US 2008/0189220 A1Published application

System and method for providing a financial instrument with a periodic step-up feature

AssigneeThe Prudential Insurance Company of America

InventorsJacob M. Herschler, Daniel O. Kane, N. David Kuperstock, Robert Francis O'Donnell, Steven Lee Putterman, Dain Eric Runestad, Robert J. Schwartz, Nicholas Berardis, John L. Grucza, Michael Albert Guido, J. Scott Dunn

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Abstract

One embodiment of the invention is a method for providing a financial instrument including determining a current account balance for a financial account and on a first periodic basis: determining a specified percentage of the value of the financial account, determine the greater of a particular limit and the highest value of the financial account multiplied by the specified percentage on a second periodic basis, and in response to a determination that the highest value of the financial account multiplied by the specified percentage on the second periodic basis is greater than the particular limit, stepping-up the particular limit to equal the highest value of the financial account multiplied by the specified percentage on the second periodic basis.

Claims24

Dependent claims

A financial instrument management system, comprising:

software stored on a computer-readable medium and operable to:
determine a current account balance for a financial account wherein:
the financial account comprises one or more investments selected by an account holder;
the financial account is associated with a first guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit for the periodic transfer;
the financial account is associated with a second guarantee that on a first periodic basis the particular limit will be stepped-up to equal a specified percentage of the highest value of the financial account as determined on a second periodic basis if the specific percentages of the highest value is greater than the particular limit;
and
the first periodic basis is longer than the second periodic basis;
and
on the first periodic basis:
determine the specified percentage of the value of the financial account;
determine the greater of the particular limit and the highest value of the financial account multiplied by the specified percentage on the second periodic basis;
and
in response to a determination that the highest value of the financial account multiplied by the specified percentage on the second periodic basis is greater than the particular limit, step-up the particular limit to equal the highest value of the financial account multiplied by the specified percentage on the second periodic basis.

10 more elements

A method for providing a financial instrument, the method comprising:

determine a current account balance for a financial account wherein:
the financial account comprises one or more investments selected by an account holder;
the financial account is associated with a first guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit for the periodic transfer;
the financial account is associated with a second guarantee that on a first periodic basis the particular limit will be stepped-up to equal a specified percentage of the highest value of the financial account as determined on a second periodic basis if the specified percentage of the highest value is greater than the particular limit;
and
the first periodic basis is longer than the second periodic basis;
and
on the first periodic basis:
determine the specified percentage of the value of the financial account;
determine the greater of the particular limit and the highest value of the financial account multiplied by the specified percentage on the second periodic basis;
and
in response to a determination that the highest value of the financial account multiplied by the specified percentage on the second periodic basis is greater than the particular limit, stepping-up the particular limit to equal the highest value of the financial account multiplied by the specified percentage on the second periodic basis;
wherein at least one of the above actions is performed using a computer.

10 more elements

A financial instrument management system, comprising:

software stored on a computer-readable medium and operable to:
determining a current account balance for a financial account wherein:
the financial account comprises one or more investments selected by an account holder;
the financial account is associated with a first guarantee that a beneficiary may receive a transfer of an amount of money, wherein the transfer may be due to withdrawal from the account or due to one or more benefit payments made to the beneficiary, the transfer amount being limited by a particular limit;
the financial account is associated with a second guarantee that on a first periodic basis the particular limit will be stepped up to equal a specified percentage of the highest value of the financial account as determined on a second periodic basis if the specified percentage of the highest value is greater than the particular limit;
and
the first periodic basis is longer than the second periodic basis;
and
on the first periodic basis:
determining the specified percentage of the value of the financial account;
determining the greater of the particular limit and the highest value of the financial account multiplied by the specified percentage on the second periodic basis;
and
in response to a determination that the highest value of the financial account multiplied by the specified percentage on the second periodic basis is greater than the particular limit, stepping-up the particular limit to equal the highest value of the financial account multiplied by the specified percentage on the second periodic basis.

10 more elements

A method for providing a financial instrument, the method comprising:

determining a current account balance for a financial account wherein:
the financial account comprises one or more investments selected by an account holder;
the financial account is associated with a first guarantee that a beneficiary may receive a transfer of an amount of money, wherein the transfer may be due to withdrawal from the account or due to one or more benefit payments made to the beneficiary, the transfer amount being limited by a particular limit;
the financial account is associated with a second guarantee that on a first periodic basis the particular limit will be stepped-up to equal a specified percentage of the highest value of the financial account as determined on a second periodic basis if the specified percentage of the highest value is greater than the particular limit;
and
the first periodic basis is longer than the second periodic basis;
and
on the first periodic basis:
determining the specified percentage of the value of the financial account;
determining the greater of the particular limit and the highest value of the financial account multiplied by the specified percentage on the second periodic basis;
and
in response to a determination that the highest value of the financial account multiplied by the specified percentage on the second periodic basis is greater than the particular limit, stepping-up the particular limit to equal the highest value of the financial account multiplied by the specified percentage on the second periodic basis;
wherein at least one of the above actions is performed using a computer.

10 more elements

Dependencies are inferred from the claim text.

Facts

Application: 11/671,679Filed 6 Feb 2007
Published: 7 Aug 2008
Term ends: Not estimatedThe source records don’t support an estimate.

Classification3 codes

G06Q 40/04
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: trading; Exchange, e.g. stocks, commodities, derivatives or currency…
G06Q 40/06
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: asset management; Financial planning or analysis
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial

Family

US 8,396,774 B2Related patent
US 2008/0189220 A1This patent

From the US filing history. Foreign family members aren’t listed.

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