System and method for administering annuities
First Claim
1. A computer system for administering an product that includes an accumulation annuity and a guaranteed income annuity, comprising:
- a processor;
a memory in communication with the processor;
the processor configured 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, wherein the deferral period is greater than or equal to the term of the accumulation annuity;
if the current time is during the term, calculate an amount of interest earned on the accumulation annuity;
credit all of the calculated amount of interest earned on the accumulation annuity to the guaranteed income annuity, wherein a funding of the guaranteed income annuity is provided by the calculated amount of interest earned on the accumulation annuity only;
determine whether the current time is after the accumulation annuity term, and if the current time is after the accumulation annuity term, provide an output signal indicative of an instruction to provide a notice of expiration;
determine whether the current time is after an expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate a guaranteed income annuity payment amount from the guaranteed income annuity; and
provide an output signal indicative of instructions for a payment to be made to an annuitant based on the guaranteed income annuity payment amount; and
a payment fulfillment system configured to, in accordance with data in the output signal indicative of the instructions for the payment to be made to the annuitant based on the guaranteed income annuity payment amount, effect the payment to the annuitant based on the guaranteed income annuity amount;
wherein an asset value of the accumulation annuity is independent of a value of a security or an 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
23 Claims
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1. A computer system for administering an product that includes an accumulation annuity and a guaranteed income annuity, comprising:
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a processor; a memory in communication with the processor; the processor configured 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, wherein the deferral period is greater than or equal to the term of the accumulation annuity; if the current time is during the term, calculate an amount of interest earned on the accumulation annuity; credit all of the calculated amount of interest earned on the accumulation annuity to the guaranteed income annuity, wherein a funding of the guaranteed income annuity is provided by the calculated amount of interest earned on the accumulation annuity only; determine whether the current time is after the accumulation annuity term, and if the current time is after the accumulation annuity term, provide an output signal indicative of an instruction to provide a notice of expiration; determine whether the current time is after an expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate a guaranteed income annuity payment amount from the guaranteed income annuity; and provide an output signal indicative of instructions for a payment to be made to an annuitant based on the guaranteed income annuity payment amount; and a payment fulfillment system configured to, in accordance with data in the output signal indicative of the instructions for the payment to be made to the annuitant based on the guaranteed income annuity payment amount, effect the payment to the annuitant based on the guaranteed income annuity amount; wherein an asset value of the accumulation annuity is independent of a value of a security or an 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:
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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, wherein the deferral period is greater than or equal to the term of the accumulation 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 of interest in the memory; crediting by the processor all of the calculated amount of interest earned on the accumulation annuity to the guaranteed income annuity, wherein a funding of the guaranteed income annuity is provided by the calculated amount of interest earned on the accumulation annuity only; if the processor determines that the current time is after the accumulation annuity term, 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 an expiration of the deferral period, calculating by the processor a guaranteed income annuity payment amount from the guaranteed income annuity; providing by the processor an output signal indicative of instructions for a payment to be made to an annuitant based on the guaranteed income annuity payment amount and; effecting by a payment fulfillment system the payment to the annuitant in accordance with the output signal indicative of the instructions for the payment to be made to the annuitant based on the guaranteed income annuity payment amount; wherein an asset value of the accumulation annuity is independent of a value of a security or an index. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20)
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21. A non-transitory 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 an amount of an initial funding payment, an interest rate formula, and a term for an accumulation annuity; store in the memory at least a deferral period of a guaranteed income annuity, wherein the deferral period is greater than or equal to the term of the accumulation 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; credit all of the calculated amount of interest earned on the accumulation annuity to the guaranteed income annuity, wherein a funding of the guaranteed income annuity is provided by the calculated amount of interest earned on the accumulation annuity only; determine if the current time is after the accumulation annuity term and, if the current 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 an expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate a guaranteed income annuity payment amount from the guaranteed income annuity; and provide an output signal indicative of instructions for a payment to be made to an annuitant based on the guaranteed income annuity payment amount, the output signal being effective to cause a payment fulfillment system to effect the payment to the annuitant in accordance with the instructions for the payment to be made to the annuitant based on the guaranteed income annuity payment amount, wherein an asset value of the accumulation annuity is independent of a value of a security or an index. - View Dependent Claims (22, 23)
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Specification