Method and system for providing a fixed rate annuity with a lock-in interest rate feature
First Claim
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1. A data processing system for administering a deferred annuity contract during an accumulation phase, said system comprising:
- a communications device for receiving information for said deferred annuity contract, wherein said deferred annuity contract further including an account value, an annuity term and an annuity commencement date;
a storage device coupled to said communications device for storing said received information, and data indicative of a guaranteed interest rate, a periodic reset interest rate and an interest rate lock-in feature;
a processor operably coupled to said storage device, configured to change an interest rate applied to the account value from said reset interest rate to said guaranteed interest rate, in accordance with said interest rate lock-in feature, when said reset interest rate falls below said guaranteed interest rate; and
said communications device for offering said deferred annuity contract.
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Abstract
A data processing method and system administers a deferred annuity contract during the accumulation phase of a contract term. The system stores an account value and a guaranteed rate of interest on the account value. The system may credit an interest rate which is reset periodically (reset rate). The system is configured for changing from the reset rate to the guaranteed rate, when the reset rate falls below the guaranteed rate.
75 Citations
29 Claims
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1. A data processing system for administering a deferred annuity contract during an accumulation phase, said system comprising:
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a communications device for receiving information for said deferred annuity contract, wherein said deferred annuity contract further including an account value, an annuity term and an annuity commencement date; a storage device coupled to said communications device for storing said received information, and data indicative of a guaranteed interest rate, a periodic reset interest rate and an interest rate lock-in feature; a processor operably coupled to said storage device, configured to change an interest rate applied to the account value from said reset interest rate to said guaranteed interest rate, in accordance with said interest rate lock-in feature, when said reset interest rate falls below said guaranteed interest rate; and said communications device for offering said deferred annuity contract. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer implemented data processing method for administering a deferred annuity contract during an accumulation phase, the method comprising:
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receiving, via a communications device of a computer, information for the deferred annuity contract, wherein the deferred annuity contract further including an account value, an annuity term and an annuity commencement date; determining, via a processor of the computer coupled to the communications device, an interest rate for crediting to the account value, the interest rate is selected from one of a guaranteed interest rate and a periodic reset interest rate; offering, via the processor, an interest rate lock-in feature; issuing, via the communications device, the deferred annuity contract; and changing, via the processor, during the accumulation phase, from the reset interest rate to the guaranteed interest rate in accordance with the interest rate lock-in feature, when the reset interest rate falls below the guaranteed interest rate. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29)
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Specification