Methods and Systems for Providing An Insurance Policy With An Inflation Protection Option

Abstract

This invention provides methods and systems for providing an insurance policy having an inflation protection option that is computed at least partially based on information useful in offering a long term care insurance policy to an individual and at least partially based on the option for the individual to purchase additional coverage at a subsequent premium that is computed based at least partially on the individual's age at a date, which date is other than the date the option to purchase the additional coverage is offered, such as the date the policy issued.

1 . A computer implemented method of providing a long term care insurance policy having a first maximum coverage amount for daily benefits or aggregate claims, the method comprising: 
 obtaining an individual's age;    selecting a rate of increase; and    computing with a computing device a first insurance premium for a long term care insurance policy for the individual based at least partially on the individual's age, the selected rate of increase, and an available option, offered on specified occasions after issuance and the option staying available for purchase through expiration of the long term care insurance policy, for the individual to purchase an additional maximum coverage amount proportional to the selected rate of increase, by paying a subsequent premium computed based at least partially on the individual's age at a date other than the date the available option is exercised.    
   
   
       2 . A computer implemented method of providing inflation protection for a long term care insurance policy issued to an individual at a first insurance premium and offering a first maximum coverage amount, the method comprising: 
 computing with a computing device a subsequent insurance premium that is based at least partially on the individual's age at a date the policy issues and a selected rate of increase; and    offering, on specified occasions after issuance and staying available for purchase through expiration of the long term care insurance policy, the option to purchase, at the subsequent premium payable if the option is exercised, an additional maximum coverage amount proportional to the selected rate of coverage increase, wherein the subsequent premium is computed based at least partially on the individual's age at a date other than the date the option is exercised.    
   
   
       3 . A computer implemented method for providing an long term care insurance policy, the method comprising: 
 obtaining at least one item of information useful in providing a long term care insurance policy to an individual; and    computing with a computing device a first insurance premium based at least partially on the at least one information item, a first coverage amount, and based on an option available on specified occasions after issuance and the option staying available for purchase through expiration of the long term care insurance policy for the individual to purchase an additional coverage amount at a subsequent premium computed based at least partially on the individual's age at a date other than a first date on which the available option is exercised.    
   
   
       4 . The method of  claim 3 , wherein obtaining at least one item of information useful in providing an insurance policy to an individual comprises obtaining at least one of: 
 a personal attribute;    a policy limitation; and    a rate of increase.    
   
   
       5 . The method of  claim 4 , comprising computing the first insurance premium based at least partially on the obtained personal attribute, the personal attribute comprising at least one of: 
 an age;    a gender; and    a risk based classification.    
   
   
       6 . The method of  claim 4 , comprising computing the first insurance premium based at least partially on the obtained policy limitation, the policy limitation comprising at least one of: 
 a maximum daily benefit;    a maximum aggregate claims payable;    a deductible;    a benefit period; and    an elimination period.    
   
   
       7 . The method of  claim 3 , comprising offering the long term care insurance policy at the computed first insurance premium.  
   
   
       8 . The method of  claim 7 , comprising issuing the long term care insurance policy covering the individual and offering the option to purchase the additional coverage.  
   
   
       9 . The method of  claim 3 , comprising computing the first insurance premium at least partially based on the available option that allows the individual to purchase an additional coverage amount, which option is offered at predetermined intervals.  
   
   
       10 . The method of  claim 9 , wherein the option to purchase an additional coverage amount offered at predetermined intervals comprises being offered annually.  
   
   
       11 . The method of  claim 10 , comprising computing the first insurance premium based at least partially on the individual being offered to purchase an additional coverage amount comprising at least one of: 
 increased maximum daily benefits; and    increased maximum aggregate claims.    
   
   
       12 . The method of  claim 3 , comprising computing the first insurance premium at least partially based on a lack of restrictions on the available option that while the policy is in effect would affect the individuals ability to purchase an additional coverage amount.  
   
   
       13 . The method of  claim 3 , wherein the first insurance premium is computed as a fixed premium.  
   
   
       14 . The method of  claim 3 , comprising: 
 selecting a rate of increase; and    computing the first insurance premium based at least partially on an available option for the individual to purchase additional coverage proportional to the selected rate of increase.    
   
   
       15 . The method of  claim 14 , wherein the obtained rate of increase is selected from a group of rates of increase comprising: 
 a rate that is equal to the consumer price index; and    a rate that is greater than the consumer price index by one or more selectable or given percentages.    
   
   
       16 . The method of  claim 4 , comprising computing the first insurance premium computed based at least partially on the available option for the individual to purchase an additional coverage amount at a subsequent premium computed based at least partially on the individual's age at a date the long term care insurance policy issues.  
   
   
       17 . A computer implemented method of providing inflation protection for a long term care insurance policy issued at a first premium and providing a first coverage amount, the method comprising: 
 computing with a computing device a subsequent insurance premium that is based at least partially on the individual's age at a date, other than the date an option to purchase an additional coverage amount is exercised; and    offering to the individual, on specified occasions after issuance and the option staying available for purchase through expiration of the long term care insurance policy, the option to purchase the additional coverage amount at the subsequent insurance premium payable if the option is exercised.    
   
   
       18 . The method of  claim 17 , wherein the subsequent insurance premium is computed based at least partially on the individual's age at a date the long term care insurance policy issued.  
   
   
       19 . The method of  claim 17 , wherein the option to purchase the additional coverage amount is offered at a predetermined time interval.  
   
   
       20 . The method of  claim 17 , wherein the additional coverage amount offered at the subsequent insurance premium is proportional to a selected rate of increase.  
   
   
       21 . A computer implemented method of providing inflation protection for a long term care insurance policy having original maximum coverage amounts of maximum daily benefits or maximum aggregate claims, the method comprising: 
 obtaining an individual's age;    selecting a rate of increase;    selecting a time interval for making periodic offers through expiration of the long term care insurance policy to purchase the additional coverage amount at an additional premium;    computing with a computing device an original insurance premium for the long term care policy comprising an option to purchase the additional maximum coverage amount to be offered in accordance with the selected time interval and the selected rate of increase, the original premium computed based at least partially on the individual's age at a date the policy issues and not on the individual's age at a date the option is exercised, the original maximum coverage amounts, the selected rate of increase, the selected time intervals for making periodic offers to purchase an additional coverage amount, and the option to purchase additional maximum coverage at an additional premium payable if the option is exercised, wherein the option stays available for purchase through the expiration of the long term care insurance policy;    offering, to the individual at the original premium, the long term care policy; and    computing the additional premium for the purchase of the additional coverage amount based at least partially on the individual's age at the date the policy issued and the selected rate of increase.    
   
   
       22 . A computer implemented method for providing a long term care insurance policy having original coverage amounts and containing an option to purchase an additional coverage amount, the method comprising: 
 obtaining an individual's age;    selecting a rate of increase;    selecting a time interval for making periodic offers through expiration of the long term care insurance policy to purchase an additional coverage amount at an additional premium;    selecting a first date other than the date offered to purchase an additional coverage amount, the first date used in determining the individual's age for the purpose of computing the additional premium;    computing with a computing device an original insurance premium based at least partially on the individual's age at the first date, the original coverage amounts, the selected rate of increase, the selected time interval for making periodic offers to purchase the additional coverage amount, and the option to purchase the additional coverage amount at an additional premium payable if the option is exercise, wherein the option stays available for purchase through the expiration of the long term care insurance policy; and    offering the long term care insurance policy comprising the option to purchase additional coverage amounts in accordance with the selected time interval, the selected rate of increase, and the individual's age at the first date.    
   
   
       23 . The method of  claim 1 , comprising computing the first insurance premium based at least partially on a personal attribute, the personal attribute comprising at least one of: 
 an age;    a gender; and    a risk based classification.    
   
   
       24 . The method of  claim 1 , comprising computing the first insurance premium based at least partially on a policy limitation, the policy limitation comprising at least one of: 
 a maximum daily benefit;    a maximum aggregate claims payable;    a deductible;    a benefit period; and    an elimination period.    
   
   
       25 . The method of  claim 1 , comprising offering the long term care insurance policy at the computed first insurance premium.  
   
   
       26 . The method of  claim 25 , comprising issuing the long term care insurance policy covering the individual and offering the option to purchase the additional coverage.  
   
   
       27 . The method of  claim 1 , comprising computing the first insurance premium at least partially based on the available option that allows the individual to purchase an additional coverage amount, which option is offered at predetermined intervals.  
   
   
       28 . The method of  claim 1 , comprising computing the first insurance premium at least partially based on a lack of restrictions on the available option that while the policy is in effect would affect the individuals ability to purchase an additional coverage amount.  
   
   
       29 . The method of  claim 1 , wherein the first insurance premium is computed as a fixed premium.  
   
   
       30 . The method of  claim 1 , wherein the selected rate of increase is selected from a group of rates of increase comprising: 
 a rate that is equal to the consumer price index; and    a rate that is greater than the consumer price index by one or more selectable or given percentages.