System and method for securing information in electronic exchange transactions

Abstract

A method and system for processing electronic offers comprising at least one processing device that submits an electronic offer for a first policy, receives a bid that is responsive to the offer and an acceptance of the bid, and executes a transaction workflow including an agreement with a buyer associated with the bid. In the agreement, the buyer receives the first policy and pays premiums to the first entity that keep the first policy in force, pays certain fees to a second entity, which second entity issues to the owner at least one second policy with a second benefit value based on the life of the insured, the second benefit value comprising a portion of the first benefit value, and pays or causes to be paid to the second entity at least a second benefit value based on the life of the insured.

What is claimed is: 
     
         1 . A system for processing electronic offers, the system comprising:
 at least one processing device; and   at least one computer readable storage device storing data instructions that, when executed by the at least one processing device, cause the at least one processing device to:   submit an electronic offer for a first policy that is assigned from an owner of the first policy, the first policy including a first benefit value on a life of an insured and is issued by a first entity, the offer comprising data including an offer price for the first policy and details regarding the first policy;   receive a bid that is responsive to the offer and an acceptance of the bid based on a signal from a client device via an application interface; and   execute a transaction workflow including generating an agreement with a buyer associated with the bid, the agreement comprising the buyer receiving the first policy and (i) paying premiums to the first entity that keep the first policy in force, (ii) paying certain fees to a second entity, which second entity issues to the owner at least one second policy with a second benefit value based on the life of the insured, the second benefit value comprising a portion of the first benefit value, and (iii) paying or causing to be paid to the second entity at least a second benefit value based on the life of the insured.   
     
     
         2 . The system of  claim 1  wherein the assignment is based on a transaction executed by the owner of the first policy with the second entity. 
     
     
         3 . The system of  claim 1  wherein the processing device is further configured to electronically receive the assignment via data entry or file attachment from a computing device associated with the owner of the first policy. 
     
     
         4 . The system of  claim 1  wherein the processing device is further configured to issue the second policy as a paid-up certificate of insurance under a group master policy. 
     
     
         5 . The system of  claim 1  wherein the processing device is further configured to issue the second policy as an individual paid-up life insurance policy. 
     
     
         6 . The system of  claim 1  wherein processing device is further configured to issue the second policy to the owner wherein the second policy includes a beneficiary that is chosen by the owner. 
     
     
         7 . The system of  claim 1  wherein the processing device is further configured to issue the second policy to the owner wherein the owner is not required to pay premiums to keep the second policy in force. 
     
     
         8 . The system of  claim 1  wherein the processing device is further configured to issue the second policy to the owner wherein the first entity pays the first benefit value on the life of the insured to the buyer, the buyer pays or causes to be paid at least the second benefit value on the life of the insured to the second entity, and the second entity pays the second benefit value on the life of the insured to a beneficiary of the second policy.