Financial Instrument Utilizing a Customer Specific Date

• US 20080071679A1
• Filed: 09/14/2006
• Published: 03/20/2008
• Est. Priority Date: 09/14/2006
• Status: Active Grant

• Current Assignee: Empower Annuity Insurance Company of America
• Original Assignee: Prudential Insurance Company of America (Prudential Financial Incorporated)
• Inventors: Foley, Mark J.
• Granted Patent: US 7,860,791 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

According to one embodiment of the invention, a financial instrument issued to a customer includes an account and a guarantee of a protected value. The account has an account balance that changes over time, wherein at least part of the account balance is based on an initial deposit into the account. The protected value is fixed at the time of a particular event at a value at least equal to the greatest of the initial deposit, the account balance at the time of the particular event, and the highest value of the account balance on at least one anniversary of a customer specific date between the date of the initial deposit and the time of the particular event. The customer specific date is specific to the customer, determined no later than the time the financial instrument is issued, and independent of any transaction specific date related to the financial instrument.

Claims

1. A financial instrument management system, comprising:

software stored on a computer-readable medium and operable to calculate a fee for a financial instrument, the financial instrument issued to a customer and comprising;

an account with an account balance that changes over time, wherein at least part of the account balance is based on an initial deposit into the account; and

a guarantee of a protected value, the protected value being fixed at the time of a particular event at a value at least equal to the greatest of the initial deposit, the account balance at the time of the particular event, and the highest value of the account balance on at least one anniversary of a customer specific date between the date of the initial deposit and the time of the particular event;

wherein the customer specific date is specific to the customer, determined no later than the time the financial instrument is issued to the customer, and independent of any transaction specific date related to the financial instrument, including the date of the initial deposit.

2. The system of claim 1, further comprising a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the amount comprises a percentage of the protected value, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary.

3. The system of claim 1, wherein after the protected value is fixed the protected value may vary based upon withdrawals from the account in excess of a particular limit.

4. The system of claim 1, wherein the particular event is a first withdrawal from the account.

5. The system of claim 1, wherein the particular event is ten years from the date of the initial deposit.

6. The system of claim 1, wherein the particular event is an election by the customer.

7. The system of claim 1, wherein the at least one anniversary of a customer specific date is each anniversary of the customer specific date between the date of the initial deposit and the time of the particular event.

8. The system of claim 1, wherein the at least one anniversary of a customer specific date is each of the first ten anniversaries of the customer specific date between the date of the initial deposit and the time of the particular event.

9. The system of claim 1, wherein the customer specific date is a birthday of the customer.

10. The system of claim 1, wherein the customer specific date is a wedding day of the customer.

11. The system of claim 1, wherein the customer specific date is a day specified by the customer.

12. A financial instrument issued to a customer, comprising:

an account with an account balance that changes over time, wherein at least part of the account balance is based on an initial deposit into the account; and

a guarantee of a protected value, the protected value being fixed at the time of a particular event at a value at least equal to the greatest of the initial deposit, the account balance at the time of the particular event, and the highest value of the account balance on at least one anniversary of a customer specific date between the date of the initial deposit and the time of the particular event;

wherein the customer specific date is specific to the customer, determined no later than the time the financial instrument is issued to the customer, and independent of any transaction specific date related to the financial instrument, including the date of the initial deposit.

13. The financial instrument of claim 12, further comprising a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the amount comprises a percentage of the protected value, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary.

14. The financial instrument of claim 12, wherein after the protected value is fixed the protected value may vary based upon withdrawals from the account in excess of a particular limit.

15. The financial instrument of claim 12, wherein the particular event is a first withdrawal from the account.

16. The financial instrument of claim 12, wherein the particular event is ten years from the date of the initial deposit.

17. The financial instrument of claim 12, wherein the particular event is an election by the customer.

18. The financial instrument of claim 12, wherein the at least one anniversary of a customer specific date is each anniversary of the customer specific date between the date of the initial deposit and the time of the particular event.

19. The financial instrument of claim 12, wherein the at least one anniversary of a customer specific date is each of the first ten anniversaries of the customer specific date between the date of the initial deposit and the time of the particular event.

20. The financial instrument of claim 12, wherein the customer specific date is a birthday of the customer.

21. The financial instrument of claim 12, wherein the customer specific date is a wedding day of the customer.

22. The financial instrument of claim 12, wherein the customer specific date is a day specified by the customer.

23. A financial instrument management system, comprising:

software stored on a computer-readable medium and operable to calculate a fee for a financial instrument, the financial instrument issued to a customer and comprising;

an account with an account balance that changes over time, wherein at least part of the account balance is based on an initial deposit into the account;

a first guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the amount comprises a percentage of a protected value fixed at the time of a particular event, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary; and

a second guarantee that, in a period of time after the time of the particular event, if the account balance is greater than the protected value on at least one anniversary of a customer specific date, the protected value may be increased to a value at least equal to the value of the account balance on the at least one anniversary of the customer specific date;

wherein the customer specific date is specific to the customer, determined no later than the time the financial instrument is issued to the customer, and independent of any transaction specific date related to the financial instrument, including the date of the initial deposit.

24. The system of claim 23, wherein after the protected value is fixed the protected value may vary based upon withdrawals from the account in excess of a particular limit.

25. The system of claim 23, wherein the particular event is a first withdrawal from the account.

26. The system of claim 23, wherein the particular event is ten years from the date of the initial deposit.

27. The system of claim 23, wherein the particular event is an election by the customer.

28. The system of claim 23, wherein the at least one anniversary of a customer specific date is each anniversary of the customer specific date between the date of the particular event and the date of the death of the designated party.

29. The system of claim 23, wherein the at least one anniversary of a customer specific date is each of the first ten anniversaries of the customer specific date after the date of the particular event.

30. The system of claim 23, wherein the increase to the protected value is performed automatically.

31. The system of claim 23, wherein the increase to the protected value is in response to an election by the customer.

32. The system of claim 23, wherein the customer specific date is a birthday of the customer.

33. The system of claim 23, wherein the customer specific date is a wedding day of the customer.

34. The system of claim 23, wherein the customer specific date is a day specified by the customer.

35. A financial instrument issued to a customer, comprising:

an account with an account balance that changes over time, wherein at least part of the account balance is based on an initial deposit into the account;

a first guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the amount comprises a percentage of a protected value fixed at the time of a particular event, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary; and

a second guarantee that, in a period of time after the time of the particular event, if the account balance is greater than the protected value on at least one anniversary of a customer specific date, the protected value may be increased to a value at least equal to the value of the account balance on the at least one anniversary of the customer specific date;

wherein the customer specific date is specific to the customer, determined no later than the time the financial instrument is issued to the customer, and independent of any transaction specific date related to the financial instrument, including the date of the initial deposit.

36. The financial instrument of claim 35, wherein after the protected value is fixed the protected value may vary based upon withdrawals from the account in excess of a particular limit.

37. The financial instrument of claim 35, wherein the particular event is a first withdrawal from the account.

38. The financial instrument of claim 35, wherein the particular event is ten years from the date of the initial deposit.

39. The financial instrument of claim 35, wherein the particular event is an election by the customer.

40. The financial instrument of claim 35, wherein the at least one anniversary of a customer specific date is each anniversary of the customer specific date between the date of the particular event and the date of the death of the designated party.

41. The financial instrument of claim 35, wherein the at least one anniversary of a customer specific date is each of the first ten anniversaries of the customer specific date after the date of the particular event.

42. The financial instrument of claim 35, wherein the increase to the protected value is performed automatically.

43. The financial instrument of claim 35, wherein the increase to the protected value is in response to an election by the customer.

44. The financial instrument of claim 35, wherein the customer specific date is a birthday of the customer.

45. The financial instrument of claim 35, wherein the customer specific date is a wedding day of the customer.

46. The financial instrument of claim 35, wherein the customer specific date is a day specified by the customer.