By Targeted News Service
ALEXANDRIA, Va., Sept. 20 -- Teachers Insurance and Annuity Association, New York, has been assigned a patent (8,271,301) developed by Craig K. Nordyke, Huntersville, N.C., and Bret Benham, Weddington, N.C., for a "method of providing insurance."
The abstract of the patent published by the U.S. Patent and Trademark Office states: "This disclosure details the implementation of methods for providing a permanent life insurance policy, such as a universal life or variable universal life insurance policy, that may provide a level cost of insurance and may be marketed to clients of an asset manager. A need exists for a life insurance policy that provides level cost of insurance rates for a specific duration, while providing a death benefit and a cash value. The instant invention provides a method and an insurance policy that addresses these and other issues. In some embodiments, the level cost of insurance rate for a universal or variable universal life insurance policy may be provided for a fixed period of time and determined based on the corresponding cost of insurance rate for a comparable term life insurance policy having a term substantially similar to that fixed period of time. In further embodiments, the asset manager may receive compensation for advising the client based on the total value of assets in the insurance policy."
The patent application was filed on June 1, 2007 (11/757,284). 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=8,271,301&OS=8,271,301&RS=8,271,301
Written by Satyaban Rath; edited by Hemanta Panigrahi.