Financial Instrument Utilizing an Optional Benefit Election
First Claim
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 comprising;
an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit;
a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and
an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party.
3 Assignments
0 Petitions
Accused Products
Abstract
According to one embodiment of the invention, a financial instrument includes an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party.
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Citations
24 Claims
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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 comprising;
an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party. - View Dependent Claims (2, 3, 4, 5, 6, 7)
- software stored on a computer-readable medium and operable to calculate a fee for a financial instrument, the financial instrument comprising;
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8. A financial instrument comprising:
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an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A financial instrument comprising:
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an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the designated party and the life of a spouse of the designated party; wherein the option may be elected at the time of the first transfer of the amount of money to the beneficiary. - View Dependent Claims (16, 17)
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18. A financial instrument management system, comprising:
- software stored on a computer-readable medium and operable to;
calculate a first fee for a financial instrument, the financial instrument comprising; an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party; and calculate a second fee for the financial instrument; wherein the first fee is charged at least in part for providing the guarantee that the beneficiary may periodically receive the transfer of the amount of money for the life of the first designated party; and wherein the second fee is charged at least in part for providing the modified guarantee that the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of the second designated party. - View Dependent Claims (19, 20, 21, 22, 23, 24)
- software stored on a computer-readable medium and operable to;
Specification