METHOD AND SYSTEM FOR ADMINISTERING INDEX-LINKED ANNUITY
First Claim
1. A method for administering an annuity product, comprising the steps of:
- a. establishing an annuity account;
b. storing data relating to the annuity account, including data relating to an account owner, an account value, and at least one index;
c. determining an amount of an income payment;
d. paying the income payment to the account owner and subtracting the amount of the income payment from the account value;
e. adjusting the account value by a first process which includes adjusting the account value by a first index;
f. re-determining the amount of the income payment by a second process which includes adjusting the amount of the income payment by a second index;
g. periodically repeating steps d, e and f;
h. wherein said first and second processes are separate processes designed to cause the account value and a present value of the periodic income payments to diverge, such that the value of the periodic income payments becomes increasingly greater relative to the account value during a payout phase of the annuity account.
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Accused Products
Abstract
A method for administering an annuity product comprises the steps of establishing an annuity account, storing data relating to the account, determining an amount of an income payment and paying the income payment to the account owner. The amount of the income payment is subtracted from an account value. The amount of the account value is adjusted by a first process which includes adjusting the account value by a first index. The amount of the income payment is periodically redetermined by a second process which includes adjusting the amount of the income payment by a second index. The first and second processes are separate processes designed to cause the account value and a present value of the income payments to diverge, such that the value of the income payments becomes increasingly greater relative to the account value during a payout phase of the annuity account. One embodiment comprises a computer system for administering the annuity product in accordance with the subject method.
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Citations
20 Claims
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1. A method for administering an annuity product, comprising the steps of:
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a. establishing an annuity account; b. storing data relating to the annuity account, including data relating to an account owner, an account value, and at least one index; c. determining an amount of an income payment; d. paying the income payment to the account owner and subtracting the amount of the income payment from the account value; e. adjusting the account value by a first process which includes adjusting the account value by a first index; f. re-determining the amount of the income payment by a second process which includes adjusting the amount of the income payment by a second index; g. periodically repeating steps d, e and f; h. wherein said first and second processes are separate processes designed to cause the account value and a present value of the periodic income payments to diverge, such that the value of the periodic income payments becomes increasingly greater relative to the account value during a payout phase of the annuity account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A data processing system for administering an annuity product, comprising:
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a. a memory for storing data relating to an annuity account, including data relating to an account owner, an account value, and at least one index; b. means for determining an amount of an income payment; c. means for paying the income payment to the account owner and subtracting the amount of the income payment from the account value; d. means for adjusting the account value by a first process which includes adjusting the account value by a first index; and f. means for re-determining the amount of the income payment by a second process which includes adjusting the amount of the income payment by the second index; wherein said first and second processes are separate processes designed to cause the account value and a present value of the periodic income payments to diverge, such that the value of the periodic income payments becomes increasingly greater relative to the account value during a payout phase of the annuity account. - View Dependent Claims (20)
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Specification