SYSTEM AND METHOD FOR ADMINISTERING ANNUITIES
First Claim
1. A computer system for administering an annuity that includes an accumulation and a guaranteed income annuity, comprising:
- a processor;
a memory in communication with the processor;
the processor adapted to;
store in the memory an amount of an initial funding payment, an interest rate formula and a term for the accumulation annuity;
store in the memory at least a deferral period of the guaranteed income annuity;
if the current time is during the term, calculate an amount of interest earned on the accumulation annuity;
store in the memory a credit of the calculated interest amount to the guaranteed income annuity;
determine whether the time is after the accumulation period, and if the time is after the accumulation period, provide an output signal indicative of an instruction to provide a notice of expiration;
determine whether the current time is after the expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate an income annuity payment amount from the guaranteed income annuity; and
provide an output signal indicative of instructions for a payment to be made to the annuitant based on the income annuity payment amount, wherein the asset value of the accumulation annuity account is independent of the value of a security or index.
1 Assignment
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Accused Products
Abstract
A computer-implemented method for administering an annuity product includes storing by a processor in memory an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity, and storing terms including a deferral term for a guaranteed income annuity. If the processor determines that the current time is during the term, the processor calculates an amount of interest earned on the fixed rate annuity and storing in memory a credit of the calculated interest amount to a guaranteed income annuity. After the accumulation period, the processor provides an output signal indicative of instructions to provide a notice of expiration. After the deferral period, the processor calculates an income annuity payment amount from the guaranteed income annuity; and provides an output signal indicative of instructions for a payment to be made to an annuitant based on the income annuity payment amount.
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Citations
32 Claims
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1. A computer system for administering an annuity that includes an accumulation and a guaranteed income annuity, comprising:
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a processor; a memory in communication with the processor; the processor adapted to; store in the memory an amount of an initial funding payment, an interest rate formula and a term for the accumulation annuity; store in the memory at least a deferral period of the guaranteed income annuity; if the current time is during the term, calculate an amount of interest earned on the accumulation annuity; store in the memory a credit of the calculated interest amount to the guaranteed income annuity; determine whether the time is after the accumulation period, and if the time is after the accumulation period, provide an output signal indicative of an instruction to provide a notice of expiration; determine whether the current time is after the expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate an income annuity payment amount from the guaranteed income annuity; and provide an output signal indicative of instructions for a payment to be made to the annuitant based on the income annuity payment amount, wherein the asset value of the accumulation annuity account is independent of the value of a security or index. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer-implemented method for administering an annuity product, comprising the steps of:
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storing by a processor in a memory in communication with the processor an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity; storing by the processor in the memory at least a deferral period of a guaranteed income annuity; if the processor determines that the current time is during the term, calculating by the processor an amount of interest earned on the accumulation annuity, and storing by the processor the amount in the memory; storing by the processor in the memory a credit of the calculated interest amount to a guaranteed income annuity; if the processor determines that the current time is after the accumulation period, providing by the processor an output signal indicative of an instruction to provide a notice of expiration; if the processor determines that the current time is after the expiration of the deferral period, calculating by the processor an income annuity payment amount from the guaranteed income annuity; and providing by the processor an output signal indicative of instructions for a payment to be made to the annuitant based on the income annuity payment amount. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20)
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21. A computer-readable medium having a plurality of instructions thereon which, when executed by a processor, cause the processor to:
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store in memory an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity; store in memory at least a deferral period of a guaranteed income annuity; determine if the current time is during the term, and, if the current time is during the term, calculate an amount of interest earned on the accumulation annuity; store in memory a credit of the calculated interest amount to a guaranteed income annuity; determine if the current time is after the accumulation period and, if the current time is after the accumulation period, provide an output signal indicative of an instruction to provide a notice of expiration; determine if the current time is after the expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate an income annuity payment amount from the guaranteed income annuity; and provide an output signal indicative of instructions for a payment to be made to the annuitant based on the income annuity payment amount. - View Dependent Claims (22, 23)
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24. A computer system for administering an annuity, comprising:
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a processor; a memory in communication with the processor; the processor adapted to; store in a memory in communication with the processor an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity; store in the memory a deferral period and an initial funding payment of a guaranteed income annuity; determine if the current time is during the accumulation annuity term and, if the current time is during the term, calculate an amount of interest earned on the accumulation annuity; store in the memory a credit of the calculated interest amount at least to the accumulation annuity; determine if the current time is during the accumulation annuity term, and if the time is after the accumulation period, provide an output signal indicative of an instruction to provide a notice of expiration; determine if the current time is after the expiration of the deferral period, and, if the time is after the expiration of the deferral period, calculate an income annuity payment amount from the guaranteed income annuity and store the calculated income annuity payment amount in the memory; and provide an output signal indicative of instructions for a payment to be made to the annuitant based on the calculated income annuity payment amount. - View Dependent Claims (25, 26)
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27. A computer-implemented method for administering an annuity, comprising the steps of:
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storing by a processor in a memory in communication with the processor an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity; storing by the processor in the memory a deferral period and an initial funding payment of a guaranteed income annuity; determining by the processor if the current time is during the accumulation annuity term and, if the current time is during the term, calculating by the processor an amount of interest earned on the accumulation annuity; storing by the processor in the memory a credit of the calculated interest amount at least to the accumulation annuity; determining by the processor if the current time is during the accumulation annuity term, and if the time is after the accumulation annuity term, providing by the processor an output signal indicative of an instruction to provide a notice of expiration; determining by the processor if the current time is after the expiration of the deferral period, and, if the time is after the expiration of the deferral period, calculating by the processor of an income annuity payment amount from the guaranteed income annuity and storing by the processor of the calculated income annuity payment amount in the memory; and providing by the processor an output signal indicative of instructions for a payment to be made to the annuitant based on the calculated income annuity payment amount. - View Dependent Claims (28, 29)
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30. A computer-readable medium having a plurality of instructions thereon which, when executed by a processor, cause the processor to:
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store in a memory in communication with the processor an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity; store in the memory a deferral period and an initial funding payment of a guaranteed income annuity; determine if the current time is during the accumulation annuity term and, if the current time is during the accumulation annuity term, calculate an amount of interest earned on the accumulation annuity; store in the memory a credit of the calculated interest amount at least to the accumulation annuity; determine if the current time is during the accumulation annuity term, and if the time is after the accumulation annuity term, provide an output signal indicative of an instruction to provide a notice of expiration; determine if the current time is after the expiration of the deferral period, and, if the time is after the expiration of the deferral period, calculate an income annuity payment amount from the guaranteed income annuity and store the calculated income annuity payment amount in the memory; and provide an output signal indicative of instructions for a payment to be made to the annuitant based on the calculated income annuity payment amount. - View Dependent Claims (31, 32)
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Specification