Financial instrument utilizing a customer specific date
First Claim
1. A non-transitory computer-readable medium storing software, the software operable when executed by a processor to:
- store account data associated with a financial instrument issued to a customer, the financial instrument comprising an account with an account balance, wherein the account balance is based at least in part onan initial deposit into the account; and
market performance of one or more variable investments;
determine a protected value, the protected value representing a guaranteed return regardless of the market performance of the one or more variable investments and the protected value being fixed at the time of a particular event at a value at least equal to the greatest ofthe initial deposit,the account balance at the time of the particular event, andthe 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; and
calculate a fee for the financial instrument;
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.
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Accused Products
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.
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Citations
46 Claims
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1. A non-transitory computer-readable medium storing software, the software operable when executed by a processor to:
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store account data associated with a financial instrument issued to a customer, the financial instrument comprising an account with an account balance, wherein the account balance is based at least in part on an initial deposit into the account; and market performance of one or more variable investments; determine a protected value, the protected value representing a guaranteed return regardless of the market performance of the one or more variable investments and 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; and calculate a fee for the financial instrument; 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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A financial instrument management system, comprising:
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a memory storing; account data associated with an account issued to a customer, the account having an account balance, wherein the account balance is based at least in part on an initial deposit into the account; and market performance of one or more variable investments; and a guarantee of a protected, value representing a guaranteed return regardless of the market performance of the one or more variable investments; a processor in communication with the memory and operable to; process information received from the memory; determine and fix the 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; and calculate a fee for the financial instrument; 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. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A non-transitory computer-readable medium storing software, the software operable when executed by a processor to:
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store account data associated with a financial instrument issued to a customer, the financial instrument comprising an account with an account balance, wherein the account balance is based at least in part on an initial deposit into the account; and market performance of one or more variable investments; determine a protected value, the protected value representing a guaranteed return regardless of the market performance of the one or more variable investments and the protected value being fixed at the time of a particular event; determine an amount of money to be periodically transferred to a beneficiary for the life of a designated party, wherein the amount comprises a percentage of the protected value fixed at the time of the particular event, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary; and at a period of time after the time of the particular event, when the account balance is determined to be greater than the protected value on at least one anniversary of a customer specific date, increase the protected value to a value at least equal to the value of the account balance on the at least one anniversary of the customer specific date. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34)
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35. A financial instrument system, comprising:
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a memory storing; account data associated with an account issued to a customer, the account having an account balance, wherein the account balance is based at least in part on an initial deposit into the account; and market performance of one or more variable investments; a protected value representing a guaranteed return regardless of the market performance of the one or more variable investments; a processor in communication with the memory and operable to; process information received from the memory; at the time of a particular event, determine and fix the protected value; determine an amount of money to be periodically transferred to a beneficiary for the life of a designated party, wherein the amount comprises a percentage of the protected value fixed at the time of the particular event, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary; and at a period of time after the time of the particular event, when the account balance is determined to be greater than the protected value on at least one anniversary of a customer specific date, increase the protected value 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. - View Dependent Claims (36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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Specification