Patent Application Titled “Method And System For Life And Long-Term Care Insurance” Published Online (USPTO 20230107602): Patent Application

2023 APR 20 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Washington, D.C., by NewsRx journalists, a patent application by the inventors Abraham, Loida R. (Sudbury, MA, US); Krasnoff, Nathaniel J. (Los Angeles, CA, US), filed on September 30, 2022, was made available online on April 6, 2023.

No assignee for this patent application has been made.

Reporters obtained the following quote from the background information supplied by the inventors: “Insurance offers people financial protection during various stages in their lives as their needs change. For example, financial needs may include income and security for a person’s family in the event that the person dies, as well as resources to pay for the long-term care for the person as he or she ages. However, it is neither possible nor reasonable to expect the person to be fully aware of and prepare for all possible scenarios which may arise during the later phases of his or her life. Statistics show that: 6 months is the amount of time that almost half of American households would experience financial hardship after the loss of a wage earner, 70% is the likelihood that someone age 65 or older will need long-term care at some point in his or her life, and $4,000 to $10,000 per month is the average cost of care range. Therefore, there is a need for a more flexible insurance policy to accommodate such different scenarios as well as the means of managing and modifying the same.”

In addition to obtaining background information on this patent application, NewsRx editors also obtained the inventors’ summary information for this patent application: “According to the present disclosure, a computer-implemented system and method are disclosed in which a processing unit receives information regarding a plurality of potential customers, each of whom is associated with a potential three-phase insurance policy. The processing unit performs machine learning to perform intelligent underwriting of the three-phase insurance policy for a plurality of qualified customers. After determining that the qualified customers have purchased the three-phase insurance policy, the processing unit simultaneously and automatically updates the three-phase insurance policies for the plurality of qualified customers upon approaching a threshold from one phase of the three-phase insurance policy to a subsequent phase of the three-phase insurance policy. The processing unit then automatically generates a notification to the plurality of qualified customers whose insurance policies are updated.

“Additional features and advantages of the present disclosure will become apparent to those skilled in the art upon consideration of the following detailed description of the illustrative embodiment exemplifying the best mode of carrying out the disclosure as presently perceived.”

The claims supplied by the inventors are:

“1. A computer-implemented method comprising: receiving, by a processing unit, information regarding a plurality of potential customers, each of whom is associated with a potential three-phase insurance policy; performing, by the processing unit, machine learning to perform intelligent underwriting of the three-phase insurance policy for a plurality of qualified customers; in response to determining, by the processing unit, that the qualified customers have purchased the three-phase insurance policy, upon approaching a threshold from one phase of the three-phase insurance policy to a subsequent phase of the three-phase insurance policy, simultaneously and automatically updating, by the processing unit, the three-phase insurance policies for the plurality of qualified customers; and automatically generating, by the processing unit, a notification to the plurality of qualified customers whose insurance policies are updated.”

For more information, see this patent application: Abraham, Loida R.; Krasnoff, Nathaniel J. Method And System For Life And Long-Term Care Insurance. U.S. Patent Application Number 20230107602, filed September 30, 2022 and posted April 6, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20230107602)&db=US-PGPUB&type=ids

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