System for appraising life insurance and annuities

Abstract

A method and system of appraising a life insurance or annuity product includes receiving a request for a life insurance or annuity product and information about a party requesting the life insurance or annuity product; preparing a bid solicitation for the life insurance or annuity product based on the request and information and transmitting the bid solicitation to a plurality of product carriers; a plurality of product carriers submitting initial proposals for providing the life insurance or annuity product; generating ratings for the initial proposals, respectively; and generating appraisals for the initial proposals; and informing the product carriers of the decision.

1 - 60 . (canceled) 
     
     
         61 . A method for appraising value of an annuity, comprising:
 receiving, by a computer-based value appraising system, risk profile information of an insured;   receiving, by the computer-based value appraising system, information about benefits to be provided by and price to be paid for the annuity;   determining an overall rating reflecting a value of the annuity, including:
 determining, by the computer-based value appraising system, a first rating of the value of the annuity based at least on mortality information specific to the risk profile information and on projected benefit amounts to be provided by and the price to be paid for the annuity that depend on a first assumption about the future; 
 determining, by the computer-based value appraising system, a second rating of the value of the annuity under a less optimistic assumption with respect to the first assumption about the future based at least on a guaranteed amount of the benefits and the price; 
 applying, by the computer-based value appraising system, a weighting to the first and the second ratings according to a relative importance of the first and the second ratings; and 
 determining, by the computer-based value appraising system, the value of the annuity based at least on the weighting that has been applied to the first and the second ratings; and 
   transmitting an appraisal of the value of the annuity.   
     
     
         62 . The method of  claim 61 , including the step of:
 receiving, by the computer-based value appraising system, information about an ability to meet financial obligations of an insurer providing the annuity.   
     
     
         63 . The method of  claim 61 , including the step of:
 determining, by the computer-based value appraising system, a third rating of a financial strength of an insurer providing the annuity based at least on information about an ability to meet financial obligations of the insurer.   
     
     
         64 . The method of  claim 61 , wherein determining the first rating includes determining an internal rate of return of the annuity. 
     
     
         65 - 67 . (canceled)