System and method for processing data related to life insurance policies issued prior to underwriting

1. A computer system for administering applications for life insurance, comprising:

a processor; and

a memory storage device in communication with the processor;

the processor configured to:

receive data indicative of an application from a proposed insured for life insurance;

based on the received data indicative of the application, determine whether the proposed insured is uninsurable;

responsive to a determination that the proposed insured is not uninsurable, generate output data indicative of a decision to respond to the application by issuing a policy having a premium, the policy being associated with a mandatory comprehensive underwriting process;

receive data indicative of a result of the mandatory comprehensive underwriting process;

based on the result of the mandatory comprehensive underwriting process, determine a rating of the proposed insured; and

based on the determined rating, provide output data indicative of whether or not the premium for the policy has been changed.

2. The system of claim 1 , wherein the processor is further configured to determine a rating of the proposed insured, responsive to the proposed insured being determined to be uninsurable as a result of the mandatory comprehensive underwriting, by assigning a highest insurable rating to the proposed insured.

3. The system of claim 1 , wherein the processor is further configured to receive, with the data indicative of the application, data indicative of a rating category for the proposed insured, and wherein the data indicative of a decision to respond to the application by issuing a policy includes data indicative of the premium based on the received rating category.

4. The system of claim 1 , wherein the processor is further configured to, responsive to a determination based on the received data indicative of the application, that the proposed insured is uninsurable, generate an output signal having data indicative of a decision to respond to the application by declining to provide insurance.

5. The system of claim 1 , wherein the processor is further configured to, responsive to a determination that the proposed insured is not uninsurable, provide an output signal having data indicative of a commission to be paid to a broker in connection with issue of the policy.

6. The system of claim 1 , wherein the determination of whether the proposed insured is uninsurable is made not later than two business days after receipt of the data indicative of the application.

7. The system of claim 1 , wherein the determination of whether the proposed insured is uninsurable is made by the processor based solely on the received data indicative of an application.

8. The system of claim 1 , further comprising a printing and mailing system configured to, responsive to receipt of the output data indicative of a decision to respond to the application by issuing a policy, printing the policy and mailing the policy to the proposed insured.

9. A computer-implemented method for administering evaluation and issue of life insurance policies, comprising:

receiving by a processor, and storing by the processor in a memory device in communication with the processor, data indicative of an application for life insurance from a proposed insured;

based on the received data indicative of an application for life insurance from a proposed insured, determining by the processor whether the proposed insured is uninsurable;

responsive to a determination that the proposed insured is not uninsurable, generating by the processor output data indicative of a decision to respond to the application by issuing a policy having a premium, the policy being associated with a mandatory comprehensive underwriting process;

receiving by the processor data indicative of a result of the mandatory comprehensive underwriting process;

based on the result of the mandatory comprehensive underwriting process, determining by the processor a rating of the proposed insured; and

based on the determined rating, providing by the processor output data indicative of whether or not the premium for the policy has been changed.

10. The method of claim 9 , further comprising, determining by the processor a rating of the proposed insured, responsive to the proposed insured being determined to be uninsurable as a result of the mandatory comprehensive underwriting, by assigning a highest insurable rating to the proposed insured.

11. The method of claim 9 , further comprising receiving by the processor, with the data indicative of the application for life insurance, data indicative of a rating category for the proposed insured, and wherein the data indicative of a decision to respond to the application by issuing a policy includes data indicative of the premium based on the received rating category data.

12. The method of claim 9 , further comprising, responsive to determining based on the received data indicative of the application for life insurance, that the proposed insured is uninsurable, generating by the processor output data indicative of a decision to respond to the application by declining to provide insurance.

13. The method of claim 9 , further comprising, responsive to determining that the proposed insured is not uninsurable, providing by the processor output data indicative of a commission to be paid to a broker in connection with issue of the policy.

14. The method of claim 13 , wherein the output data indicative of a commission is provided not later than two business days after receipt of the data indicative of the application for life insurance.

15. The method of claim 9 , wherein the step of determining whether the proposed insured is uninsurable comprises determining, based solely on the received data indicative of an application for life insurance, whether the proposed insured is uninsurable.

16. The method of claim 9 , further comprising receiving by a printing and mailing system the output data indicative of a decision to respond to the application by issuing a policy, and responsive thereto, printing the policy by the printing and mailing system and mailing the policy to the proposed insured by the printing and mailing system.

17. A non-transitory computer-readable storage medium having a plurality of instructions thereon which, when executed by a processor, cause the processor to:

receive data indicative of an application for life insurance by a proposed insured;

based on the received data indicative of an application for life insurance, determine whether the proposed insured is uninsurable;

responsive to a determination that the proposed insured is not uninsurable, generate output data indicative of a decision to respond to the data indicative of an application for life insurance by issuing a life insurance policy having a premium, the life insurance policy being associated with a mandatory comprehensive underwriting process;

receive data indicative of a result of the mandatory comprehensive underwriting process;

based on the result of the mandatory comprehensive underwriting process, determine a rating of the proposed insured; and

based on the determined rating, provide output data indicative of whether or not the premium for the life insurance policy has been changed.

18. The non-transitory computer-readable storage medium of claim 17 wherein the instructions further cause the processor to determine a rating of the proposed insured, responsive to the proposed insured being determined to be uninsurable as a result of the mandatory comprehensive underwriting, by assigning a highest insurable rating to the proposed insured.

19. The non-transitory computer-readable storage medium of claim 17 wherein the instructions further cause the processor to, responsive to a determination that the proposed insured is not uninsurable, provide output data indicative of a commission to be paid to a broker in connection with issue of the life insurance policy.

20. The non-transitory computer-readable storage medium of claim 17 , wherein the life insurance policy is a whole life insurance policy.