System and method for implementing and administering lender-owned credit life insurance policies
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United States of America Patent
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May 25, 1999
Grant Date -
N/A
app pub date -
Dec 26, 1995
filing date -
Dec 26, 1995
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
The invention relates to a system for analyzing and managing at least one lender owned life insurance policy on behalf of a lender to improve loan profitability, achieve investment results from the COLI, and to prevent investment loss as a result of adverse tax law changes. The system tracks mortgage balances, applies vesting schedules, determines appropriate face amounts, policy loan amounts and/or cash withdrawals to maximize return on investment for the lender. The system also reacts to adverse changes in the tax laws by adjusting the form of the insurance policy to a term policy with an increased face value and terminating the policy. Termination of the policy involves additional cash withdrawals which are used to pay back policy loans. The system further illustrates past and future performance of the policy based upon assumptions of tax law changes. Finally, the system monitors and administers the MCPP program on an ongoing basis.
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