James C Harkensee

US Patent:

8082163, Dec 20, 2011

Filed:

Oct 29, 2008

Appl. No.:

12/260706

Inventors:

James Harkensee - Arlington Heights IL, US
Richard A. Hemmings - Glenview IL, US

Assignee:

Fidelity Life Association - Oak Brook IL

International Classification:

G06Q 40/00

US Classification:

705 4, 705 41

Abstract:

An insurance company sells a life insurance policy having a coverage period. The policy provides a total benefit amount which includes an all-cause benefit amount and an accidental death only benefit amount. The policy is initially underwritten on a limited basis and the ratio of the all-cause benefit to the accidental death benefit is low. The insured has the option of providing material to enable comprehensive underwriting and to enable risk classification. If the risk classification improves the policy benefits, the mix of coverage is adjusted to include a higher ratio of the all-cause benefit amount to the accidental death only benefit amount. If the insured does not provide any additional information or materials, or if the materials provided do not result in an underwritten risk classification that enables the policy provisions to be improved, the mix of coverage remains unchanged.

US Patent:

8239221, Aug 7, 2012

Filed:

Jan 14, 2008

Appl. No.:

12/013962

Inventors:

James Harkensee - Arlington Heights IL, US
Richard A. Hemmings - Glenview IL, US

Assignee:

Fidelity Life Association - Oak Brook IL

International Classification:

G06Q 40/00

US Classification:

705 4, 705 41

Abstract:

An insurer sells a life insurance policy having a coverage period equal in length to the term of the policy. The consideration paid by the insured is relatively high compared to conditional receipt coverage, but is generally lower than that charged for standard simplified issue policies. The policy is only underwritten on a limited basis, preferably using information available in remote databases. During a predetermined time period, the insured has the option of providing medical test results or other material sufficient to enable comprehensive medical underwriting. Upon receipt of the information and material, an underwriter comprehensively underwrites the policy. If the results of the underwriting are satisfactory, the premiums are reduced significantly for the remainder of the term of the insurance policy and/or the benefit amount is increased. If the insured does not provide any additional information or materials, or if the materials provided result in unsatisfactory underwriting, the premiums remain unchanged.

US Patent:

8332245, Dec 11, 2012

Filed:

Dec 12, 2011

Appl. No.:

13/323396

Inventors:

James Harkensee - Arlington Heights IL, US
Richard A. Hemmings - Glenview IL, US

Assignee:

Fidelity Life Association - Oakbrook IL

International Classification:

G06Q 40/00

US Classification:

705 4

Abstract:

An insurance company sells a life insurance policy having a coverage period. The policy provides a total benefit amount which includes an all-cause benefit amount and an accidental death only benefit amount. The policy is initially underwritten on a limited basis and the ratio of the all-cause benefit to the accidental death benefit is low. The insured has the option of providing material to enable comprehensive underwriting and to enable risk classification. If the risk classification improves the policy benefits, the mix of coverage is adjusted to include a higher ratio of the all-cause benefit amount to the accidental death only benefit amount. If the insured does not provide any additional information or materials, or if the materials provided do not result in an underwritten risk classification that enables the policy provisions to be improved, the mix of coverage remains unchanged.

US Patent:

8209198, Jun 26, 2012

Filed:

Jan 14, 2008

Appl. No.:

12/013959

Inventors:

James Harkensee - Arlington Heights IL, US
Richard A. Hemmings - Glenview IL, US

Assignee:

Fidelity Life Association - Oak Brook IL

International Classification:

G06Q 40/00

US Classification:

705 4

Abstract:

An insurer sells a life insurance policy with two distinct coverage periods. Prior to accepting the offer of insurance, the insurer underwrites the insurance contract on a limited basis using information obtainable by querying a remote database. During the first coverage period, full coverage is provided and the premium rates approximate a comprehensively underwritten risk. The value of coverage provided at the end of the first coverage period may be reduced if the insured fails to satisfy various obligations. If before a contractually defined compliance period the insured undergoes medical tests and submits blood, urine, or other tissue samples to an underwriter or approved laboratory, the underwriter comprehensively underwrites the policy. If the comprehensive underwriting is satisfactory, the insurance contract is amended, modified, or replaced with a new contract effectively extending full coverage for a longer, extended coverage period, while maintaining or even reducing the premiums owed.

US Patent:

20090319303, Dec 24, 2009

Filed:

Jun 20, 2008

Appl. No.:

12/143545

Inventors:

James Harkensee - Arlington Heights IL, US
Charles Ritzke - West Dundee IL, US

Assignee:

FIDELITY LIFE ASSOCIATION - Oak Brook IL

International Classification:

G06Q 40/00

US Classification:

705 4

Abstract:

A method of insuring a group of individuals includes purchasing a guaranteed insurance component and a decreasing term insurance component using a level premium received for each individual. The guaranteed component is based on relatively conservative risk assumptions, and provides a paid-up benefit upon cessation of payment of premiums if premiums have been paid for a designated number of years. Any excess interest is used to purchase a non-guaranteed component having a paid-up benefit based on relatively less conservative risk assumptions. The paid-up benefit of the guaranteed component and the term benefit combine to provide an in-force benefit. During an initial level benefit period, the non-guaranteed insurance component increases the paid-up benefit amount. Once the sum of the guaranteed benefit amount and the non-guaranteed benefit amount exceeds the in-force benefit, premiums are no longer owed and the coverage becomes fully paid-up.

US Patent:

20120239438, Sep 20, 2012

Filed:

Mar 16, 2012

Appl. No.:

13/422094

Inventors:

Richard A. Hemmings - Glenview IL, US
James Harkensee - Arlington Heights IL, US
Michael Rowell - Medina WA, US

Assignee:

FIDELITY LIFE ASSOCIATION - Rolling Meadows IL

International Classification:

G06Q 40/08

US Classification:

705 4

Abstract:

The computerized system disclosed herein implements an improved online marketplace for facilitating sales of insurance products from a plurality of insurance providers to customers of insurance. The system enables the customers to apply for insurance products from each of the carriers in a single step using a single, common application. Thereafter, the system performs an immediate, preliminary underwriting, and if appropriate offers the individual the option for immediate short-term coverage. The system then performs more comprehensive underwriting on behalf of a plurality of carriers, and if the underwriting is successful, provides the customer with an offer for long-term coverage to replace the short-term coverage. The customer can accept any provided offer to receive coverage. The system also enables carriers to define filters so that if customers enter the system with an affiliation with a particular character, they remain affiliated with the carrier until the filter is no longer satisfied.