System and method for use in connection with an annuity
First Claim
1. A computer system for use in connection with preparation of an insurance contract, namely an annuity, comprising:
- a processor; and
a memory in communication with the processor;
the processor configured to;
display queries on a user-accessible device;
receive data entered in response to said queries displayed via the user-accessible device indicative of the amounts of a prospective annuitant'"'"'s personal expenses in at least a first expense category and a second expense category, the first and second expense categories being at least two of health care, entertainment, housing, transportation, travel, food and utilities;
access stored price index information for the first expense category and the second expense category;
access stored general consumer price index information;
based on factors including at least the personal expense amounts in the first and second expense categories, price index information for the first expense category, the price index information for the second expense category, and a value of the general consumer price index, determine a benefit increase rate of an annuity for the prospective annuitant; and
display the determined benefit increase rate, wherein the determined benefit increase rate reflects an inflation rate applicable to the prospective annuitant'"'"'s personal expenses more accurately than does the general consumer price index.
1 Assignment
0 Petitions
Accused Products
Abstract
A method for determining one or more features of an annuity includes receiving data indicative of a prospective annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; storing the data in memory; accessing price index information for the first expense category; accessing price index information for the second expense category; accessing general price index information; and based on factors including the price index information for the first expense category, the price index information for the second expense category, and the general price index information, determining a benefit increase rate of an annuity for the prospective annuitant; and providing an output indicative of at least the determined benefit increase rate.
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Citations
49 Claims
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1. A computer system for use in connection with preparation of an insurance contract, namely an annuity, comprising:
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a processor; and a memory in communication with the processor; the processor configured to; display queries on a user-accessible device; receive data entered in response to said queries displayed via the user-accessible device indicative of the amounts of a prospective annuitant'"'"'s personal expenses in at least a first expense category and a second expense category, the first and second expense categories being at least two of health care, entertainment, housing, transportation, travel, food and utilities; access stored price index information for the first expense category and the second expense category; access stored general consumer price index information; based on factors including at least the personal expense amounts in the first and second expense categories, price index information for the first expense category, the price index information for the second expense category, and a value of the general consumer price index, determine a benefit increase rate of an annuity for the prospective annuitant; and display the determined benefit increase rate, wherein the determined benefit increase rate reflects an inflation rate applicable to the prospective annuitant'"'"'s personal expenses more accurately than does the general consumer price index. - View Dependent Claims (2, 3)
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4. A computer system for use in connection with an annuity, comprising:
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a processor; a memory in communication with the processor; the processor configured to; receive data indicative of a prospective annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; store the data in the memory; access digitally stored price index information for the first expense category; access digitally stored price index information for the second expense category; access digitally stored general consumer price index information; and based on factors including at least the price index information for the first expense category, the price index information for the second expense category, and a value of the general consumer price index, determine a benefit increase rate of an annuity for the prospective annuitant; and provide an output digital signal indicative of at least the determined benefit increase rate. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 46, 48)
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17. A computer implemented method for use in connection with an annuity, comprising:
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receiving data indicative of a prospective annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; storing the data in memory; accessing via a processor price index information for the first expense category; accessing via the processor price index information for the second expense category; accessing via the processor general consumer price index information; and based on factors including the price index information for the first expense category, the price index information for the second expense category, and a value of the general consumer price index, determining in the processor a benefit increase rate of an annuity for the prospective annuitant; and providing an output including data indicative of at least the determined benefit increase rate. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 47, 49)
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27. A tangible computer-readable medium having a plurality of instructions thereon which, when executed by a processor, cause the processor to perform the steps of:
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receiving data indicative of a prospective annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; storing the data in memory; accessing digitally stored price index information for the first expense category; accessing digitally stored price index information for the second expense category; accessing digitally stored general consumer price index information; and based on factors including at least the price index information for the first expense category, the price index information for the second expense category, and a value of the general consumer price index, determining a benefit increase rate of an annuity for the prospective annuitant; and providing an output digital signal indicative of at least the determined benefit increase rate. - View Dependent Claims (28, 29)
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30. A system for administering an annuity, comprising:
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a processor; a memory in communication with the processor; the processor configured to; receive data indicative of an annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; access digitally stored price index information for the first expense category; access digitally stored price index information for the second expense category; access digitally stored general consumer price index information; and based on factors including the price index information for the first expense category, price index information for the second expense category, and a value of the general consumer price index, determine a benefit increase rate of an annuity for the annuitant; receive a digital signal including an indication of an establishment of an annuity contract, wherein at least one feature of the annuity contract is the determined benefit increase rate; based on the benefit increase rate, determine a benefit amount for the annuitant; provide an output digital signal including a notification of the determined benefit amount; and if a digital signal is received including an instruction received from the annuitant to commence payment of the benefit amount in accordance with the benefit increase rate, provide one or more output digital signals including an instruction to pay the annuitant the determined benefit amount as a stream of payments increasing in accordance with the determined benefit increase rate. - View Dependent Claims (31, 32, 33, 34)
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35. A computer-implemented method of administering an annuity contract, comprising the steps of:
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receiving from a user interface device data indicative of an annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; accessing by a processor via a digital communication channel digitally stored price index information for the first expense category; accessing by the processor via a digital communication channel digitally stored price index information for the second expense category; accessing by the processor via a digital communication channel, digitally stored general consumer price index information; and based on factors including at least the price index information for the first expense category, price index information for the second expense category, and a value of the general consumer price index, determining by the processor a benefit increase rate of an annuity for the annuitant; receiving at the processor a digital signal including data indicative of an establishment of an annuity contract, wherein at least one feature of the annuity contract is the determined benefit increase rate; based on the benefit increase rate, determining by the processor a benefit amount for the annuitant; providing by the processor an output signal including a notification of the determined benefit amount; and if a digital signal is received by the processor including an instruction from the annuitant to commence payment of the benefit amount in accordance with the benefit increase rate, providing an output digital signal including an instruction for paying the annuitant the determined benefit amount as a stream of payments increasing in accordance with the determined benefit increase rate. - View Dependent Claims (36, 37, 38, 39, 40, 41)
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42. A tangible computer-readable medium having a plurality of instructions thereon which, when executed by a processor, cause the processor to perform the steps of:
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receiving data indicative of an annuitant'"'"'s personal expenses in at least a first expense category and a second expense category; accessing digitally stored price index information for the first expense category; accessing digitally stored price index information for the second expense category; accessing digitally stored general price index information; and based on factors including at least the price index information for the first expense category, the price index information for the second expense category, and a value of the general consumer price index, determining a benefit increase rate of an annuity for the annuitant; receiving a digital signal including data indicative of an establishment of an annuity contract, wherein at least one feature of the annuity contract is the determined benefit increase rate; based on the benefit increase rate, determining a benefit amount for the annuitant; providing an output digital signal including a notification of the determined benefit amount; and if a digital signal is received including an instruction from the annuitant to commence payment of the benefit amount in accordance with the benefit increase rate, providing an output digital signal including an instruction for paying the annuitant the determined benefit amount as a stream of payments increasing in accordance with the determined benefit increase rate. - View Dependent Claims (43, 44, 45)
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Specification