Importance

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Abstract

The method and computer-based system for electronically processing transactional data and monitoring annuity or life insurance funds includes identifying and storing fund data, customer data, beneficiary data, and banking institution data. In one embodiment, banking institutions which hold non-annuity or non-life insurance funds for a particular beneficiary over a pre-determined initial amount are monitored. The system sums all funds, whether qualified or unqualified or annuity or life insurance funds, identified with a single beneficiary and held by the banking institutions. If the sum exceeds the predetermined fund limit, the system either commands the transfer of all additional or excess funds identified with that single beneficiary to another banking institution or transfers the excess funds into an account established for another annuity beneficiary which is a pre-approved beneficiary from a group initially identified by the customer. In a further embodiment, the system generates various reports showing banking institutions for each beneficiary, banking institutions for each beneficiary in the subset of approved beneficiaries, and the sum of all funds for each respective beneficiary. There are generally three methods employed by one or more aspects of the present system which ensure that the beneficiary's invested funds are protected with depositor's insurance. The system may continually monitor the qualified, unqualified and non-annuity or life insurance funds (e.g. daily or at least every two weeks), may periodically monitor these funds (e.g. quarterly) or may not directly and electronically monitor the funds (i.e. shift the reporting requirement and monitoring function to the customer or beneficiary).

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First Claim