| Sonstiges: |
- Nachgewiesen in: USPTO Patent Grants
- Sprachen: English
- Patent Number: 7,533,045
- Publication Date: May 12, 2009
- Appl. No: 10/640124
- Application Filed: August 13, 2003
- Assignees: JJS IP Holdings LLC (New York, NY, US)
- Claim: 1. A method implemented by a programmed computer system comprising the steps of: a) acquiring a plurality of life settlement contracts, wherein each life settlement contract has associated therewith at least one underlying insurance policy, and each underlying insurance policy has associated therewith at least one death benefit asset and at least one premium payment obligation; b) stripping the death benefit asset from each underlying life insurance policy; c) stripping the premium payment obligation from each underlying life insurance policy; d) providing at least a first new security comprising the stripped death benefit asset and excluding the stripped premium payment obligation; e) calculating on the computer system a value of the stripped death benefit assets; and f) recording on the computer system information relating to the calculated value of the stripped death benefit assets so as to compile tax and accounting information.
- Claim: 2. The method of claim 1 , wherein the acquired life insurance settlement contracts are transferred or assigned into at least one of a special purpose corporation, limited partnership, limited liability company, or other legal entity.
- Claim: 3. The method of claim 1 , further comprising providing at least a second new security comprising the stripped premium payment obligation and excluding the stripped death benefit asset.
- Claim: 4. The method of claim 1 , further comprising calculating on the computer system a value of the stripped premium payment obligations.
- Claim: 5. The method of claim 4 , further comprising recording on the computer system information relating to the calculated value of the stripped premium payment obligations so as to compile tax and accounting information.
- Claim: 6. A method implemented by a programmed computer system comprising the steps of: a) transferring or assigning a plurality of life settlement contracts into a first vehicle, wherein each life settlement contract has associated therewith at least one underlying insurance policy, and each underlying insurance policy has associated therewith at least one death benefit asset and at least one premium payment obligation; b) stripping the death benefit asset from each underlying life insurance policy and transferring or assigning the stripped death benefit asset to a second vehicle; c) stripping the premium payment obligation from each underlying life insurance policy and transferring or assigning the stripped premium payment obligation to a third vehicle; d) providing at least a first new security comprising the stripped death benefit asset and excluding the stripped premium payment obligation; e) calculating on the computer system a value of the stripped death benefit assets; and f) recording on the computer system information relating to the calculated value of the stripped death benefit assets so as to compile tax and accounting information.
- Claim: 7. The method of claim 6 , wherein the second vehicle is a bankruptcy remote vehicle.
- Claim: 8. The method of claim 7 , wherein the second vehicle is a special purpose corporation, limited partnership, limited liability company, or other legal entity.
- Claim: 9. The method of claim 6 , wherein the third vehicle is a bankruptcy remote vehicle.
- Claim: 10. The method of claim 9 , wherein the third vehicle is a special purpose corporation, limited partnership, limited liability company, or other legal entity.
- Claim: 11. The method of claim 6 , further comprising providing at least a second new security comprising the stripped premium payment obligation and excluding the stripped death benefit asset.
- Claim: 12. The method of claim 6 , wherein each of the first vehicle, the second vehicle and the third vehicle are distinct from one another.
- Claim: 13. The method of claim 6 , further comprising calculating on the computer system a value of the stripped premium payment obligations.
- Claim: 14. The method of claim 13 , further comprising recording on the computer system information relating to the calculated value of the stripped premium payment obligations so as to compile tax and accounting information.
- Current U.S. Class: 705/35
- Patent References Cited: 5429506 July 1995 Brophy et al. ; 5550734 August 1996 Tarter et al. ; 5974390 October 1999 Ross ; 6088685 July 2000 Kiron et al. ; 6192347 February 2001 Graff ; 6321212 November 2001 Lange ; 6330541 December 2001 Meyer et al. ; 6336103 January 2002 Baker ; 6654727 November 2003 Tilton ; 2001/0047325 November 2001 Livingston ; 2002/0046144 April 2002 Graff ; 2002/0091610 July 2002 Smith ; 2002/0103667 August 2002 Jannah et al. ; 2003/0083975 May 2003 O'Grady et al. ; 2003/0088444 May 2003 Garbin et al. ; 2004/0064391 April 2004 Lange ; 2004/0177021 September 2004 Carlson et al. ; 2004/0181475 September 2004 Haroon ; 2004/0199446 October 2004 Lange ; 2004/0267647 December 2004 Brisbois ; 2005/0071205 March 2005 Terlizzi et al. ; 2005/0086156 April 2005 Conroy et al.
- Other References: Bergman, Sten, “CDO Evaluator and Portfolio Benchmarks,” The Securitization Conduit, vol. 5, Nos. 1-4, 2002, pp. 38-51. cited by examiner ; Cummins, J. David “Securitization Opportunities for Life Insurers,” TIAA-CREF Conference on Fair Value Accounting, May 16, 2003. cited by examiner ; Salmon, Felix, “Asset-backed gets up steam,” Euromoney, Nov. 1996, Issue 331, pp. 12-14. cited by examiner ; No author, “Legislation,” Harvard Law Review, Jan. 1937, vol. 50, Issue 3, pp. 511-520. cited by examiner ; Neil Doherty, Hal Singer, “The Benefits of a Secondary Market for Life Insurance Policies,” Oct. 14, 2002, University of Pennsylvania. cited by examiner ; International Search Report., Oct. 3, 2005. cited by other
- Assistant Examiner: Fertig, Brian
- Primary Examiner: Cheung, Mary
- Attorney, Agent or Firm: Greenberg Traurig, LLP
|
