U.S. patent application number 14/181838 was filed with the patent office on 2014-06-12 for benefits contract providing a bundle of benefits.
The applicant listed for this patent is Malcolm A. Cheung, Robert A. Fishbein, Jacob M. Herschler, N. David Kuperstock, Robert F. O'Donnell, Steven L. Putterman. Invention is credited to Malcolm A. Cheung, Robert A. Fishbein, Jacob M. Herschler, N. David Kuperstock, Robert F. O'Donnell, Steven L. Putterman.
Application Number | 20140164027 14/181838 |
Document ID | / |
Family ID | 37680196 |
Filed Date | 2014-06-12 |
United States Patent
Application |
20140164027 |
Kind Code |
A1 |
Cheung; Malcolm A. ; et
al. |
June 12, 2014 |
Benefits Contract Providing a Bundle of Benefits
Abstract
According to one embodiment of the invention, a benefits
contract includes an agreement to provide a plurality of benefits
for at least one person. The agreement provides for an account
including a plurality of units. Each unit is associated with
multiple benefits. For example each unit may be associated with
multiple benefits such as life insurance, health insurance,
supplemental health insurance, long-term care insurance, short-term
disability insurance, long-term disability insurance, prescription
drug insurance, a plurality of income payments, a withdrawal
benefit, an annuity, a property and casualty benefit, or other
similar benefits. The agreement is such that a person associated
with the benefits contract may choose to exercise a particular
unit, or fraction thereof, to receive only one of the three or more
benefits; and such that the benefits account (or plurality of
units) may be purchased tax-free using funds from a tax-deferred
retirement account.
Inventors: |
Cheung; Malcolm A.;
(Randolph, NJ) ; Fishbein; Robert A.; (Tenafly,
NJ) ; Herschler; Jacob M.; (Southporl, CT) ;
Kuperstock; N. David; (Woodbridge, CT) ; O'Donnell;
Robert F.; (Harwinton, CT) ; Putterman; Steven
L.; (West Hadford, CT) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Cheung; Malcolm A.
Fishbein; Robert A.
Herschler; Jacob M.
Kuperstock; N. David
O'Donnell; Robert F.
Putterman; Steven L. |
Randolph
Tenafly
Southporl
Woodbridge
Harwinton
West Hadford |
NJ
NJ
CT
CT
CT
CT |
US
US
US
US
US
US |
|
|
Family ID: |
37680196 |
Appl. No.: |
14/181838 |
Filed: |
February 17, 2014 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
11456930 |
Jul 12, 2006 |
8655776 |
|
|
14181838 |
|
|
|
|
60701096 |
Jul 19, 2005 |
|
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Current U.S.
Class: |
705/4 |
Current CPC
Class: |
G06Q 30/00 20130101;
G06Q 40/08 20130101; G06Q 40/00 20130101 |
Class at
Publication: |
705/4 |
International
Class: |
G06Q 40/08 20120101
G06Q040/08 |
Claims
1-22. (canceled)
23. A data processing system configured to manage a benefits
account, the data processing system comprising: one or more memory
devices; one or more processing modules; and software embodied in
the one or more memory devices and configured, when executed by the
one or more processing modules, to: store, in the one or more
memory devices, account data representing a number of benefits
units associated with a plurality of benefits according to
provisions of a benefits contract, wherein each benefits unit is
discretionarily exercisable towards at least one of the plurality
of benefits, and wherein the plurality of benefits comprises: one
or more from the first group consisting of: a plurality of income
payments; and a withdrawal benefit; and one or more from the second
group consisting of: a disability insurance; a long-term care
insurance; a prescription drug coverage; a health care coverage;
and a supplemental health care coverage; receive transaction data
representing a request to exercise a specified number of benefits
units towards a specified one of the plurality of benefits;
generate status information identifying a coverage period provided
at least in part by exercise of the specified number of benefits
towards the specified one of the plurality of benefits; transmit
the status information through a network; determine a default
benefit to be transferred to a beneficiary designated by an account
holder, wherein the default benefit is based at least in part on
the account data representing the number of benefits units that are
discretionarily exercisable, and wherein the default benefit
comprises a life insurance benefit; and in response to a triggering
event, transfer the life insurance benefit to the beneficiary
designated by the account holder, the triggering event being the
death of the account holder.
24. The data processing system of claim 23, wherein: the specified
one of the plurality of benefits is the plurality of income
payments; the identified coverage period is a lifetime of a
designated life; and the software is further configured, when
executed by the one or more processing modules, to transfer on a
periodic basis the plurality of income payments during the lifetime
of the designated life, the plurality of income payments being
transferred in response to exercise of the specified number of
benefits towards the plurality of income payments.
25. The data processing system of claim 23, wherein: the specified
one of the plurality of benefits is the supplemental health care
coverage; and the identified coverage period comprises: a start
date when the supplemental health care coverage begins; and a stop
date when the supplemental health care coverage terminates.
26. The data processing system of claim 23, wherein the software is
further configured, when executed by the one or more processing
modules, to update the account data representing the number of
benefits units that are discretionarily exercisable, the update
based on the received transaction data.
27. The data processing system of claim 23, wherein the software is
further configured, when executed by the one or more processing
modules, to: receive order data comprising a number of benefits
units requested to be purchased; and in response to the received
order data, calculate a sum of the number of benefits units stored
in the one or more memory devices and the number of benefits units
requested to be purchased.
28. The data processing system of claim 23, wherein the generated
status information further identifies a maximum coverage value for
the specified one of the plurality of benefits.
29. A method for managing a benefits account, the method
comprising: storing, in one or more memory devices, account data
representing a number of benefits units associated with a plurality
of benefits according to provisions of a benefits contract, wherein
each benefits unit is discretionarily exercisable towards at least
one of the plurality of benefits, and wherein the plurality of
benefits comprises: one or more from the first group consisting of:
a plurality of income payments; and a withdrawal benefit; and one
or more from the second group consisting of: a disability
insurance; a long-term care insurance; a prescription drug
coverage; a health care coverage; and a supplemental health care
coverage; receiving, at a data processing system, transaction data
representing a request to exercise a specified number of benefits
units towards a specified one of the plurality of benefits; using
the data processing system, generating status information
identifying a coverage period provided at least in part by exercise
of the specified number of benefits towards the specified one of
the plurality of benefits; using the data processing system,
transmitting the status information through a network; using the
data processing system, determining a default benefit to be
transferred to a beneficiary designated by an account holder,
wherein the default benefit is based at least in part on the
account data representing the number of benefits units that are
discretionarily exercisable, and wherein the default benefit
comprises a life insurance benefit; and using the data processing
system and in response to a triggering event, transferring the life
insurance benefit to the beneficiary designated by the account
holder, the triggering event being the death of the account
holder.
30. The method of claim 29, wherein: the specified one of the
plurality of benefits is the plurality of income payments; and the
identified coverage period is a lifetime of a designated life.
31. The method of claim 30, further comprising, transferring on a
periodic basis the plurality of income payments during the lifetime
of the designated life, the plurality of income payments being
transferred using the data processing system and in response to
exercise of the specified number of benefits towards the plurality
of income payments.
32. The method of claim 29, wherein: the specified one of the
plurality of benefits is the supplemental health care coverage; and
the identified coverage period comprises: a start date when the
supplemental health care coverage begins; and a stop date when the
supplemental health care coverage terminates.
33. The method of claim 29, further comprising, using the data
process system and in response to the received transaction data,
updating the account data representing the number of benefits units
that are discretionarily exercisable.
34. The method of claim 29, further comprising receiving, at the
data processing system, order data comprising a number of benefits
units requested to be purchased; and using the data processing
system and in response to the received order data, calculating a
sum of the number of benefits units stored in the one or more
memory devices and the number of benefits units requested to be
purchased.
35. The method of claim 29, wherein the generated status
information further identifies a maximum coverage value for the
specified one of the plurality of benefits.
36. Software embodied in a tangible computer-readable medium and
configured, when executed by one or more processing modules, to:
store, in one or more memory devices, account data representing a
number of benefits units associated with a plurality of benefits
according to provisions of a benefits contract, wherein each
benefits unit is discretionarily exercisable towards at least one
of the plurality of benefits, and wherein the plurality of benefits
comprises: one or more from the first group consisting of: a
plurality of income payments; and a withdrawal benefit; and one or
more from the second group consisting of: a disability insurance; a
long-term care insurance; a prescription drug coverage; a health
care coverage; and a supplemental health care coverage; receive
transaction data representing a request to exercise a specified
number of benefits units towards a specified one of the plurality
of benefits; generate status information identifying a coverage
period provided at least in part by exercise of the specified
number of benefits towards the specified one of the plurality of
benefits; transmit the status information through a network;
determine a default benefit to be transferred to a beneficiary
designated by an account holder, wherein the default benefit is
based at least in part on the account data representing the number
of benefits units that are discretionarily exercisable, and wherein
the default benefit comprises a life insurance benefit; and in
response to a triggering event, transfer the life insurance benefit
to the beneficiary designated by the account holder, the triggering
event being the death of the account holder.
37. The software of claim 36, wherein: the specified one of the
plurality of benefits is the plurality of income payments; the
identified coverage period is a lifetime of a designated life; and
the software is further configured, when executed by the one or
more processing modules, to transfer on a periodic basis the
plurality of income payments during the lifetime of the designated
life, the plurality of income payments being transferred in
response to exercise of the specified number of benefits towards
the plurality of income payments.
38. The software of claim 36, wherein: the specified one of the
plurality of benefits is the supplemental health care coverage; and
the identified coverage period comprises: a start date when the
supplemental health care coverage begins; and a stop date when the
supplemental health care coverage terminates.
39. The software of claim 36, further configured, when executed by
the one or more processing modules, to update the account data
representing the number of benefits units that are discretionarily
exercisable, the update based on the received transaction data.
40. The software of claim 36, further configured, when executed by
the one or more processing modules, to: receive order data
comprising a number of benefits units requested to be purchased;
and in response to the received order data, calculate a sum of the
number of benefits units stored in the one or more memory devices
and the number of benefits units requested to be purchased.
41. The software of claim 36, wherein the generated status
information further identifies a maximum coverage value for the
specified one of the plurality of benefits.
Description
RELATED APPLICATIONS
[0001] This application claims the benefit under 35 U.S.C
.sctn.119(e) of U.S. Provisional Application Ser. No. 60/701,096
filed Jul. 19, 2005.
TECHNICAL FIELD OF THE INVENTION
[0002] This invention relates generally to benefits contracts and
more particularly to a benefits contract providing a bundle of
benefits.
BACKGROUND OF THE INVENTION
[0003] There are a variety of benefits contracts available on the
market and these benefits contracts are typically purchased to
provide some level of security against one or more potential risks.
A benefits contract may also have an investment function, such as,
for example, in the case of an annuity. For example, life insurance
contracts typically provide financial security for family members
in the event of a person's death. Similarly, health insurance
typically provides security against the potentially high costs of
an illness or injury. Long-term care benefits typically provide
security against the potentially high cost of such care. These and
other benefits contracts serve to pass the risk of an unknown event
from one party to another, typically in exchange for a fee.
[0004] Although there are many different types of benefits
contracts available, customers must select the appropriate contract
or combination of contracts to provide the most utility with
limited resources. Often, it may not be possible to purchase all of
the benefits contracts that a consumer may desire, due to limited
financial resources. In addition, some consumers are reluctant to
purchase certain types of benefits contracts out of fear that they
will make payments for a contract for which they will never receive
any return. For example, a consumer may purchase a long-term care
benefit for a considerable amount of money and die without ever
having a need for long-term care.
SUMMARY OF THE INVENTION
[0005] According to one embodiment of the invention, a benefits
contract includes an agreement to provide a plurality of benefits
for at least one person. The agreement provides for an account
including a plurality of units. Each unit is associated with
multiple benefits. For example each unit may be associated with
multiple benefits such as life insurance, health insurance,
supplemental health insurance, long-term care insurance, short-term
disability insurance, long-term disability insurance, prescription
drug insurance, a plurality of income payments, a withdrawal
benefit, an annuity, a property and casualty benefit, or other
similar benefits. The agreement is such that a person associated
with the benefits contract may choose to exercise a particular
unit, or fraction thereof, to receive only one of the three or more
benefits; and such that the benefits account (or plurality of
units) may be purchased tax-free using funds from a tax-deferred
retirement account.
[0006] According to another embodiment of the invention, a benefits
contract includes an agreement to provide a plurality of benefits
that may be elected. The plurality of benefits includes different
types of benefits, and at least some of the plurality of benefits
include an election period including a start date. There may be a
delay between the election period start date for at least one of
the plurality of benefits and the election period start date for a
second one of the plurality of benefits. The election period may
denote a time period during which it is permissible to elect a
benefit.
[0007] Certain embodiments of the present invention may provide
various technical advantages. For example, certain embodiments may
allow a customer to purchase contracts with units that may be
selectively used in the future to elect multiple benefits. In some
embodiments, these units may be purchased at multiple points in
time. Certain embodiments may provide flexibility by allowing a
customer to choose when to purchase benefit units, how much to
purchase, when to exercise the benefits, and which benefits to
exercise. Certain embodiments may simplify the decision making
process related to purchasing multiple benefits by allowing the
customer to purchase units that can be used to elect multiple
benefits and then wait to determine which benefits to elect until a
later time, such as when a need for the benefit arises or is
anticipated. Certain embodiments may also reduce costs associated
with providing a bundle of benefits by limiting the time in which
one or more benefits may be exercised.
[0008] Other technical advantages of the present invention will be
readily apparent to one skilled in the art from the following
figures, descriptions, and claims. Moreover, while specific
advantages have been enumerated above, various embodiments may
include all, some, or none of the enumerated advantages.
BRIEF DESCRIPTION OF THE DRAWINGS
[0009] For a more complete understanding of the present invention
and its advantages, reference is now made to the following
description, taken in conjunction with the accompanying drawings,
in which:
[0010] FIG. 1 illustrates a system for providing a benefits
contract according to a particular embodiment of the present
invention;
[0011] FIG. 2 illustrates example benefits according to a
particular embodiment of the present invention;
[0012] FIG. 3 illustrates an example timeline showing coverage
times for different benefits according to a particular
embodiment;
[0013] FIG. 4 illustrates an example timeline showing the purchase
and exercise of units according to a particular embodiment;
[0014] FIGS. 5A and 5B illustrate an example data processing system
for providing a benefits contract according to a particular
embodiment; and
[0015] FIG. 6 illustrates an embodiment of a general purpose
computer.
DETAILED DESCRIPTION OF THE EXAMPLE EMBODIMENTS
[0016] It should be understood at the outset that although example
implementations of embodiments of the invention are illustrated
below, the present invention may be implemented using any number of
techniques, whether currently known or not. The present invention
should in no way be limited to the example implementations,
drawings, and techniques illustrated below.
[0017] FIG. 1 illustrates a system 10 for providing benefits
contract 100 according to a particular embodiment of the present
invention. System 10 may interact with customer 110 and issuer 120;
and system 10 may utilize one or more units 130. Each unit 130 may
represent an amount of each of a plurality of benefits 200.
Benefits contract 100 may represent a contract between customer 110
and issuer 120. According to certain embodiments, system 10 may be
utilized to provide benefits contract 100 to customer 110, through
the use of multiple units 130, each representing an amount of each
of a plurality of benefits 200. Each unit 130 may be exercised to
elect a particular one of the plurality of benefits 200 in the
amount specified.
[0018] Benefits contract 100 may represent an agreement or a group
of agreements between one or more customers 110 and one or more
issuers 120, for the one or more issuers 120 to provide multiple
benefits 200 to the one or more customers 110. For example, in
certain embodiments, benefits contract 100 may represent an
agreement between customer 110 and issuer 120 to provide one of
three electable benefits 200 for customer 110.
[0019] In certain embodiments, for example but not by way of
limitation, customer 110 may purchase ten units in year one. Each
of the units 130 may represent, for example, five benefits 200. In
year ten, an election may be made to utilize two units 130 for the
first benefit 200. This would leave eight units 130 which could be
exercised at a later date. In year fourteen, an election may be
made to exercise six units 130 for the second benefit 200. This
would leave two units 130 which could be exercised at a later date.
In year twenty, three additional units 130 may be purchased, for a
total of five units which can be exercised. In year thirty, an
election may be made to exercise four units for the second benefit
200 and one unit for the fifth benefit 200. At this point, all of
the units would be exhausted and benefits contract 100 may
terminate. This example is just one possible scenario for a
particular embodiment of the present invention and is not intended
as a limitation.
[0020] Customer 110 may broadly refer to one or more of a funding
party 112, an account holder 114, a beneficiary 116, and/or an
agent or other third party acting on behalf of one of these.
Funding party 112 may broadly represent an entity or group of
entities providing funds to purchase or fund benefits contract 100.
Account holder 114 may broadly represent an entity or group of
entities whose risk is mitigated by benefits contract 100.
Beneficiary 116 may broadly refer to an entity or group of entities
who receive one or more financial transfers (or other transfers of
consideration) pursuant to provisions of benefits contract 100. For
example, in certain embodiments, beneficiary 116 may be an entity
that account holder 114 identifies as an intended recipient of
proceeds upon the death of account holder 114. As another example,
in certain embodiments, beneficiary 116 may be a health care
provider who may be reimbursed for providing health care to account
holder 114. In certain embodiments, one or more of funding party
112, account holder 114, and beneficiary 116 may be the same entity
or group of entities. For example, funding party 112 and account
holder 114 may be the same. As another example, account holder 114
and beneficiary 116 may be the same. In certain embodiments,
funding party 112 may be an individual, a business entity, or a
government entity. For example, funding party 112 may be an
employer of an account holder 114. In certain embodiments, account
holder 114 and beneficiary 116 may be related. For example, account
holder 114 and beneficiary 116 may be related as husband and wife.
In certain embodiments, two individuals, such as a married couple,
may both be account holders 114. In certain embodiments,
beneficiary 116 may be different for different benefits 200. For
example, for one benefit 200 account holder 114 may also be
beneficiary 116 and for another benefit 200 the spouse of account
holder 114 may be beneficiary 116.
[0021] While this patent describes various actions, benefits,
steps, etc. in relation to a customer 110, funding party 112,
account holder 114, and/or beneficiary 116, those descriptions
should not be construed as limiting because benefits contract 100
(or controlling laws or regulations) might provide for various
persons to exercise control, take various actions, receive certain
benefits, and/or affect certain features with regard to benefits
contract 100.
[0022] Issuer 120 may represent an entity that provides and/or
sells benefits contract 100 to customer 110. In certain
embodiments, issuer 120 may represent a government entity or a
business entity, such as a bank or an insurance company. Issuer 120
may also represent multiple entities that operate together to
provide or sell benefits contract 100.
[0023] Unit 130 may broadly refer to an accounting unit used to
track the coverage for account holder 114, according to the
provisions of benefits contract 100. In certain embodiments, each
unit 130 may represent exercisable benefits coverage provided for
account holder 114. For example, (but not by way of limitation)
funding party 112 may purchase, and issuer 120 may allocate,
one-hundred units 130 to account holder 114. In certain
embodiments, the one-hundred units 130 may provide a certain
electable level of coverage for account holder 114 for each of a
plurality of benefits 200. Each unit 130 may be associated with
multiple benefits 200. In certain embodiments, each unit 130
provides customer 110 with the right and/or option to exercise the
unit 130 and thereby utilize one of the benefits 200 associated
with that unit 130 in accordance with the terms of benefits
contract 100.
[0024] In certain embodiments, benefits contract 100 may provide
for multiple classes of units 130. For example, different classes
of units 130 may be associated with different groups or
combinations of benefits 200. As another example, different classes
of units 130 may represent different tax treatments for the units
130. As yet another example, different classes of units 130 may
represent different payment structures for the units 130, such as
lump sum, periodic payment, etc. In certain embodiments, different
classes of units 130 may be associated with the age of account
holder 114 at the time that units 130 are purchased. In certain
embodiments, different classes of units 130 may represent certain
characteristics of one or more account holders 114, such as gender,
underwriting class, health, medical history, family history, and/or
participation in one or more activities (e.g., smoking, high risk
activities, etc.). For example, in a particular embodiment,
benefits contract 100 may include two account holders 114 and
different classes of units 130 may be purchased for each account
holder 114.
[0025] In certain embodiments, units 130 may represent (or be
proportional to) either a purchase dollar value and/or a proceed
dollar value for one or more benefits 200. For example, one unit
130 may represent a one dollar incremental investment associated
with benefits contract 100. Although, units 130 have been described
as representing dollar values, in other embodiments, units 130 may
represent one or more values in any incremental currency. In
certain embodiments, units 130 may represent (or be proportional
to) a fractional currency value and/or the value represented by
unit 130 may change over time.
[0026] In certain embodiments, benefits contract 100 may provide
that account holder 114 must exercise at least one complete unit
130 at a time. Alternatively, in certain embodiments, account
holder may exercise a fraction of a unit 130 and/or exercise
multiple units 130 together with a fraction of a unit 130. For
example, (but not by way of limitation) in certain embodiments,
account holder 114 may exercise 20.25 units at one time.
[0027] Benefit 200 may broadly refer to an instrument or agreement
to transfer risk from one entity to another, including investment
vehicles such as annuities. According to certain embodiments of the
present invention, benefits contract 100 may be associated with
multiple types or categories of benefits 200. In certain
embodiments, each type or category of benefit 200 may serve to
transfer a different type or category of risk.
[0028] FIG. 2 illustrates example benefits 200 that may be
associated with a unit 130 according to a particular embodiment of
the present invention. As shown, benefits 200 may include: life
income benefit 202 (which could be an annuity), withdrawal benefit
204, short-term disability benefit 206, long-term disability
benefit 208, long-term care benefit 210, prescription coverage
benefit 212, Medicare supplement benefit 214, health insurance 216,
life insurance 218, and/or property and casualty benefit 220. The
example benefits 200 illustrated in FIG. 2 are intended to indicate
generally an example of the types and categories of benefits 200
that may be covered by benefits contract 100. The example benefits
200 illustrated in FIG. 2 are not intended to be an exclusive list.
The present invention contemplates other benefits 200 beyond those
included within FIG. 2. For example, benefits 200 may also include
an income benefit for a term of years. As another example, in
certain embodiments, benefits 200 may include (and/or benefits
contract 100 may be associated with another agreement that
includes) property and casualty coverage. (For example, in a
particular embodiment, benefits contract 100 may be associated with
an umbrella liability agreement which includes property and
casualty coverage.) As yet another example, in certain embodiments,
benefits 200 may include an accumulation benefit guaranteeing, for
example, that an asset or account will have at least certain
non-zero value at a future point in time. (For example, in a
particular embodiment, an accumulation benefit may guarantee a
future value for an account with at least a portion of the account
assets invested in one or more equities.) Although a variety of
example benefits are described herein, the present invention
contemplates other appropriate benefits being associated with one
or more units 130 and/or benefits contract 100.
[0029] Lifetime income benefit 202 may broadly represent a
plurality of income payments that may be transferred to beneficiary
116 (or multiple beneficiaries 116) on a periodic basis during the
lifetime of one or more designated lives. In certain embodiments, a
designated life may be the life of account holder 114 or the life
of beneficiary 116. In certain embodiments, lifetime income benefit
202 may be tied to and/or behave similar to a fixed or variable
annuity. For example, upon an election to exercise one or more
units 130 to utilize as lifetime income benefit 202, issuer 120 may
transfer a certain amount of funds to an immediate annuity (or
simply make payments according to an annuity) which will then be
annuitized to provide a plurality of income payments. In some
embodiments, a deferred annuity could be elected with one or more
units 130.
[0030] Withdrawal benefit 204 may broadly represent an income
source that may be discretionarily withdrawn by beneficiary 116. In
certain embodiments, these discretionary withdrawals may be limited
to a specified amount and/or to a specified period of time. For
example, in certain embodiments, the specified period of time may
be related to the life of account holder 114. In certain
embodiments, withdrawal benefit 204 may be tied to and/or behave
similar to a deferred annuity.
[0031] Short-term disability benefit 206 may broadly represent
income protection against a disability, the term of which may be
relatively limited in duration. In certain embodiments, the
disability may be due to an accident, sickness, etc. In certain
embodiments, payments made pursuant to short-term disability
benefit 206 may be contingent upon account holder 114 being
admitted under the care of a medical care provider. In certain
embodiments, the maximum period of the coverage, the initial date
of eligibility, and the payment amount may vary depending on the
number of units 130 elected, the age of account holder 114, and/or
the previous income of account holder 114. The invention thus may
allow the exercise of certain units 130 (or fractions thereof) by
account holder 114 when he becomes disabled to elect short-term
disability benefit 200. If the account holder never becomes
disabled, then account holder 114 may use his units for other
benefits 200.
[0032] Long-term disability benefit 208 may broadly represent
income protection against an extended period of disability. In
certain embodiments, the disability may be due to an accident or
sickness. In certain embodiments, payments made pursuant to
long-term disability benefit 208 may be contingent upon account
holder 114 being admitted under the care of a medical care
provider. In certain embodiments, the maximum period of the
coverage, the initial date of eligibility, and/or the payment
amount may vary depending on the number of units 130 elected, the
age of account holder 114, and/or the previous income of account
holder 114. In certain embodiments, election of this benefit 200
may be made when needed in some embodiments similar to the election
discussed above for short-term disability benefit 206.
[0033] Long-term care benefit 210 may broadly represent protection
against expenses associated with care provided for an extended
duration (or may represent the provision of such long-term care).
For example, long-term care benefit 210 may provide financial
assistance (or in-kind assistance) to at least partially offset the
costs associated with medical or support services. In certain
embodiments, the need for such care may be due to disability or
age. For example, account holder 114 may require care as a result
of a loss of some or all capacity to function. In certain
embodiments, payments made to pursuant to long-term care benefit
210 may cover the costs of assisted living arrangements, home
health care, nursing home care, and/or psychiatric
institutionalization. For example, long-term care benefit 210 may
cover the costs of providing help with everyday activities such as
eating, bathing, and/or dressing. In certain embodiments, election
of this benefit 200 may be made when needed in some embodiments
similar to the election discussed above for short-term disability
benefit 206.
[0034] Prescription coverage benefit 212 may broadly represent
protection against expenses associated with the costs of medically
prescribed drugs or devices. In certain embodiments, prescription
coverage benefit 212 may be limited to expenses associated with
certain categories of prescribed drugs or devices. In some
embodiments, the benefit may provide drugs or devices to
beneficiary 116, rather than reimbursement or payment for the
same.
[0035] Medicare supplement benefit 214 may broadly represent
protection against healthcare expenses not covered by Medicare or
another government subsidized healthcare coverage. For example,
Medicare supplement benefit 214 may cover the costs associated with
Medicare co-payments and/or co-insurance, the costs arising after
Medicare coverage is exhausted, the costs associated with recovery
from an illness, injury, or surgery, and/or the costs associated
with healthcare expenses in a foreign country. In certain
embodiments, the scope, value, and duration of Medicare supplement
benefit 214 may vary.
[0036] Health insurance 216 may broadly represent protection
against a wide variety of health care costs. For example, in
certain embodiments, health insurance 216 may cover costs
associated with expenses resulting from injury or illness. In
certain embodiments, health insurance 216 may cover a wide variety
expenses associated with illness and injury, including but not
limited to hospitalization, surgery, physician's fees, medicines,
testing, imaging, radiation therapy, maternity and nursing care,
eyeglasses and/or contact lenses, crutches, and/or prosthesis. In
some embodiments, such benefits might be provided in-kind.
[0037] Life insurance 218 may broadly represent an agreement to
make a financial distribution to beneficiary 116 upon the death of
account holder 114. In certain embodiments, the financial
distribution may be in the form of one or more securities. In
certain embodiments, upon the death of account holder 114 financial
distributions pursuant to life insurance 218 may be a lump sum
payment or a periodic income stream. In certain embodiments,
multiple beneficiaries 116 may receive financial distributions
following the death of an individual account holder 114. In certain
embodiments, life insurance 218 may include a second to die
provision.
[0038] Property and casualty benefit 220 may broadly represent
protection against expenses associated with personal property loss
(or damage) and/or personal liability. For example, in certain
embodiments, property and casualty benefit 220 may represent
protection against expenses arising from damage to a home or
automobile.
[0039] In certain embodiments, each unit 130 includes a combination
of multiple benefits 200. For example, each unit 130 may allow for
account holder 114 to exercise units 130 and thereby utilize one or
more of the multiple benefits 200.
[0040] In certain embodiments, but not by way of limitation,
benefits contract 100 may provide that multiple benefits 200 are
associated with each unit 130, but that the number and combination
of benefits 200 associated with each unit 130 may change over time.
For example, in certain embodiments, a single unit 130 may be
associated with short-term disability benefit 206, prescription
coverage benefit 212, and life insurance 218 for the first interval
after the single unit 130 is purchased. Then, according to this
example, for the second interval the single unit 130 may be
associated with short-term disability benefit 206, long-term
disability benefit 208, prescription coverage benefit 212, and life
insurance 218. And then, according to this example, for the third
interval, the single unit 130 may be associated with lifetime
income benefit 202 and long-term care benefit 210. In certain
embodiments, the benefits 200 associated with certain units 130 may
differ from benefits 200 associated with other units 130. For
example, the differences may be tied to the purchase date (or the
age of account holder 114 at the time of purchase) for the units
130 and/or a class in which the units 130 are included.
[0041] In operation, benefits contract 100 may provide for customer
110 to purchase units 130, each associated with multiple benefits
200. Benefits contract may further provide that customer 110 may
later exercise one or more of the purchased units 130 and, in
exercising the one or more purchased units 130, may receive one of
the benefits 200 associated with each unit 130. In certain
embodiments, customer 110 may wait until the need arises (or is
anticipated) which necessitates the utilization of one or more
benefits 200 before exercising units 130 to utilize those benefits
200. For example, customer 110 may purchase one-hundred units 130
in year one and then, upon sustaining a disabling injury in year
ten, may exercise fifty units 130 to utilize those units as
long-term disability benefit 206. The remaining units of customer
110 may be saved to exercise in the future. In certain embodiments,
the exercise of one or more units 130 (and/or the utilization of
one or more benefits 200) by customer 110 may be subject to one or
more eligibility requirements.
[0042] In certain embodiments, if one or more purchased units 130
have not been exercised upon the death of account holder 114, the
unexercised units may be automatically exercised to utilize a
default benefit 200, the unexercised units may be transferred to
another account holder 114, the unexercised units 130 may lapse,
the unexercised units may be transferred to a charitable
institution, and/or some combination of these. For example, if
account holder 114 purchases one-hundred units in year one and then
account holder 114 dies in year twenty without exercising fifty
units 130, the remaining units 130 may be exercised to utilize
those units 130 as life insurance 218 by default.
[0043] In certain embodiments, benefits contract 100 may provide
that, for one or more benefits 200 associated with a unit 130,
there is a delay between the date that the unit 130 is exercised
and the date that the elected benefit 200 may be utilized. For
example, (but not by way of limitation) in certain embodiments, if
a unit 130 is exercised to utilize lifetime income benefit 202 on
Jan. 1, 2005, the income payments provided for under the provisions
of lifetime income benefit 202 may not begin until Jan. 1, 2007.
Such time delays after exercise may apply to other types of
benefits as well. The time delays may be different (or zero) for
different benefits.
[0044] In certain embodiments, customer 110 may purchase units 130
using pre-tax funds subject to applicable law. For example,
customer 110 may purchase units 130 (and/or benefits contract 100)
tax-free using proceeds from a retirement account, depending upon
applicable law. As another example, an employer may purchase units
130 for an employee such that the units are not considered a
taxable benefit depending upon applicable law. Alternatively, units
130 may be purchased using funds, all or a portion of which are
taxable or after tax. For example, a certain amount of units 130
may be purchased using pre-tax funds and the remaining units 130
may be purchased using after-tax funds. In certain embodiments,
units 130 purchased pursuant to benefits contract 100 may be
considered a tax deferred investment.
[0045] In certain embodiments, units 130 may be purchased up front,
in multiple installments, on a continuing periodic basis, at random
times, or any combination thereof. For example, (but not by way of
limitation) customer 110 may purchase one-hundred units 130 in year
one for one-hundred dollars, with additional one-hundred dollar
payments being required every year for ten years to maintain the
units 130. In certain embodiments, the cost associated with units
130 may vary over time. For example, the cost for one-hundred units
130 may increase or decrease over time based upon the age of
account holder 114, a change in one or more risk factors for
account holder 114 (such as health status), the length of time
since other units were purchased, and/or the performance of an
external index. In certain embodiments, benefits contract 100 may
provide that the way in which units 130 are funded may be converted
at the election of account holder 114 or upon the happening of an
event. For example, a variable periodic payment for units 130 may
be converted at the election of account holder 114 to a fixed
periodic payment or to a lump sum payment. In some embodiments,
various numbers of units 130 may be purchased with lump sums at
various points in time.
[0046] In certain embodiments, issuer 120 and/or benefits contract
100 may allow for a benefit 200, that is not included within
benefits contract 100, to be converted to a benefit 200 within
benefits contract 100. For example, issuer 120 may offer both
benefits contract 100, including long-term care benefit 210, and
may also offer a separate long-term care benefit. In this example,
issuer 120 may allow a customer 110 who has purchased the separate
long-term care benefit to convert the separate long-term care
benefit to a specified number of units 130 under benefits contract
100. Conversely, in certain embodiments, issuer 120 and/or benefits
contract 100 may allow for a benefit 200 that is included within
benefits contract 100 to be converted to a benefit 200 that is not
included within benefits contract 100 (or for units 130 to be so
converted). In some embodiments, some or all types of conversions
may be prohibited, either by contract or by law or regulation.
[0047] In certain embodiments, issuer 120 and/or benefits contract
100 may allow for one or more units 130 (or a value based on units
130) to be transferred from one benefits contract 100 to another
benefits contract 100 and/or another type of benefits agreement.
For example, if account holder 114 is an employee and funding party
112 is an employer, if account holder 114 changes jobs, units 130
may be transferred or "rolled over" to another benefits contract
100 associated with the new employer of account holder 114 (or with
the account holder 114 himself). As another example, in certain
embodiments, account holder 114 may transfer all or a portion of
units 130 (or a value based on units 130) to a benefits contract
100 associated with another issuer 120, or to another benefits
agreement entirely. In all cases, the ability to transfer may be
restricted by contract, law or regulation.
[0048] In certain embodiments, benefits contract 100 may allow for
one or more of certain benefits 200 to be added to or subtracted
from coverage under one or more units 130. For example, in certain
embodiments, customer 110 may choose (and/or purchase) additional
benefits 200 to be associated with all or a portion of purchased
units 130. As another example, in certain embodiments, customer 110
may choose to remove one or more benefits 200 from association with
those units 130. In these embodiments, choices to add or subtract
one or more of certain benefits 200 from coverage may or may not
correspond to a change in the price of units 130 and/or benefits
contract 100. Similarly, in these embodiments, choices to add or
subtract one or more of certain benefits 200 from coverage may or
may not correspond to a change in the utilizable value of one or
more benefits 200. In certain embodiments, choices to add or
subtract one or more of certain benefits 200 may be made at the
discretion of issuer 120.
[0049] In certain embodiments, the utilizable value of one or more
benefits 200 associated with a unit 130 may be fixed at the time
that the unit 130 is purchased. For example, in a particular
embodiment, customer 110 may purchase fifty units 130, each
associated with three benefits 200. In this particular embodiment,
for example, the benefits 200 include lifetime income benefit 202,
long-term care benefit 210, and life insurance 218. Upon the
purchase of units 130, the utilizable value of each benefit 200
associated with each unit 130 is fixed. Each unit 130 exercised as
lifetime income benefit 202 may provide, for example, financial
distributions of $100 per month until death. Each unit 130
exercised as long-term care benefit 210 may provide, for example,
long-term care reimbursements of up to $500 per month for a
specified period of months. Each unit 130 exercised as life
insurance 218 may, for example, distribute $1,000 in proceeds to
beneficiary 116 according to the terms of life insurance 218.
[0050] In certain embodiments, the utilizable value of one or more
benefits associated with a unit 130 may vary based upon a schedule
fixed at the time that the unit 130 is purchased. For example, the
utilizable value of a benefit 200 may vary based on the length of
time since the associated unit 130 was purchased. As another
example, the utilizable value of a benefit 200 may vary based upon
the age of account holder 114. As yet another example, the
utilizable value of a benefit 200 may vary based upon the number of
units 130 purchased or upon the number of units 130 exercised.
[0051] In certain embodiments, the utilizable value of one or more
benefits 200 associated with a unit 130 may vary over time based
upon an external index (or inflation) and/or upon the value of an
underlying asset. For example, the utilizable value of a benefit
200 may vary based upon the Consumer Price Index and/or upon a
health cost index. As another example, the utilizable value of a
benefit 200 may vary based upon the market performance, or market
value, of an underlying security or asset.
[0052] Thus, in certain embodiments, the ratios of utilizable value
between the benefits 200 associated with a unit 130 may remain the
same throughout the duration of benefits contract 100.
Alternatively, in certain embodiments, the ratios of utilizable
value between two or more benefits 200 associated with a unit 130
may change over time based on one or more of a plurality of
factors, such as the age of the account holder, change in an index,
and/or the time since the unit 130 was purchased. In some
embodiments, the utilizable value may change for some benefits and
be fixed for others.
[0053] In certain embodiments, the utilizable value of one or more
benefits 200 may be based upon a lump sum value, a periodic payment
over a fixed period of time, all or a portion of a certain category
of expenses over a fixed period of time, all or a portion of a
certain category of expenses over an indefinite period of time,
and/or any combination of these. In certain embodiments, the
utilizable value of one or more benefits 200 may be capped at a
maximum total payout, at a maximum periodic payout, or a
combination of these. In certain embodiments, the utilizable value
of one or more benefits 200 may be based upon the value (or change
in value) of one or more assets.
[0054] According to certain embodiments, benefits contract 100 (or
applicable laws or regulations) may allow customer 110 to purchase
units at different times and at different intervals. For example
benefits contract 100 (or applicable laws or regulations) may allow
customer 110 to purchase multiple units 130 simultaneously and/or
to purchase units 130 a certain number at a time over an extended
period of time. Certain embodiments of benefits contract 100 (or
applicable laws or regulations) may also provide flexibility by
allowing customer 110 to choose when to purchase units 130, how
many units 130 to purchase, when to exercise units 130, and which
benefits 200 associated with units 130 to elect. Certain
embodiments of benefits contract 100 (or applicable laws or
regulations) may simplify the decision making process for customer
110 in relation to purchasing multiple benefits 200 by allowing the
customer to purchase units 130 representing multiple benefits 200.
Certain embodiments of benefits contract 100 (or applicable laws or
regulations) may also allow customer 110 to purchase units 130 and
then wait to determine which benefits 200 associated with the
purchased units 130 to utilize until a later time, such as when a
need for a particular benefit 200 arises or is anticipated. Certain
embodiments may also reduce the costs that issuer 120 may incur in
providing multiple benefits 200 by limiting the time in which one
or more of multiple benefits 200 may be utilized.
[0055] In certain embodiments, benefits contract 100 may provide
that for one or more benefits 200 there may be an imposed delay
between the date that the associated units 130 are purchased and
the first date in which a particular benefit 200 may be elected.
For example, in certain embodiments, a unit 130 may be purchased
when account holder 114 is thirty years old and the unit 130 may be
associated with three benefits 200 including lifetime income
benefit 202, long-term disability benefit 208, and long-term care
benefit 210. In this particular example, and not by way of
limitation, the long-term disability benefit 208 and the long-term
care benefit 210 may be elected immediately, but the lifetime
income benefit 202 may not be elected until account holder 114
reaches a certain age, such as age sixty-five. Such delay before a
benefit 200 may be executed may be the same for all, some, or none
of the benefits 200 associated with a particular unit 130.
[0056] Similarly, in certain embodiments, benefits contract 100 may
provide that for one or more benefits 200 there may be an imposed
time limit after which date the one or more benefits 200 may not be
elected. For example, in certain embodiments, a unit 130 may be
purchased when account holder 114 is thirty years old and the unit
may be associated with multiple benefits including at least
long-term disability benefit 208 and long-term care benefit 210. In
this particular example, and not by way of limitation, the
long-term disability benefit 208 may be elected at any time
beginning on the date of purchase and ending on the date that
account holder 114 turns fifty-five years old. Such an imposed time
limit in which a benefit may be elected may be the same for all,
some, or none of the benefits 200 associated with a particular unit
130.
[0057] Issuer 120 may price benefits contract 100 and/or units 130
according to techniques the same as or similar to any of numerous
well known pricing techniques. As an example, issuer 120 may offer
benefits contract 100 at a price based upon the age and/or gender
of account holder 114, one or more health variables for account
holder 114, the number and type of benefits 200 covered by benefits
contract 100, the number of units 130 ordered, and/or any other
appropriate criteria. As another example, issuer 120 may price
benefits contract 100 and/or units 130 at twice the market price
for the most expensive of the benefits 200 covered. As yet another
example, issuer 120 may price benefits contract 100 and/or units
130 at a price equal to the sum of the market prices for each of
the benefits 200 covered. Any appropriate type of pricing could be
used subject to applicable law or regulation.
[0058] In certain embodiments, benefits contract 100 (and/or units
130) may be tied to (and/or associated with) one or more assets. In
these embodiments, the availability, cost, and/or value of benefits
contract 100 (and/or units 130) may be related to the size and/or
value of (or changes to the size and/or value of) the one or more
assets. In certain embodiments, changes to the size and/or value of
the one or more assets may be due to market changes for,
distributions from, and/or contributions to the one or more
assets.
[0059] FIG. 3 illustrates an example timeline 300 showing coverage
times for different benefits 200 according to a particular
embodiment. In certain embodiments, benefits 200 associated with a
unit 130 may have different coverage periods. For example, the
coverage periods for different benefits 200 may have different
start dates, different durations, and/or different end dates. In
certain embodiments, start dates, end dates, and/or durations may
be based upon the age of the account holder and/or the date that
the units 130 were purchased.
[0060] In the example embodiment shown in FIG. 3, unit 130 is
purchased when account holder 114 is thirty years old. Benefit 200a
has a potential coverage period that begins on the purchase date
for unit 130 and ends upon the death of account holder 114. Benefit
200b has a potential coverage period that begins five years after
the purchase date for unit 130 and ends upon the death of account
holder 114. Benefit 200c has a potential coverage period that
begins on the purchase date for unit 130 and ends thirty-five years
later when account holder is sixty-five years old. (In certain
embodiments, the start date and/or the end date of one or more
benefits 200 may be tied to the birthday of an account holder 114
or an anniversary of the purchase date of unit 130.) Benefit 200d
has a potential coverage period that begins thirty-five years after
unit 130 is purchased, when account holder 114 is sixty-five years
old, and ends upon the death of account holder 114.
[0061] As an example, in certain embodiments, short-term disability
benefit 206, long-term disability benefit 208, and life insurance
218 may be limited to election prior to a retirement age for
account holder 114. As another example, in certain embodiments,
lifetime income benefit 202 and withdrawal benefit 204 may be
limited to election after a retirement age for account holder
114.
[0062] FIG. 4 illustrates an example timeline showing the purchase
and exercise of units 130 according to a particular embodiment.
According to certain embodiments, units 130 may be purchased at
different times and may be exercised at different times to utilize
different benefits 200. According to certain embodiments, upon the
death of account holder 114 purchased and unexercised units 130 may
be exercised and utilized as a default benefit, such as life
insurance benefit 218.
[0063] In the example embodiment shown in FIG. 4, ten units 130 are
purchased when account holder 114 is thirty years old. An
additional twenty units 130 are purchased when account holder 114
is forty years old. When account holder 114 is sixty years old,
fifteen units 130 are exercised to utilize benefit 200e. When
account holder 114 is seventy years old, five units 130 are
exercised to utilize benefit 200f. Account holder 114 dies at the
age of eighty. Upon the death of account holder 114, the remaining
ten units 130 are exercised to utilize default benefit 200g.
[0064] FIGS. 5A and 5B illustrate an example data processing system
for administering and providing one or more benefits contracts 100
according to a particular embodiment. While in certain embodiments
benefits contract 100 is entered into without using a computer,
other embodiments may have a computerized option for entering into
an agreement. Data processing system 500 represents hardware and
controlling logic for administering and/or providing benefits
contract 100. In the embodiment shown, data processing system 500
may include processing module 502, memory 504, and interface 506.
As shown, data processing system 500 may be included as a system
controlled by administrator 550. Although data processing system
500 is shown as a single system, data processing system 500 may be
distributed across multiple platforms and housed in multiple
locations, some or all of which may or may not be controlled by
administrator 550.
[0065] Processing module 502 may control the operation and
administration of elements within data processing system 500 by
processing information received from interface 506 and memory 504.
Processing module 502 may include any hardware and/or controlling
logic elements operable to control and process information. For
example, processing module 502 may be a computer, a programmable
logic device, a microcontroller, and/or any other suitable device
or group of devices.
[0066] Memory 504 may store, either permanently or temporarily,
data and other information for processing by processing module 502
and communication using interface 506. Memory 504 may include any
one or a combination of volatile or nonvolatile local or remote
devices suitable for storing information. For example, memory 504
may include random access memory (RAM), read only memory (ROM),
magnetic storage devices, optical storage devices, or any other
suitable information storage device or combination of these
devices. Memory 504 may store, among other things, order data 520,
transaction data 522, and account data 530.
[0067] Interface 506 communicates information to and receives
information from devices or systems coupled to data processing
system 500. For example, interface 506 may communicate with other
elements controlled by administrator 550, network 540, and/or
elements coupled to network 540. Thus interface 506 may include any
hardware and/or controlling logic used to communicate information
to and from elements coupled to data processing system 500.
[0068] Network 540 represents communication equipment, including
hardware and any appropriate controlling logic, for interconnecting
elements coupled to network 540. Thus network 540 may represent a
local area network (LAN), a metropolitan area network (MAN), a wide
area network (WAN), and/or any other appropriate form of network.
Furthermore, elements within network 540 may utilize
circuit-switched, packet-based communication protocols and/or other
communication protocols to provide for network communications. The
elements within network 340 may be connected together via a
plurality of fiber-optic cables, coaxial cables, twisted-pair
lines, and/or other physical media for transferring communications
signals. The elements within network 340 may also be connected
together through wireless transmissions, including infrared
transmissions, 802.11 protocol transmissions, laser line-of-sight
transmissions, or any other appropriate wireless transmission
method.
[0069] Administrator 550 represents an entity or group of entities
that coordinate the administration of benefits contract 100. For
example, administrator 550 may be issuer 120, an agent for issuer
120, or another third-party entity that operates as an outsourcing
entity for the administration of benefits contract 100.
[0070] In operation, order data 520 and/or transaction data 522 may
be transmitted from purchaser 510 to data processing system 500
through network 540. Data processing system 500 may process order
data 520 and/or transaction data 522, generate account data 530,
and transmit account data 530 to purchaser 510 through network 540.
Purchaser 510 may represent one or more customers 110 or purchaser
510 may represent one or more agents or intermediaries acting on
behalf of one or more customers 110.
[0071] Order data 520 may include the name and age of account
holder 114, one or more tax identifiers, the resident state of
account holder 114, and a designation of beneficiary 116. In
certain embodiments, order data may also include a number of units
130 requested to be purchased, health history information, personal
financial information, and gender. Transaction data 522 may include
a number of units 130 to be exercised and the benefits 200 elected
to be utilized. Account data 330 may include an account number and
a document, or reference to a document, containing the provisions
of benefits contract 100. In certain embodiments, account data 530
may also include status information for benefits contract 100. For
example, account data 530 may include the number of purchased units
130, the coverage periods for each benefit 200, and/or the
potential coverage value for each benefit 200 based on the number
of purchased units 130.
[0072] According to an example embodiment, upon receipt of order
data 520, data processing system 500 may calculate any applicable
fees associated with the provisions of benefits contract 100 and/or
units 130. Data processing system may also determine an identifier,
such as an account number associated with benefits contract 100,
and identify benefits 200 associated with units 130. Data
processing system 500 may generate account data 530 and transmit
account data 530 to purchaser 510 through the use of network 540.
According to an example embodiment, upon receipt of transaction
data 522, data processing system 500 may update account data 530.
For example, data processing system 500 may update status
information associated with benefits contract 100, such as the
number of unexercised units 130, and/or the potential coverage
value for each benefit 200 based on the number of unexercised units
130.
[0073] In certain embodiments, purchaser 510 may initiate the
transmission of order data 520 and/or transaction data 522 through
the use of a web-based application. For example, purchaser 510 may
access one or more websites and may submit certain portions of
order data using those websites. Similarly, purchaser 510 may
utilize one or more electronic fund transfer (EFT) technologies to
purchase benefits contract 100. The use of Internet technologies to
purchase benefits contract 100 may involve the use of one or more
security provisions such as digital signatures, digital
certificates, passwords, and encryptions. In certain embodiments,
the collection of order data 520 and/or transaction data 522 may
occur through the use of an interactive process. For example, a
web-based application may present a series of questions to
purchaser 510, which purchaser 510 may respond to and, in
responding, submit the contents of order data 520.
[0074] FIG. 6 is an embodiment of a general purpose computer 600
that may be used in connection with one or more pieces of software
used to implement the invention. General purpose computer 600 may
generally be adapted to execute any of the well-known OS2, UNIX,
Mac-OS, Linux, and Windows Operating Systems or other operating
systems. The general purpose computer 600 in this embodiment
comprises a processor 602, a random access memory (RAM) 604, a read
only memory (ROM) 606, a mouse 608, a keyboard 610 and input/output
devices such as a printer 614, disk drives 612, a display 616 and a
communications link 618. In other embodiments, the general purpose
computer 600 may include more, less, or other component parts.
Embodiments of the present invention may include programs that may
be stored in the RAM 604, the ROM 606 or the disk drives 612 and
may be executed by the processor 602. The communications link 618
may be connected to a computer network or a variety of other
communicative platforms including, but not limited to, a public or
private data network; a local area network (LAN); a metropolitan
area network (MAN); a wide area network (WAN); a wireline or
wireless network; a local, regional, or global communication
network; an optical network; a satellite network; an enterprise
intranet; other suitable communication links; or any combination of
the preceding. Disk drives 612 may include a variety of types of
storage media such as, for example, floppy disk drives, hard disk
drives, CD ROM drives, DVD ROM drives, magnetic tape drives or
other suitable storage media.
[0075] Although FIG. 6 provides one embodiment of a computer that
may be used with the invention, the invention may additionally
utilize computers other than general purpose computers as well as
general purpose computers without conventional operating systems.
Additionally, embodiments of the invention may also employ multiple
general purpose computers 600 or other computers networked together
in a computer network. Most commonly, multiple general purpose
computers 600 or other computers may be networked through the
Internet and/or in a client server network. Embodiments of the
invention may also be used with a combination of separate computer
networks each linked together by a private or a public network.
[0076] Several embodiments of the invention may include logic
contained within a medium. In the embodiment of FIG. 6, the logic
comprises computer software executable on the general purpose
computer 600. The medium may include the RAM 604, the ROM 606 or
the disk drives 612. In other embodiments, the logic may be
contained within hardware configurations or a combination of
software and hardware configurations. The logic may also be
embedded within any other suitable medium without departing from
the scope of the invention.
[0077] Although the present invention has been described in several
embodiments, a plenitude of changes and modifications may be
suggested to one skilled in the art, and it is intended that the
present invention encompass such changes and modifications as fall
within the present appended claims.
[0078] To aid the Patent Office, and any readers of any patent
issued on this application in interpreting the claims appended
hereto, applicants wish to note that they do not intend any of the
appended claims to invoke 6 of 35 U.S.C. .sctn.112 as this
paragraph and section exists on the date of filing hereof unless
"means for" or "step for" are used in the particular claim.
* * * * *