By Targeted News Service
ALEXANDRIA, Va., Aug. 9 -- Fidelity Life Association, Oak Brook, Ill., has been assigned a patent (8,239,221) developed by James Harkensee, Arlington Heights, Ill., and Richard A. Hemmings, Glenview, Ill., for "methods for selling insurance using rapid decision term."
The abstract of the patent published by the U.S. Patent and Trademark Office states: "An insurer sells a life insurance policy having a coverage period equal in length to the term of the policy. The consideration paid by the insured is relatively high compared to conditional receipt coverage, but is generally lower than that charged for standard simplified issue policies. The policy is only underwritten on a limited basis, preferably using information available in remote databases. During a predetermined time period, the insured has the option of providing medical test results or other material sufficient to enable comprehensive medical underwriting. Upon receipt of the information and material, an underwriter comprehensively underwrites the policy. If the results of the underwriting are satisfactory, the premiums are reduced significantly for the remainder of the term of the insurance policy and/or the benefit amount is increased. If the insured does not provide any additional information or materials, or if the materials provided result in unsatisfactory underwriting, the premiums remain unchanged."
The patent application was filed on Jan. 14, 2008 (12/013,962). The full-text of the patent can be found at http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=8,239,221&OS=8,239,221&RS=8,239,221
Written by Satyaban Rath; edited by Hemanta Panigrahi.