Method and system for processing data related to a deferred annuity having a minimum contract value
First Claim
1. A computer-implemented process for processing data related to an annuity having a guarantee of available periodic withdrawals, comprising:
- receiving by a processor data indicative of a request for a withdrawal from the annuity during a time period, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during the time period, being no more than an available withdrawal amount for the time period in accordance with the guarantee;
accessing by the processor from a memory device in communication with the processor a current account value of the annuity;
determining by the processor whether, based on the current account value and data indicative of the guarantee, the data indicative of the guarantee comprising data indicative of a greater than zero minimum account value, an entire amount of the withdrawal is to be deducted from the account value;
responsive to determining that less than the entire amount of the withdrawal is to be deducted from the account value, determining an amount of the withdrawal to be deducted from the account value, and providing an output signal having data indicative of the determined amount to be deducted from the account value;
receiving by the processor data indicative of an amount of a fee charged periodically for the guarantee; and
determining by the processor an updated account value by deducting the amount of the fee from the account value.
2 Assignments
0 Petitions
Accused Products
Abstract
A computer-implemented process for processing data related to an investment product having a guarantee of withdrawals available on a periodic basis includes receiving by a processor data indicative of a request for a withdrawal from an account of the investment product, the amount of the withdrawal, aggregated with amounts of any other withdrawals during a current time period, being no more than a maximum amount available for withdrawal during the time period in accordance with the guarantee. The processor determines based on the current account value and data indicative of the guarantee whether the entire amount of the withdrawal is to be deducted from the account value, and responsive to determining that less than the entire amount is to be deducted, determines the amount to be deducted from the account value.
100 Citations
20 Claims
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1. A computer-implemented process for processing data related to an annuity having a guarantee of available periodic withdrawals, comprising:
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receiving by a processor data indicative of a request for a withdrawal from the annuity during a time period, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during the time period, being no more than an available withdrawal amount for the time period in accordance with the guarantee; accessing by the processor from a memory device in communication with the processor a current account value of the annuity; determining by the processor whether, based on the current account value and data indicative of the guarantee, the data indicative of the guarantee comprising data indicative of a greater than zero minimum account value, an entire amount of the withdrawal is to be deducted from the account value; responsive to determining that less than the entire amount of the withdrawal is to be deducted from the account value, determining an amount of the withdrawal to be deducted from the account value, and providing an output signal having data indicative of the determined amount to be deducted from the account value; receiving by the processor data indicative of an amount of a fee charged periodically for the guarantee; and determining by the processor an updated account value by deducting the amount of the fee from the account value. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer system for processing data related to an annuity having a guarantee of available withdrawals on a periodic basis, comprising:
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a processor; a memory device in communication with the processor; wherein the processor is configured to; receive data indicative of an amount of a requested withdrawal from the annuity, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during a current time period, being no more than a maximum amount available for withdrawal on a periodic basis in accordance with the guarantee; access from the memory device a current account value of the annuity; determine whether the current account value of the annuity is at or below a greater than zero minimum account value; responsive to determining that the current account value of the annuity is at or below the greater than zero minimum account value, provide an output signal having data indicative that the current account value is not to be changed as a result of payment of the requested withdrawal; receive data indicative of an amount of a fee charged periodically for the guarantee; and determine an updated account value by deducting the amount of the fee from the account value. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15)
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16. A non-transitory computer-readable medium having stored therein computer-readable instructions, which instructions, when executed by a processor, cause the processor to:
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responsive to receipt of data indicative of a request for a withdrawal from an annuity during a time period, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during the time period, being no more than maximum amount available for withdrawal on a periodic basis in accordance with a guarantee; determine whether a current account value of the annuity is at or below a greater than zero minimum account value; and responsive to determining that the current account value is at or below the greater than zero minimum account value, provide an output signal having data indicative that the current account value is not to be changed as a result of payment of the withdrawal; receive data indicative of an amount of a fee charged periodically for the guarantee; and determine by the processor an updated account value by deducting the amount of the fee from the account value. - View Dependent Claims (17, 18, 19, 20)
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Specification