Method and system for a facility care benefit in an annuity providing lifetime benefit payments
First Claim
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and lifetime benefit payments, said system comprising:
- a storage device;
a processor coupled to the storage device, the storage device storing modules utilized by the processor for determining a payment base value for the annuity contract, for determining a contract value for the annuity contract, for determining a death benefit amount, for calculating a lifetime benefit payment for the relevant life which decreases both the contract value and the death benefit amount, and for calculating an enhanced lifetime benefit payment.
1 Assignment
0 Petitions
Accused Products
Abstract
A method and system provide an annuity contract with a payment base value, a contract value, lifetime benefit payments, and a death benefit, as well as the option of enhanced lifetime benefit payments for a period of time. An insured qualifies for these enhanced lifetime benefit payments when the insured is confined to a nursing home and fails two of six predetermined activities of daily living. The insured retains the option of returning to a lower level of lifetime benefit payments when the enhanced lifetime benefit payments are no longer necessary. The death benefit is reduced by the enhanced lifetime benefit payment withdrawals but the lifetime benefit payment continues to be paid, even if the contract value declines to zero.
122 Citations
22 Claims
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1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and lifetime benefit payments, said system comprising:
a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor for determining a payment base value for the annuity contract, for determining a contract value for the annuity contract, for determining a death benefit amount, for calculating a lifetime benefit payment for the relevant life which decreases both the contract value and the death benefit amount, and for calculating an enhanced lifetime benefit payment. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and lifetime benefit payments, comprising:
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a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor, the modules comprising; i. a first module for receiving information from a relevant life in order to establish a deferred variable annuity contract; ii. a second module for determining a payment base value for the annuity contract; iii. a third module for determining a contract value for the annuity contract; iv. a fourth module for determining a death benefit amount; v. a fifth module for receiving lifetime benefit payment withdrawal requests from the relevant life; and vi. a sixth module for calculating a lifetime benefit payment for the relevant life which decreases both the contract value and the death benefit amount. - View Dependent Claims (12, 13)
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14. A computer implemented data processing method for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and lifetime benefit payments, said method comprising the steps of:
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a. determining a present payment base for said annuity contract; b. determining a contract value for said annuity contract that may change over time; c. determining a death benefit amount that may change over time; d. if requested by the relevant life, calculating a lifetime benefit payment for the relevant life which decreases both the contract value and the death benefit amount; e. if requested by the relevant life and if the relevant life is confined to a nursing home and fails two of six predetermined activities of daily living for a predetermined period, calculating an enhanced lifetime benefit payment; wherein the enhanced lifetime benefit payment is equal to a predetermined multiple times the lifetime benefit payment; and wherein the enhanced lifetime benefit payment reduces the death benefit by an amount equal to the enhanced lifetime benefit payment without reducing the payment base. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22)
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Specification