Fidelity Life Association Assigned Patent

By Targeted News Service

ALEXANDRIA, Va., Dec. 13 -- Fidelity Life Association, Oakbrook, Ill., has been assigned a patent (8,332,245) developed by James Harkensee, Arlington Heights, Ill., and Richard A. Hemmings, Glenview, Ill., for a "system and method for selling insurance using rapid decision term."

The abstract of the patent published by the U.S. Patent and Trademark Office states: "An insurance company sells a life insurance policy having a coverage period. The policy provides a total benefit amount which includes an all-cause benefit amount and an accidental death only benefit amount. The policy is initially underwritten on a limited basis and the ratio of the all-cause benefit to the accidental death benefit is low. The insured has the option of providing material to enable comprehensive underwriting and to enable risk classification. If the risk classification improves the policy benefits, the mix of coverage is adjusted to include a higher ratio of the all-cause benefit amount to the accidental death only benefit amount. If the insured does not provide any additional information or materials, or if the materials provided do not result in an underwritten risk classification that enables the policy provisions to be improved, the mix of coverage remains unchanged."

The patent application was filed on Dec. 12, 2011 (13/323,396). 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=8,332,245&OS=8,332,245&RS=8,332,245

Written by Satyaban Rath; edited by Hemanta Panigrahi.

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