Method and system for administering life insurance products through classifying insured lives to allocate costs

Abstract

In some embodiments, the instant invention is directed to a computer-implemented method that at least includes: programming a Process Administrator computer system to perform: receiving life insurance data for a plurality of life insurance policies; identifying a life insurance policy that has a catch-up deduction; classifying the insured lives of the life insurance policy into a plurality of insured classes of the insured lives; determining investment amount in a separate account; receiving investment data resulted from investing in an investment option; calculating an investment return amount attributed to the life insurance policy; determining a net investment return amount to be credited to the life insurance policy based on: an insured class, the investment return amount, and the catch-up deduction; and transmitting the net investment return amount so as to result in crediting the net investment return amount to the life insurance policy.

What is claimed is: 
     
         1 . A computer-implemented method, comprising:
 electronically receiving, by a specifically programmed Process Administrator computer processor executing software specifically programmed to perform the method, life insurance data for a plurality of life insurance policies;   wherein the specifically programmed Process Administrator computer processor is a processing unit of a networked computer device specifically dedicated to execute the software which has been specifically programmed to perform the method;   automatically identifying, by the specifically programmed Process Administrator computer processor, from the plurality of life insurance policies, at least one first life insurance policy that has at least one first catch-up deduction where the at least one first catch-up deduction equals at least one first insurance cost that exceeds at least one first maximum allowed insurance deduction that is deductible under the at least one first life insurance policy;   automatically classifying, by the specifically programmed Process Administrator computer processor, the insured lives of the at least one first life insurance policy into a plurality of insured classes of the insured lives;   automatically determining, by the specifically programmed Process Administrator computer processor, based on variable life insurance data of the life insurance data, at least one first investment amount in at least one first separate account associated with the plurality of life insurance policies identified in the variable life insurance data.