System and method for simultaneous multiple death life insurance

Abstract

The invention provides a system and method for multiple death life insurance in the event of simultaneous or coincident death of two or more insured parties, or a defined group of two or more insured parties. More particularly, embodiments of the invention provide a computer system and method for providing simultaneous multiple death life insurance designed to provide benefits to alleviate the financial burden experienced by beneficiaries as a result of simultaneous or coincident of two or more insured parties. Simultaneous multiple death life insurance according to the invention may be obtained through the internet by remote computers and internet access devices well known in the art.

What is claimed is:  
     
         1 . A method for providing an insurance policy for at least one person and another person comprising: 
 identifying the persons as insured parties under the insurance policy;    obtaining information regarding the persons;    entering information regarding the persons into a data processing apparatus and determining in the data processing apparatus eligibility of the persons by comparing information received regarding the persons with one or more standards stored in the data processing apparatus;    entering information related to a benefit amount into the data processing apparatus;    entering information related to at least one beneficiary of the insurance policy into the data processing apparatus;    entering information related to a benefit qualification time frame into the data processing apparatus, the benefit qualification time frame being a period of time within which death of the one person and death of the another person are required to occur for payment of the benefit amount; and    generating the insurance policy using the data processing apparatus from the information relating to the eligible persons, the benefit amount, the at least one beneficiary, and the benefit qualification time frame, the insurance policy creating an obligation of an insurer to pay the benefit amount upon death of the one person when death of the one person occurs at one of: (i) death of the another person or (ii) after death of the another person, and within the benefit qualification time frame.    
     
     
         2 . The method of  claim 1  wherein the obligation of the insurer to pay the benefit amount includes an obligation to pay at least a portion of the benefit amount upon death of one of the persons and to pay a remaining portion of the benefit amount upon death of another of the persons.  
     
     
         3 . The method of  claim 1  wherein the persons have a business relationship.  
     
     
         4 . The method of  claim 1  wherein the persons have a familial relationship.  
     
     
         5 . The method of  claim 1  wherein at least one of the persons has a business relationship with the at least one beneficiary.  
     
     
         6 . The method of  claim 1  wherein at least one of the persons has a familial relationship with the at least one beneficiary.  
     
     
         7 . The method of  claim 1  wherein the at least one beneficiary is financially dependent upon at least one of the persons.  
     
     
         8 . The method of  claim 1  wherein obtaining information regarding the persons includes obtaining responses to one or more questions.  
     
     
         9 . The method of  claim 1  wherein obtaining information regarding the persons includes obtaining one or more statements from the persons asserting one or more conditions.  
     
     
         10 . The method of  claim 1  wherein the insurance policy includes a term to designate a period of time the insurance policy is effective.  
     
     
         11 . A computer implemented method for providing an insurance policy for one person and another person comprising: 
 entering information identifying the persons as insured parties under the insurance policy into a computer;    obtaining information regarding eligibility of the persons and entering such information into the computer;    entering instructions into the computer to compare eligibility information of the persons with one or more standards stored in the computer;    entering information into the computer relating to at least one benefit amount and at least one beneficiary;    entering information into the computer relating to a benefit qualification time frame, the benefit qualification time frame being a period of time within which death of the one person and death of the another person are required to occur for payment of the at least one benefit amount; and    entering instructions into the computer to generate the insurance policy from information relating to the eligible persons, the at least one benefit amount, the at least one beneficiary, and the benefit qualification time frame, the insurance policy creating an obligation of an insurer to pay the at least one benefit amount upon death of the one person when death of the one person occurs at one of: (i) death of the another person or (ii) after death of the another person, and within the benefit qualification time frame.    
     
     
         12 . The method of  claim 11  wherein the obligation of the insurer to pay the at least one benefit amount includes an obligation to pay a portion of the at least one benefit amount upon death of one of the persons and to pay a remaining portion of the least one benefit amount upon death of another of the persons remaining.  
     
     
         13 . The method of  claim 11  further including entering information into the computer relating to another benefit amount and the insurance policy creates an obligation of the insurer to pay the another benefit amount upon death of one of the persons.  
     
     
         14 . The method of  claim 11  wherein the persons have a business relationship.  
     
     
         15 . The method of  claim 11  wherein the persons have a familial relationship.  
     
     
         16 . The method of  claim 11  wherein at least one of the persons has a business relationship with the at least one beneficiary.  
     
     
         17 . The method of  claim 11  wherein at least one of the persons has a familial relationship with the at least one beneficiary.  
     
     
         18 . The method of  claim 11  wherein the at least one beneficiary is financially dependent upon at least one of the persons.  
     
     
         19 . The method of  claim 11  wherein obtaining information regarding the persons includes obtaining responses to one or more questions.  
     
     
         20 . The method of  claim 11  wherein obtaining information regarding the persons includes obtaining one or more statements from the persons that asserts one or more conditions.  
     
     
         21 . An insurance system for providing an insurance policy for one person and another person comprising: 
 at least one data processing apparatus;    at least one input apparatus operatively connected to the data processing apparatus for inputting information and instructions;    the data processing apparatus having one or more standards of eligibility stored therein;    entered information in the data processing apparatus identifying the persons as insured parties under the insurance policy;    entered information in the data processing apparatus related to eligibility of the persons;    entered instructions in the data processing apparatus to compare the inputted information related to eligibility of the persons with the one or more stored standards of eligibility and to determine eligibility of the persons;    entered information in the data processing apparatus relating to at least one benefit amount and at least one beneficiary;    entered information in the data processing apparatus relating a benefit qualification time frame, the benefit qualification time frame being a period of time within which death of the one person and death of the another person are required to occur for payment of the at least one benefit amount;    entered instructions in the data processing apparatus to generate the insurance policy wherein the insurance policy creates an obligation of an insurer to pay the at least one benefit amount upon death of the one person when death of the one person occurs at one of: (i) death of the another person or (ii) after death of the another person, and within the benefit qualification time frame; and    an output apparatus operatively connected to the data processing apparatus to produce the insurance policy.    
     
     
         22 . The method of  claim 21  wherein the benefit qualification time frame does not exceed  6  months.  
     
     
         23 . The method of  claim 21  wherein the obligation of the insurer to pay the at least one benefit amount includes an obligation to pay a portion of the at least one benefit amount upon death of one of the persons and to pay a remaining portion of the at least one benefit amount upon death of another of the persons.  
     
     
         24 . The method of  claim 21  further including entered information in the data processing apparatus relating to another benefit amount and the insurance policy creates an obligation of the insurer to pay the another benefit amount upon death of one of the persons.  
     
     
         25 . The method of  claim 21  wherein the persons have a business relationship.  
     
     
         26 . The method of  claim 21  wherein the persons have a familial relationship.  
     
     
         27 . The method of  claim 21  wherein at least one of the persons has a business relationship with the at least one beneficiary.  
     
     
         28 . The method of  claim 21  wherein at least one of the persons has a familial relationship with the at least one beneficiary.  
     
     
         29 . The method of  claim 21  wherein the at least one beneficiary is financially dependent upon at least one of the persons.  
     
     
         30 . The method of  claim 21  wherein obtaining information regarding the persons includes obtaining responses to one or more questions.  
     
     
         31 . The method of  claim 21  wherein obtaining information regarding the persons includes obtaining one or more statements from the persons that asserts one or more conditions.  
     
     
         32 . A product of the method of  claim 1 .  
     
     
         33 . A product of the method of  claim 11 .  
     
     
         34 . A product of the method of  claim 13 .  
     
     
         35 . A method for insuring at least one person and another person comprising: 
 a) establishing at least one benefit payment of an insurance policy;    b) establishing a benefit qualification time frame, said benefit qualification time frame being a term of said insurance policy;    c) identifying said persons as insureds under said insurance policy;    d) identifying at least one beneficiary of said insurance policy; and    e) said insurance policy providing payment of the at least one benefit upon death of said one person when death of said one person occurs at one of: (i) death of said another person; or (ii) after death of said another person, and within said benefit qualification time frame.    
     
     
         36 . The method of  claim 35  further comprising offering said insurance policy as a principal offer to prospective customers.  
     
     
         37 . The method of  claim 35  wherein said at least one benefit includes a principal benefit that is provided upon death of said one person and said another person within said benefit qualification time frame.  
     
     
         38 . The method of  claim 37  wherein said at least one benefit includes a subsidiary benefit that is provided upon death of one of said persons.  
     
     
         39 . A product of the method of  claim 35 .  
     
     
         40 . A product of the method of  claim 38 .  
     
     
         41 . A method for insuring members of a group having at least one group member and another group member comprising: 
 a) establishing at least one benefit payment of an insurance policy;    b) establishing a benefit qualification time frame, said benefit qualification time frame being a term of said insurance policy;    c) identifying said group members as insureds under said insurance policy;    d) identifying at least one beneficiary of said insurance policy; and,    e) said insurance policy providing payment of said at least one benefit payment upon death of one group member: (i) upon death of said another group member or (ii) after death of said another group member, and within said benefit qualification time frame.    
     
     
         42 . An insurance policy, said insurance policy providing payment of at least one defined benefit if one identified person dies and at least one other identified person dies within a defined benefit qualification time frame.  
     
     
         43 . The insurance policy of  claim 42  wherein the at least one defined benefit is made to one or more beneficiaries of both of said persons.  
     
     
         44 . A method for providing an insurance policy for one person and another person comprising: 
 identifying the persons as insured parties under the insurance policy;    obtaining information regarding the persons;    determining eligibility of the persons by comparing information received regarding the persons with one or more standards;    establishing at least one benefit amount of the insurance policy;    identifying at least one beneficiary of the insurance policy;    establishing a benefit qualification time frame, the benefit qualification time frame being a term of the insurance policy; and    generating the insurance policy that contains the identity of the insured parties and of the at least one beneficiary, the at least one benefit amount and the established benefit qualification time frame, the insurance policy creating an obligation of an insurer to pay the at least one benefit amount upon death of the one person: (i) at a time of death of the another person or (ii) after a time of death of the another person, and within the benefit qualification time frame.    
     
     
         45 . The method of  claim 44  wherein the persons have a business relationship.  
     
     
         46 . The method of  claim 44  wherein the persons have a familial relationship.  
     
     
         47 . The method of  claim 44  wherein at least one of the persons has a business relationship with the at least one beneficiary.  
     
     
         48 . The method of  claim 44  wherein at least one of the persons has a familial relationship with the at least one beneficiary.  
     
     
         49 . The method of  claim 44  wherein the at least one beneficiary is financially dependent upon at least one of the persons.  
     
     
         50 . The method of  claim 44  wherein obtaining information regarding the persons includes obtaining responses to one or more questions.  
     
     
         51 . The method of  claim 44  wherein obtaining information regarding the persons includes obtaining one or more statements from the persons asserting one or more conditions.  
     
     
         52 . The method of  claim 44  wherein the insurance policy includes a term to designate a period of time the insurance policy is effective.  
     
     
         53 . A product of the method of  claim 44.