SYSTEM AND METHOD FOR AN EMERGENCY RESERVE DURING A COVERED EVENT USING ACTUARIAL DATA

SYSTEM AND METHOD FOR AN EMERGENCY RESERVE DURING A COVERED EVENT USING ACTUARIAL DATA

A system and method for providing emergency conditional credit to a customer of a financial institution. The system includes a customer site (10) and a financial institution (30). The financial institution (30) determines actuarial data using past history of customers incurring specified events, the...

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Bibliographische Detailangaben
Hauptverfasser: KRAMER, ANDREW, MAULDIN, ROBERT M, MYRICK, THOMAS, BIERER, JEFFREY H
Format: Patent
Sprache:eng ; fre
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:A system and method for providing emergency conditional credit to a customer of a financial institution. The system includes a customer site (10) and a financial institution (30). The financial institution (30) determines actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events, determines a cost for offering an emergency reserve (ER) product using the actuarial data, determines a qualification standard for the ER product, and offers the ER product to a person at the customer site. An emergency reserve protection (ERP) feature that provides protection that cancels any ER balance on a monthly basis during a covered event may also be offered to customers. One or more vendor sites (20) may be used to handle some of the processing or managing of the ER and ERP product offerings.