20240046362. SYSTEM AND METHOD FOR CONFIGURING AN INSURANCE POLICY WITH DIGITAL ASSETS simplified abstract (Unknown Organization)

From WikiPatents
Jump to navigation Jump to search

SYSTEM AND METHOD FOR CONFIGURING AN INSURANCE POLICY WITH DIGITAL ASSETS

Organization Name

Unknown Organization

Inventor(s)

James Eason of Raliegh NC (US)

Michael Casey of Alexandria VA (US)

Kenneth Leibow of Raliegh NC (US)

SYSTEM AND METHOD FOR CONFIGURING AN INSURANCE POLICY WITH DIGITAL ASSETS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046362 titled 'SYSTEM AND METHOD FOR CONFIGURING AN INSURANCE POLICY WITH DIGITAL ASSETS

Simplified Explanation

The patent application describes a computer-implemented method for converting currency into digital assets. Here is a simplified explanation of the abstract:

  • The method involves obtaining authorization to receive a payout in a fiat coin or currency on behalf of at least one beneficiary of an insurance policy.
  • The payout is received and then converted into a predetermined amount of one or more digital assets, which can include cryptocurrency or non-fungible tokens (NFTs).
  • The at least one beneficiary is provided with one or more payments of a second predetermined amount.

Potential applications of this technology:

  • Insurance companies can use this method to provide beneficiaries with the option to receive their payouts in digital assets, such as cryptocurrency or NFTs.
  • Individuals can choose to convert their insurance payouts into digital assets, which may offer different investment opportunities or benefits.

Problems solved by this technology:

  • This method provides a convenient and efficient way to convert traditional currency into digital assets.
  • It offers beneficiaries the flexibility to receive their payouts in a form that suits their preferences or investment strategies.

Benefits of this technology:

  • The method allows for the seamless conversion of currency into digital assets, eliminating the need for manual conversion processes.
  • It provides beneficiaries with the opportunity to explore the potential benefits and advantages of digital assets.
  • The use of digital assets can offer increased security, transparency, and accessibility compared to traditional currency.


Original Abstract Submitted

a computer-implemented method of currency conversion into digital assets includes obtaining authorization to receive a payout in a fiat coin or currency of a first predetermined amount on behalf of at least one beneficiary of an insurance policy. the payout is received and is converted into a first predetermined amount of one or more digital assets that may include cryptocurrency or non-fungible tokens (nft). the at least one beneficiary is provided with one or more payments of a second predetermined amount.

Retrieved from "http://wikipatents.org/index.php?title=20240046362._SYSTEM_AND_METHOD_FOR_CONFIGURING_AN_INSURANCE_POLICY_WITH_DIGITAL_ASSETS_simplified_abstract_(Unknown_Organization)&oldid=32756"