By Targeted News Service
ALEXANDRIA, Va., Oct. 24 -- New York Life Insurance, New York, has been assigned a patent (8,296,166) developed by five co-inventors for a "family protection insurance method and system." The co-inventors are Ron Zarrella, Woodcliff Lake, N.J., Elliot Melis, Chappaqua, N.Y., Joseph A. Petrini, Hopewell Junction, N.Y., William Morello, Kings Park, N.Y., and Youri Matiounine, White Plains, N.Y.
The abstract of the patent published by the U.S. Patent and Trademark Office states: "Family protection insurance provides for a flexible and adjustable insurance policy that can be adjustable to be consistent with changes in the adult's insurance needs. The insurance policy is a term policy where, at predefined intervals, the policy owner may increase the policy value without requiring additional underwriting. The policy owner may also, at any time, convert all or a portion of the term policy to permanent insurance, while still maintaining the term policy and replenish the death benefit amounts of the term policy through the intermittent value increments. Thus, adults may adjust the death benefits of the term policy and convert the term policy death benefits to permanent insurance consistent with changing insurance needs."
The patent application was filed on May 8, 2008 (12/117,382). The full-text of the patent can be found at http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=82,96,166.PN.&OS=PN/82,96,166&RS=PN/82,96,166
Written by Amal Ahmed; edited by Jaya Anand.