Joseph A Petrini

US Patent:

8296166, Oct 23, 2012

Filed:

May 8, 2008

Appl. No.:

12/117382

Inventors:

Ron Zarrella - Woodcliff Lake NJ, US
Elliot Melis - Chappaqua NY, US
Joseph A. Petrini - Hopewell Junction NY, US
William Morello - Kings Park NY, US
Youri Matiounine - White Plains NY, US

Assignee:

New York Life Insurance Company - New York NY

International Classification:

G06Q 40/00

US Classification:

705 4

Abstract:

Family protection insurance provides for a flexible and adjustable insurance policy that can be adjustable to be consistent with changes in the adult's insurance needs. The insurance policy is a term policy where, at predefined intervals, the policy owner may increase the policy value without requiring additional underwriting. The policy owner may also, at any time, convert all or a portion of the term policy to permanent insurance, while still maintaining the term policy and replenish the death benefit amounts of the term policy through the intermittent value increments. Thus, adults may adjust the death benefits of the term policy and convert the term policy death benefits to permanent insurance consistent with changing insurance needs.

US Patent:

20130018678, Jan 17, 2013

Filed:

Sep 20, 2012

Appl. No.:

13/623185

Inventors:

Ron Zarrella - Woodcliff Lake NJ, US
Elliot Melis - Chappaqua NY, US
Joseph A. Petrini - Hopewell Junction NY, US
William Morello - Kings Park NY, US
Youri Matiounine - White Plains NY, US

Assignee:

NEW YORK LIFE INSURANCE COMPANY - New York NY

International Classification:

G06Q 40/08

US Classification:

705 4

Abstract:

Family protection insurance provides for a flexible and adjustable insurance policy that can be adjustable to be consistent with changes in the adult's insurance needs. The insurance policy is a term policy where, at predefined intervals, the policy owner may increase the policy value without requiring additional underwriting. The policy owner may also, at any time, convert all or a portion of the term policy to permanent insurance, while still maintaining the term policy and replenish the death benefit amounts of the term policy through the intermittent value increments. Thus, adults may adjust the death benefits of the term policy and convert the term policy death benefits to permanent insurance consistent with changing insurance needs.