Method and system for providing verifiable line of credit information

Patent 5025138 Issued on June 18, 1991. Estimated Expiration Date:

June 18, 2008. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.

Abstract Claims Description Full Text

Patent References

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Inventor

Cuervo, Vincent

Application

No. 141150 filed on 01/06/1987

US Classes:

705/38, Credit (risk) processing or loan processing (e.g., mortgage)705/4Insurance (e.g., computer implemented system or method for writing insurance policy, processing insurance claim, etc.)

Examiners

Primary: Fuller, Benjamin R.
Assistant: Rogers, Scott A.

Attorney, Agent or Firm

Malin, Haley, McHale, DiMaggio & Crosby

International Class

G06F 015/30

Abstract

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.