Financial instrument utilizing an optional benefit election
First Claim
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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 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 an 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 modified duration of time extending for at least the longer of the life of the first designated party and the life of the second designated party.
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Abstract
A data processing system for managing an annuity account associated with a first provision entitling a beneficiary to monetary transfers for a duration of time extending for the life of a first designated party and a second provision granting an option to modify the duration of time. The data processing system includes one or more processors and one or more memory devices storing logic. The logic is operable when executed by the one or more processors to determine whether an option has been elected and, based at least in part on the determination, process one or more monetary transfers to the beneficiary.
100 Citations
30 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 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 an 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 modified duration of time extending for at least the longer of the life of the first designated party and the life of the second designated party. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A data processing system for managing an annuity account associated with 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, the data processing system comprising:
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one or more processors; and one or more memory devices storing logic, operable when executed by the one or more processors to; determine whether an option has been elected; and based at least in part on the determination, process one or more monetary transfers to the beneficiary during the modified duration of time extending for at least the longer of the life of the first designated party and the life of the second designated party. - 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 associated with a first provision entitling a beneficiary to monetary transfers for a duration of time extending for the life of a first designated party and a second provision granting an option to modify the duration of time, the option being electable subsequent to the effective date of the first provision, the data processing system comprising:
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one or more processors; and one or more memory devices storing logic, operable when executed by the one or more processors to; process one or more monetary transfers to the beneficiary during the life of a first designated party; determine, subsequent to the effective date of the first provision, whether an option has been elected; and based at least in part on the determination, process one or more monetary transfers to the beneficiary during the modified duration of time. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30)
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Specification