Products and processes for managing life instruments

Abstract

Product and processes that comprise receiving a query for a settlement contract that is available for sale. The query is based on at least one field. The settlement contract comprises a sale of a policyholder's death benefit in a life insurance policy in exchange for money. A first settlement contract that comprises information matching the at least one queried field is retrieved. A plurality of potential purchasers received communication that the first settlement contract is available for purchase. During a pre-determined period of time, a plurality of bids for the first settlement contract is received. Each of the plurality of bids comprises a bid price. It is determined that a first bidder has submitted a best bid price for the settlement contract. The first bidder and the policyholder are notified of an agreement to sell the first settlement contract at the best bid price.

1 - 21 . (canceled) 
     
     
         22 . An apparatus comprising:
 a processor; and   a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to:
 receive a query for a settlement contract that is available for sale, in which the query is based on at least one field and the settlement contract comprises a sale of a policyholder's death benefit in a life insurance policy in exchange for money; 
 retrieve a first settlement contract that comprises information matching the at least one queried field; 
 receive, during a pre-determined period of time, a plurality of bids for the first settlement contract, in which each of the plurality of bids comprises a bid price; 
 determine, that a first bidder has submitted a best bid price for the settlement contract; and 
 notify the first bidder and the policyholder of an agreement to sell the first settlement contract at the best bid price. 
   
     
     
         23 . The apparatus of  claim 22 , in which the memory stores instructions which, when executed by the processor, direct the processor to:
 communicate to a plurality of potential purchasers that the first settlement contract is available for purchase.   
     
     
         24 . The apparatus of  claim 22 , in which the memory stores instructions which, when executed by the processor, direct the processor to:
 provide the policyholder of the first settlement contract with an opportunity to rescind the agreement.   
     
     
         25 . The apparatus  claim 24 , in which the memory stores instructions which, when executed by the processor, direct the processor to:
 receive a request to rescind the agreement; and   cancel the agreement.   
     
     
         26 . The apparatus of  claim 22 , in which the best bid price is higher than any other bid prices that were received during the pre-determined period of time. 
     
     
         27 . The apparatus of  claim 22 , in which the memory stores instructions which, when executed by the processor, direct the processor to:
 determine a life expectancy of the policyholder; and   determine a creditworthiness of an insurance company that is providing the life insurance policy.   
     
     
         28 . The apparatus of  claim 27 , in which the memory stores instructions which, when executed by the processor, direct the processor to:
 assign a rating to the received settlement contract based on at least the life expectancy of the policyholder and the creditworthiness of the insurance company, in which the rating determines at least in part a price of the received settlement contract.   
     
     
         29 . The apparatus of  claim 27 , in which the memory stores instructions which, when executed by the processor, direct the processor to:
 perform a medical evaluation of the policyholder.   
     
     
         30 . A method comprising:
 receiving, from the remote device, a query for a settlement contract that is available for sale, in which the query is based on at least one field and the settlement contract comprises a sale of a policyholder's death benefit in a life insurance policy in exchange for money;   retrieving, using the processor, a first settlement contract that comprises information matching the at least one queried field;   receiving at the processor, during a pre-determined period of time, a plurality of bids for the first settlement contract, in which each of the plurality of bids comprises a bid price;   determining, using the processor, that a first bidder has submitted a best bid price for the settlement contract; and   notifying, using the processor, the first bidder and the policyholder of an agreement to sell the first settlement contract at the best bid price.   
     
     
         31 . The method of  claim 30  further comprising:
 communicating to a plurality of potential purchasers that the first settlement contract is available for purchase. 
 
     
     
         32 . The method of  claim 30 , further comprising:
 providing the policyholder of the first settlement contract with an opportunity to rescind the agreement.   
     
     
         33 . The method of  claim 32  further comprising:
 receiving a request to rescind the agreement; and 
 canceling the agreement. 
 
     
     
         34 . The method of  claim 30 , in which the best bid price is higher than any other bid prices that were received during the pre-determined period of time. 
     
     
         35 . The method of  claim 30 , further comprising:
 determining a life expectancy of the policyholder; and   determining a creditworthiness of an insurance company that is providing the life insurance policy.   
     
     
         36 . The method of  claim 35  further comprising:
 assigning, using the processor, a rating to the received settlement contract based on at least the life expectancy of the policyholder and the creditworthiness of the insurance company, in which the rating determines at least in part a price of the received settlement contract. 
 
     
     
         37 . The method of  claim 35 , in which the act of determining the life expectancy of the policyholder further comprises:
 performing a medical evaluation of the policyholder.