System and method for an emergency reserve during a covered event using actuarial data
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United States of America Patent
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Apr 22, 2014
Grant Date -
Feb 19, 2009
app pub date -
Aug 15, 2007
filing date -
Aug 15, 2007
priority date (Note) -
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Abstract
A system and method for providing emergency conditional credit to a customer of a financial institution. The system includes a customer site and a financial institution. The financial institution determines actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events, determines a cost for offering an emergency reserve (ER) product using the actuarial data, determines a qualification standard for the ER product, and offers the ER product to a person at the customer site. An emergency reserve protection (ERP) feature that provides protection that cancels any ER balance on a monthly basis during a covered event may also be offered to customers. One or more vendor sites may be used to handle some of the processing or managing of the ER and ERP product offerings.
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