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US 2014/0229201 A1Published application
Computer Systems and Computer-Implemented Methods for Providing an Investment Product Having Withdrawal Benefits
OwnerJames A. Mallon, Grace D. Harvey +1inventors
InventorsJames A. Mallon, Grace D. Harvey, Rodney E. Rishel, JR.
Life of this patent
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Abstract
Methods, systems, and devices of administering investment products, such as investment products with withdrawal benefits, are provided.
Claims22
A computer system comprising:
- a data storage device storing data indicative of an owner of an investment product having a death benefit, an insured under the investment product, a death benefit amount payable under the investment product to a beneficiary upon death of the insured, a guaranteed withdrawal benefit percentage, a withdrawal benefit basis, a continuation guarantee target date, a schedule of withdrawal benefit factors, a withdrawal benefit balance, and a continuation guarantee account value;
- and
- a processor in communication with the data storage device, the processor configured to:
- determine a current continuation guarantee account value based on at least any premium payments received, any charges based on policy face value, any interest credited on balances, and any charges based on any riders;
- determine, based on at least the current continuation guarantee account value, a schedule of premium payments, and a target initial election date, whether the continuation guarantee account value on or after the target initial election date will be depleted prior to the continuation guarantee target date assuming no premium payments are paid on or after the target initial election date;
- and
- provide an output signal indicative of the determination of whether the continuation guarantee account value will be depleted prior to the continuation guarantee target date.
4 more elements
A computer-implemented method for processing data related to an investment product having a death benefit, comprising:
- accessing by a processor from a data storage device data indicative of a continuation guarantee account value;
- accessing by the processor from the data storage device data indicative of a schedule of withdrawal benefit factors, a target initial election date, and a continuation guarantee target date;
- determining by the processor a current continuation guarantee account value based on at least any premium payments received, any charges based on policy face value, any interest credited on balances, and any charges based on any riders;
- determining by the processor, based on at least the current continuation guarantee account value, a schedule of premium payments, and a target initial election date, whether the continuation guarantee account value on or after the target initial election date will be depleted prior to the continuation guarantee target date assuming no premium payments are paid on or after the target initial election date;
- and
- providing by the processor an output signal indicative of the determination of whether the continuation guarantee account value will be depleted prior to the continuation guarantee target date.
3 more elements
-30. (canceled)
A non-transitory computer-readable medium, the computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by the processor, cause the processor to:
- access from a data storage device data indicative of a continuation guarantee account value;
- access from the data storage device data indicative of a schedule of withdrawal benefit factors, a target initial election date, and a continuation target date;
- determine a current continuation guarantee account value based on at least any premium payments received, any charges based on policy face value, any interest credited on balances, and any charges based on any riders;
- determine, based on at least the current continuation guarantee account value, a schedule of premium payments, and a target initial election date, whether the continuation guarantee account value on or after the target initial election date will be depleted prior to the continuation guarantee target date assuming no premium payments are paid on or after the target initial election date;
- and
- provide an output signal indicative of the determination of whether the continuation guarantee account value will be depleted prior to the continuation guarantee target date.
3 more elements
-45. (canceled)
Dependencies are inferred from the claim text.