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Golden Rule Patents LTC Formula

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NU Online News Service, July 15, 2003, 12:38 p.m. EDT – Golden Rule Insurance Company, Indianapolis, has received U.S. Patent Number 6,584,446 for a mathematical formula that the company used to develop a joint-life “asset care” program.

An asset-care program uses a single-premium life insurance policy or some other life or annuity product to fund long term care needs.

When a married couple or other couple buys a joint-life asset-care program, the death benefits paid when the first insured dies can be used to pay for long term care for the second insured.

The newly patented joint-life formula helps Golden Rule calculate the expected value for an asset-care policy when there are two insureds. Golden Rule can use the formula to project the long term care claims for either insured and the last-to-die death benefits of the surviving insured, the company says.