초록 ▼

A method and system for providing line of credit information to participating banks that issue debit cards to owners of life insurance policies, wherein the cash surrender value of the life insurance policy has been assigned as collateral to secure the credit line on the individual\s (policy holder\

A method and system for providing line of credit information to participating banks that issue debit cards to owners of life insurance policies, wherein the cash surrender value of the life insurance policy has been assigned as collateral to secure the credit line on the individual\s (policy holder\s) debit card. The basis of this invention is the appreciation of the uniqueness in the collateral of the cash surrender value of a life insurance policy and the manner in which such collateral can be used to expedite the issuance and surveillance of debit card accounts. The system of this invention, (also hereinafter “assignee”) provides line of credit information to participating debit card issuers and periodically monitors the line of credit for each of debit card holder whose line of credit is secured by the cash surrender value of his insurance policy. The manner of securing this line of credit effectively eliminates potential losses from default on such credit obligation.

대표청구항 ▼

A method for providing line of credit information to participating banks that issue debit cards to owners of life insurance policies, wherein the cash surrender value of said life insurance policies has been assigned to a system, selected from the group consisting of a credit clearing house or a len

A method for providing line of credit information to participating banks that issue debit cards to owners of life insurance policies, wherein the cash surrender value of said life insurance policies has been assigned to a system, selected from the group consisting of a credit clearing house or a lender, which provides credit information to said participating bank, by said policy owner, to secure a line of credit to the owner of the life insurance policies in excess of the debited account, comprising the steps of: A. providing a system for storing and periodically updating the cash surrender values of the assigned life insurance policies in a computer memory; B. computing said line of credit for a debit card holder based on said cash surrender values stored for each policy owner; C. transmitting said line of credit information from said system to participating banks; and D. monitoring periodically the assigned life insurance policies with said system for any incremental increase of said cash surrender values so that the line of credit for the debit card holder may be automatically upgraded.