- Publication number
- CA2164235A1 CA2164235A1 CA002164235A CA2164235A CA2164235A1 CA 2164235 A1 CA2164235 A1 CA 2164235A1 CA 002164235 A CA002164235 A CA 002164235A CA 2164235 A CA2164235 A CA 2164235A CA 2164235 A1 CA2164235 A1 CA 2164235A1
- Authority
- CA
- Canada
- Prior art keywords
- benefits
- schedules
- life
- nonforfeiture
- life insurance
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Abandoned
Links
Classifications
-
- B—PERFORMING OPERATIONS; TRANSPORTING
- B42—BOOKBINDING; ALBUMS; FILES; SPECIAL PRINTED MATTER
- B42D—BOOKS; BOOK COVERS; LOOSE LEAVES; PRINTED MATTER CHARACTERISED BY IDENTIFICATION OR SECURITY FEATURES; PRINTED MATTER OF SPECIAL FORMAT OR STYLE NOT OTHERWISE PROVIDED FOR; DEVICES FOR USE THEREWITH AND NOT OTHERWISE PROVIDED FOR; MOVABLE-STRIP WRITING OR READING APPARATUS
- B42D15/00—Printed matter of special format or style not otherwise provided for
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/08—Insurance
Abstract
A personalized life insurance policy is one which provides a unique schedule of death benefits and a unique schedule of cash surrender nonforfeiture benefits for the life insured by the policy. The schedules are selected and agreed upon by the company providing the insurance (hereinafter referred to as the Insurer) and by the policyholder and are unique to that policy.
The schedule of death benefits defines for each point in time in the future the death benefit expected to be paid should the life insured die at that point in time. The schedule of cash surrender nonforfeiture benefits defines for each point in time in the future the cash amount available should the life insured terminate the insurance coverage at that time. To date, schedules of death benefits and cash surrender nonforfeiture benefits in life insurance policies have been determined by class of life insured and/or by formula defined by Insurers. Customized schedules for which the policyholder participates in the determination have not been offered.
The schedule of death benefits defines for each point in time in the future the death benefit expected to be paid should the life insured die at that point in time. The schedule of cash surrender nonforfeiture benefits defines for each point in time in the future the cash amount available should the life insured terminate the insurance coverage at that time. To date, schedules of death benefits and cash surrender nonforfeiture benefits in life insurance policies have been determined by class of life insured and/or by formula defined by Insurers. Customized schedules for which the policyholder participates in the determination have not been offered.
Description
Specification The invention is a new form of the type of life insurance that has cash surrender nonforfeiture benefits. The invention is not intended to apply to the life insurance referred to as "term" insurance that does not have cash surrender nonforfeiture benefits.
To date, schedules of death benefits and cash surrender nonforfeiture benefits in life insurance have been deterrnined by Insurers for classes of lives insured and/or by formula. A class of lives insured, for example, would be all non-smoking females aged 30 in reasonably good health. Everyone in that class who purchased the same amount of a particular life insurance coverage from a particular company would receive the same schedules of benefits. For universal life plans, schedules of death benefits and cash surrender nonforfeiture benefits have been determined by formulae developed exclusively by the Insurers. To date, customized schedules unique to each policy of death benefits and cash surrender nonforfeiture benefits have not been provided and policyholders have not had the opportunity to help develop such customized schedules.
Personalized life insurance will allow policyholders to assist in the design of the schedules of death benefits and cash surrender nonforfeiture benefits for their policies.
One way for the policyholder to participate will be for the policyholder to provide to the Insurer providing personalized life insurance a proposal from another Insurer. The policyholder may ask the Insurer providing personalized life insurance to provide better benefits at all future points in time.
216~23~
With the approaches used to date to develop schedules of death benefits and cashsurrender nonforfeiture benefits for life insurance policies, tailoring the schedules to meet the needs of the policyholder was difficult or impossible and a comparison of the values provided by two or more policies was very difficult for the policyholder to make.
With personalized life insurance, schedules of death benefits and cash surrendernonforfeiture benefits will be agreed upon between the policyholder and the Insurer to meet the needs of the policyholder and the schedules can be designed to make comparisons with other life insurance policies very easy to understand. If the policyholder has provided a proposal from another Insurer, the comparison of that proposal with the personalized life insurance will be very easy to understand.
The innovative features are:
schedules of death benefits and cash surrender nonforfeiture benfits are not determined by class of lives insured, schedules of death benefits and cash surrender nonforfeiture benefits are not determined by formula, as for universal life policies, instead unique customized schedules of death benefits and cash surrender nonforfeiture benefits are selected for each life insured, and the policyholder participates in the selection of his or her schedules of death benefits and cash surrender nonforfeiture benefits.
Personalized life insurance will be best used in comparison with life insurance offered by other Insurers. The policyholder will participate in the development of the schedules of death benefits and cash surrender nonforfeiture benefits for his policy and be able to readily compare the values delivered with those in the life insurance policies offered by the other Insurers.
The attached appendix A illustrates one method available for the policyholder to compare schedules. For the illustration in appendix A, the policyholder has participated in the development of unique schedules and is able to see the results in comparison with the schedules offered by another Insurer.
To date, schedules of death benefits and cash surrender nonforfeiture benefits in life insurance have been deterrnined by Insurers for classes of lives insured and/or by formula. A class of lives insured, for example, would be all non-smoking females aged 30 in reasonably good health. Everyone in that class who purchased the same amount of a particular life insurance coverage from a particular company would receive the same schedules of benefits. For universal life plans, schedules of death benefits and cash surrender nonforfeiture benefits have been determined by formulae developed exclusively by the Insurers. To date, customized schedules unique to each policy of death benefits and cash surrender nonforfeiture benefits have not been provided and policyholders have not had the opportunity to help develop such customized schedules.
Personalized life insurance will allow policyholders to assist in the design of the schedules of death benefits and cash surrender nonforfeiture benefits for their policies.
One way for the policyholder to participate will be for the policyholder to provide to the Insurer providing personalized life insurance a proposal from another Insurer. The policyholder may ask the Insurer providing personalized life insurance to provide better benefits at all future points in time.
216~23~
With the approaches used to date to develop schedules of death benefits and cashsurrender nonforfeiture benefits for life insurance policies, tailoring the schedules to meet the needs of the policyholder was difficult or impossible and a comparison of the values provided by two or more policies was very difficult for the policyholder to make.
With personalized life insurance, schedules of death benefits and cash surrendernonforfeiture benefits will be agreed upon between the policyholder and the Insurer to meet the needs of the policyholder and the schedules can be designed to make comparisons with other life insurance policies very easy to understand. If the policyholder has provided a proposal from another Insurer, the comparison of that proposal with the personalized life insurance will be very easy to understand.
The innovative features are:
schedules of death benefits and cash surrender nonforfeiture benfits are not determined by class of lives insured, schedules of death benefits and cash surrender nonforfeiture benefits are not determined by formula, as for universal life policies, instead unique customized schedules of death benefits and cash surrender nonforfeiture benefits are selected for each life insured, and the policyholder participates in the selection of his or her schedules of death benefits and cash surrender nonforfeiture benefits.
Personalized life insurance will be best used in comparison with life insurance offered by other Insurers. The policyholder will participate in the development of the schedules of death benefits and cash surrender nonforfeiture benefits for his policy and be able to readily compare the values delivered with those in the life insurance policies offered by the other Insurers.
The attached appendix A illustrates one method available for the policyholder to compare schedules. For the illustration in appendix A, the policyholder has participated in the development of unique schedules and is able to see the results in comparison with the schedules offered by another Insurer.
Claims
The embodiments of the invention in which an exclusive property or privilege is claimed are defined as follows:
a personalized life insurance policy is a life insurance policy for which the schedules of death benefits and cash surrender nonforfeiture benefits are not those for the class of lives insured to which the Insurer assigns the life insured, a personalized life insurance policy is a life insurance policy for which the schedules of death benefits and cash surrender nonforfeiture benefits are not determined by formula developed by the Insurer, as for example schedules are determined for universal life policies, instead unique schedules of death benefits and cash surrender nonforfeiture benefits are selected for each life insurance policy, and the policyholder participates in the selection of the schedules for his or her policy.
a personalized life insurance policy is a life insurance policy for which the schedules of death benefits and cash surrender nonforfeiture benefits are not those for the class of lives insured to which the Insurer assigns the life insured, a personalized life insurance policy is a life insurance policy for which the schedules of death benefits and cash surrender nonforfeiture benefits are not determined by formula developed by the Insurer, as for example schedules are determined for universal life policies, instead unique schedules of death benefits and cash surrender nonforfeiture benefits are selected for each life insurance policy, and the policyholder participates in the selection of the schedules for his or her policy.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA002164235A CA2164235A1 (en) | 1995-12-01 | 1995-12-01 | Personalized life insurance |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA002164235A CA2164235A1 (en) | 1995-12-01 | 1995-12-01 | Personalized life insurance |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| CA2164235A1 true CA2164235A1 (en) | 1997-06-02 |
Family
ID=4157073
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA002164235A Abandoned CA2164235A1 (en) | 1995-12-01 | 1995-12-01 | Personalized life insurance |
Country Status (1)
| Country | Link |
|---|---|
| CA (1) | CA2164235A1 (en) |
Cited By (1)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US7493266B2 (en) * | 2001-03-21 | 2009-02-17 | Gupta Amit K | System and method for management of health care services |
-
1995
- 1995-12-01 CA CA002164235A patent/CA2164235A1/en not_active Abandoned
Cited By (1)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US7493266B2 (en) * | 2001-03-21 | 2009-02-17 | Gupta Amit K | System and method for management of health care services |
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Legal Events
| Date | Code | Title | Description |
|---|---|---|---|
| FZDE | Discontinued |