Method and system for providing a fixed rate annuity with a reset interest rate feature
First Claim
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1. A system for administering a deferred annuity product, comprising:
- a data receiving device configured to receive;
information relating to issuing said deferred annuity product, information relating to selecting a reset interest rate, information relating to selecting a guaranteed interest rate, and information relating to whether to adjust said reset interest rate, wherein said deferred annuity product has a predefined term and an account value, one of the reset interest rate or the guaranteed interest rate being for application to the account value to determine interest credited to the account value; and
a processor configured to determine said reset interest rate, said guaranteed interest rate, and to determine whether to adjust said reset interest rate at predetermined time interval or intervals, wherein said processor is at or associated with a provider of said deferred annuity product,wherein said system determines whether said deferred annuity product is issued at said reset interest rate, andfurther wherein said system determines whether said reset interest rate is below said guaranteed interest rate at said predetermined time interval or intervals if said deferred annuity product is issued with said reset interest rate, andwherein said system converts an interest rate applicable to said annuity product to said guaranteed interest rate responsive to the determination that said reset interest rate is below said guaranteed interest rate.
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Abstract
A data processing method and system administers a deferred annuity product during the accumulation phase of a contract term. The annuity product permits the client to select both an interest rate which is reset periodically (reset rate) and an interest rate which is guaranteed for multiple years (MYG rate), during the same contract term. The client may elect to automatically switch from the reset rate to the MYG rate, for the remainder of the contract term, when the reset rate falls below the MYG rate.
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Citations
23 Claims
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1. A system for administering a deferred annuity product, comprising:
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a data receiving device configured to receive;
information relating to issuing said deferred annuity product, information relating to selecting a reset interest rate, information relating to selecting a guaranteed interest rate, and information relating to whether to adjust said reset interest rate, wherein said deferred annuity product has a predefined term and an account value, one of the reset interest rate or the guaranteed interest rate being for application to the account value to determine interest credited to the account value; anda processor configured to determine said reset interest rate, said guaranteed interest rate, and to determine whether to adjust said reset interest rate at predetermined time interval or intervals, wherein said processor is at or associated with a provider of said deferred annuity product, wherein said system determines whether said deferred annuity product is issued at said reset interest rate, and further wherein said system determines whether said reset interest rate is below said guaranteed interest rate at said predetermined time interval or intervals if said deferred annuity product is issued with said reset interest rate, and wherein said system converts an interest rate applicable to said annuity product to said guaranteed interest rate responsive to the determination that said reset interest rate is below said guaranteed interest rate. - View Dependent Claims (2, 3, 4, 5)
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6. A computer-implemented method for determining a rate of interest to credit to an account of a deferred annuity for a period, the deferred annuity having associated therewith a variable interest rate, and a fixed interest rate, one of the variable interest rate or the fixed interest rate being for application to a value of the account during a period to determine interest credited to the account value;
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determining by a computer, in response to data indicating that a value of the variable interest rate applicable to the period is less than the fixed rate, whether a customer option has been preset, for automatic application of the fixed rate for the period; upon determining that the customer option for automatic application of the fixed rate has been preset, providing by the computer an output indicative of applying the fixed rate in crediting interest for the period; and otherwise, providing by the computer a request for a customer input for (i) applying the variable interest rate in crediting interest for the period;
or (ii) applying the fixed rate in crediting interest for the period. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer system for determining a rate of interest to credit to an account of a deferred annuity for a period, comprising:
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a memory device for storing;
a value of the account;
a current value of an adjustable rate, the value of the adjustable rate being variable, for crediting interest to the account;
a value of a fixed rate, for crediting interest to the account; anda computer in communication with the memory device, the computer being configured to; determine, in response to data indicating that the value of the adjustable rate applicable to the period is less than the fixed rate, whether a customer option has been preset, for automatic application of the fixed rate for the period; upon determining that the customer option for automatic application of the fixed rate has been preset, provide an output indicative of applying the fixed rate in crediting interest for the period; otherwise, provide a request for a customer input for (i) applying the adjustable rate in crediting interest for the period;
or (ii) applying the fixed rate in crediting interest for the period; andresponsive to the customer input for applying the adjustable rate in crediting interest for the period, provide an output indicative of applying the adjustable rate in crediting interest for the period. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23)
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Specification