Financial instrument utilizing an optional benefit election
First Claim
1. A data processing system for managing an annuity account, the data processing system comprising:
- one or more processors; and
one or more memory devices storing;
data indicating whether an option has been elected; and
logic, operable when executed by the one or more processors to;
calculate one or more fees for;
a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party; and
a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party;
determine whether the option has been elected; and
based at least in part on the determination, process one or more of the monetary transfers to the beneficiary during the duration of time extending for at least 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
A data processing system for managing an annuity account includes one or more processors and one or more memory devices. The memory device(s) may store data indicating whether an option has been elected. In addition, the memory devices(s) may include logic, operable when executed by the one or more processors to calculate one or more fees. The fee(s) may be for a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party. In addition, the fee(s) may be for a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party. The logic may be further operable, when executed by the one or more processors, to determine whether the option has been elected. Based at least in part on the determination, the logic may also be operable, when executed by the one or more processors, to process one or more of the monetary transfers to the beneficiary during the duration of time extending for at least the longer of the life of the first designated party and the life of a second designated party.
92 Citations
36 Claims
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1. A data processing system for managing an annuity account, the data processing system comprising:
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one or more processors; and one or more memory devices storing; data indicating whether an option has been elected; and logic, operable when executed by the one or more processors to; calculate one or more fees for; a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party; and a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party; determine whether the option has been elected; and based at least in part on the determination, process one or more of the monetary transfers to the beneficiary during the duration of time extending for at least 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, 8, 9, 10)
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11. A method for managing an annuity account, the method comprising:
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using a data processing system, calculating one or more fees for; a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party; and a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party; storing in memory of the data processing system data indicating whether the option has been elected; using the data processing system, determining whether the option has been elected; and based at least in part on the determination, processing one or more of the monetary transfers to the beneficiary during the duration of time extending for at least the longer of the life of the first designated party and the life of a second designated party, wherein the monetary transfers are processed using the data processing system. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A data processing system for managing an annuity account of a husband and wife married to each other, the data processing system comprising:
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one or more processors; and one or more memory devices storing; data indicating whether an option has been elected; logic, operable when executed by the one or more processors to; calculate one or more fees for; a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of the husband; and a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the husband and the wife; determine whether the husband is deceased; determine whether the option has been elected; and based at least in part on a determination that the option has been elected and a determination that the husband is deceased, process one or more of the monetary transfers to the wife during the duration of time extending for the life of the wife. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28)
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29. A method for managing an annuity account of a husband and wife married to each other, the method comprising:
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using a data processing system, calculating one or more fees for; a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of the husband; and a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the husband and the life of the wife; storing in memory of the data processing system data indicating whether the option has been elected; using the data processing system, determining whether the husband is deceased; using the data processing system, determining whether the option has been elected; and in response to a determination that the husband is deceased and a determination that the option has been elected, processing one or more of the monetary transfers during the duration of time extending for at least the life of the wife, wherein monetary transfers are processed using the data processing system. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36)
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Specification