System and process for providing multiple income start dates for annuities

• US 20050187840A1
• Filed: 09/15/2004
• Published: 08/25/2005
• Est. Priority Date: 09/15/2003
• Status: Active Grant

• Current Assignee: Genworth Holdings, Inc. (Genworth Financial Incorporated)
• Original Assignee: Genworth Holdings, Inc. (Genworth Financial Incorporated)
• Inventors: Springer, Brian E., Snyder, Holly R., Prough, Joel A., Stiff, Geoffrey S.
• Granted Patent: US 8,412,545 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention provides a method for providing an annuity structure and a system for processing an annuity structure. The annuity structure may include a base portion segment, where the base portion segment is a functional annuity having a first annuity schedule; and a secondary portion segment, where the secondary portion segment is a functional annuity having a second annuity schedule. In the invention, the base portion segment and the secondary portion segment each operate as its own annuity. Also, the base portion segment and the secondary portion segment are each included in a single contract, i.e., under the umbrella of one contract.

Claims

1. An annuity structure comprising:

a base portion segment, where the base portion segment is a functional annuity having a first annuity schedule; and

a secondary portion segment, where the secondary portion segment is a functional annuity having a second annuity schedule;

where the base portion segment and the secondary portion segment each operate as its own annuity; and

the base portion segment and the secondary portion segment being each included in a single contract.

2. The annuity structure of claim 1, where the annuity structure comprises a plurality of secondary portion segments, where:

each of the plurality of secondary portion segment is a functional annuity having a separate annuity schedule; and

each of the plurality of secondary portion segments operates as its own annuity, each of the plurality of secondary portion segments being included in the contract.

3. The annuity structure of claim 1, where the annuity structure has a single annuity commencement date under the contract.

4. The annuity structure of claim 3, where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement date for the annuity structure.

5. The annuity structure of claim 1, where funds are transferred between the base portion segment and the secondary portion segment.

6. The annuity structure of claim 2, where funds are transferred between a first one of the plurality of base portion segments and a second one of the plurality of base portion segments.

7. An annuity structure comprising:

a base portion segment, where the base portion segment is a functional annuity having a first annuity schedule; and

a plurality of secondary portion segments, where each of the plurality of secondary portion segment is a functional annuity having a separate annuity schedule; and

where;

the base portion segment and each of the plurality of secondary portion segments operates as its own annuity;

the base portion segment and each of the plurality of secondary portion segments is included under a single contract having one annuity commencement date; and

each of the plurality of secondary portion segments have a portion exercise income date that is independent of the annuity commencement date for the annuity structure.

8. A process for issuing an annuity structure having a base portion segment and at least one secondary portion segment, the process comprising the steps of:

receiving a request for the annuity structure, where the request includes financial requirements for the annuity structure;

determining an annuity schedule for each of the base portion segment and at least one secondary portion segment;

creating the annuity structure based on the determined annuity schedules; and

issuing the annuity structure to an annuity holder; and

wherein the base portion segment and at least one secondary portion segment are all included under a single contract having one commencement date.

9. The process according to claim 8, further comprising the step of receiving an initial payment prior to the issuance of the annuity.

10. The process according to claim 8, further comprising the step of receiving a plurality of payments subsequent to the issuance of the annuity, where the payments are received based on the determined annuity schedules.

11. The process according to claim 8, further comprising the step of making a plurality of payments to the annuity holder subsequent to the issuance of the annuity, where the payments are made based on the determined annuity schedules.

12. The process according to claim 8, where the annuity structure has an annuity commencement date based on the annuity schedule for the base portion segment.

13. The process according to claim 12, where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement date for the annuity structure.

26. The process for issuing an annuity of claim 8, wherein:

the base portion segment has a first income start date; and

the secondary portion segment has a second income start date, the first income start date being different than the second income start date.

27. The process for issuing an annuity of claim 26, wherein:

the first income start date is before or after the annuity commencement date; and

the second income start date is before or after the annuity commencement date.

14. A system for issuing an annuity structure having a base portion segment and at least one secondary portion segment, the system comprising:

means for receiving a request for the annuity structure, where the request includes financial requirements for the annuity structure;

means for determining the annuity schedule for each of the base portion segment and at least one secondary portion segment;

means for creating the annuity structure based on the determined annuity schedules; and

means for issuing the annuity structure to an annuity holder; and

wherein the base portion segment and at least one secondary portion segment are all included in a single contract having one commencement date.

15. The system according to claim 14, further comprising means for receiving an initial payment prior to the issuance of the annuity.

16. The system according to claim 14, further comprising means for receiving a plurality of payments subsequent to the issuance of the annuity, where the payments are received based on the determined annuity schedules.

17. The system according to claim 14, further comprising means for making a plurality of payments to the annuity holder subsequent to the issuance of the annuity, where the payments are made based on the determined annuity schedules.

18. The system according to claim 14, where the annuity structure has an annuity commencement date based on the annuity schedule for the base portion segment.

19. The system according to claim 18, where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement date for the annuity structure.

20. A computer readable medium having code for causing a process to issue an annuity structure having a base portion segment and at least one secondary portion segment, the computer readable medium comprising:

code for receiving a request for the annuity structure, where the request includes financial requirements for the annuity structure;

code for determining the annuity schedule for each of the base portion segment and at least one secondary portion segment;

code for creating the annuity structure based on the determined annuity schedules; and

code for issuing the annuity structure to an annuity holder; and

wherein the base portion segment and at least one secondary portion segment are all included in a single contract having one commencement date.

21. The computer readable medium according to claim 20, further comprising code for receiving an initial payment prior to the issuance of the annuity.

22. The computer readable medium according to claim 20, further comprising code for receiving a plurality of payments subsequent to the issuance of the annuity, where the payments are received based on the determined annuity schedules.

23. The computer readable medium according to claim 20, further comprising code for making a plurality of payments to the annuity holder subsequent to the issuance of the annuity, where the payments are made based on the determined annuity schedules.

24. The computer readable medium according to claim 20, where the annuity structure has an annuity commencement date based on the annuity schedule for the base portion segment.

25. The computer readable medium according to claim 24, where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement date for the annuity structure.