System and method for selling insurance using rapid decision term

Abstract

An insurance company sells a life insurance policy having a coverage period. The policy provides a total benefit amount which includes an all-cause benefit amount and an accidental death only benefit amount. The policy is initially underwritten on a limited basis and the ratio of the all-cause benefit to the accidental death benefit is low. The insured has the option of providing material to enable comprehensive underwriting and to enable risk classification. If the risk classification improves the policy benefits, the mix of coverage is adjusted to include a higher ratio of the all-cause benefit amount to the accidental death only benefit amount. If the insured does not provide any additional information or materials, or if the materials provided do not result in an underwritten risk classification that enables the policy provisions to be improved, the mix of coverage remains unchanged.

What is claimed is: 
     
         1 . A system for providing life insurance, the system comprising:
 at least one insurance company host device configured to:
 (a) receive an application for insurance, 
 (b) perform at least one database query based on data contained in the application for insurance, 
 (c) determine whether to accept the application for insurance based on the at least one database query, 
 (d) if the determination is to accept the application for insurance, generate a policy resulting from the acceptance of the application, the policy obligating an insurer to:
 (i) provide the life insurance coverage for a total policy amount in exchange for a set of premium payments during a second period of time following a first period of time, each of the second set of premium payments having:
 A. a second amount if a set of results of comprehensive underwriting is satisfactory, and 
 B. a third amount greater than the second amount if the set of results of comprehensive underwriting is unsatisfactory.