System and method for application processing and policy administration for insurance policies issued before comprehensive underwriting

1. A computer system for generating life insurance policy documents, comprising:

a data storage device configured to:

store first life insurance policy document templates and associated first flags indicative of first documents for generation upon issuing of a life insurance policy issued prior to completion of comprehensive underwriting; and

store second life insurance policy document templates and associated second flags indicative of second documents for generation upon completion of comprehensive underwriting of the life insurance policy; and

a processor in communication with the storage device and configured to:

responsive to receipt of data indicative of issuing of a life insurance policy issued prior to completion of comprehensive underwriting:

access from the storage device one or more of the first templates having the associated first flags;

generate first documents using the accessed first templates and the received data indicative of issuing of the life insurance policy; and

provide an output signal indicative of the generated first documents; and

responsive to receipt of data indicative of completion of comprehensive underwriting of the life insurance policy:

access from the storage device one or more of the second templates having the associated second flags;

generate second documents using the accessed second templates and the received data indicative of completion of comprehensive underwriting; and

provide an output signal indicative of the generated second documents.

2. The computer system of claim 1 , further comprising a printing system for receiving the output signals from the processor and printing the generated first and second documents.

3. The computer system of claim 1 , wherein the processor is further configured to generate digital image files of the first and second documents, and the system further comprises a hardware server configured to render the first and second documents accessible over a network to the proposed insured.

4. The computer system of claim 1 , wherein the processor is further configured to, responsive to user input, provide an output signal to the storage device for changing a flag associated with a first or second template.

5. The computer system of claim 1 , further comprising a user display device in communication with the processor, wherein the processor is configured to provide signals to the display device to display identifications of the first and second templates and associated first and second flags.

6. The computer system of claim 1 , wherein the first documents comprise documents associated with first selected riders, and the second documents comprise documents associated with second selected riders.

7. The computer system of claim 6 , wherein the riders comprise at least one of an accelerated benefit rider, an owner designated settlement options rider, a facility care rider, a waiver of deductions rider, a cost of living adjustment rider, an accidental disability rider, a term insurance rider, a child rider and a foreign travel exclusion rider.

8. A computer-implemented method for generating life insurance policy documents, comprising:

receiving by a processor data indicative of issuing of a life insurance policy issued prior to completion of comprehensive underwriting;

responsive to the receipt of the data indicative of issuing of the life insurance policy issued prior to completion of comprehensive underwriting, accessing by the processor from a data storage device in communication with the processor first life insurance policy document templates having associated first flags indicative of first documents for generation upon issuing of the life insurance policy issued prior to completion of comprehensive underwriting;

generating by the processor first documents using the accessed first templates and the received data indicative of issuing of the life insurance policy;

providing by the processor an output signal indicative of the generated first documents;

receiving by the processor data indicative of completion of comprehensive underwriting of the life insurance policy;

responsive to the receipt of the data indicative of completion of comprehensive underwriting of the life insurance policy, accessing by the processor from the data storage device second templates having second flags associated therewith; and

generating second documents using the accessed second templates and the received data indicative of completion of comprehensive underwriting.

9. The computer-implemented method of claim 8 , further comprising receiving the output signals by a printing system and printing the generated first and second documents by the printing system.

10. The computer-implemented method of claim 8 , further comprising generating by the processor digital image files of the first and second documents, and rendering the first and second documents accessible over a network by a hardware server to the proposed insured.

11. The computer-implemented method of claim 8 , further comprising, responsive to user input, providing an output signal to the storage device for changing a flag associated with one of the first or second templates.

12. The computer-implemented method of claim 8 , further comprising providing signals to a user-accessible display device to display identifications of the first and second templates and associated first and second flags.

13. The computer-implemented method of claim 8 , wherein the first documents comprise documents associated with first selected riders, and the second documents comprise documents associated with second selected riders.

14. The computer-implemented method of claim 13 , wherein the riders comprise at least one of an overloan protection rider, a policy protection rider, and a policy continuation rider.

15. A system for life insurance administration comprising:

at least one policy administration device having a processor and a communications interface, the policy administration device configured to receive data indicative of an application for life insurance and an initial premium payment via the communications interface from a proposed insured for life insurance, the received data being transmitted from at least one handheld communications device operated by the proposed insured;

the policy administration device further configured to determine via the processor whether the proposed insured is eligible, and responsive to a determination that the proposed insured is eligible, provide an output signal to a policy generation computer system for generation of first policy documents for transmission to the handheld communications device; the policy administration device further configured to enable a comprehensive underwriting process and process via the processor a rating of the proposed insured; and

based on the determined rating, provide an output signal via the communications interface to the policy generation computer system for generation of second policy documents to the handheld communications device operated by the proposed insured.

16. The system of claim 15 , wherein the first policy documents include policy documents relating to first riders and the second policy documents include policy documents relating to second riders.

17. The system of claim 16 , wherein the second policy documents include policy documents relating to premium rates.