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US 6,636,834 B1Granted
Computer system and methods for management, and control of annuities and distribution of annuity payments
AssigneeMetropolitan Life Insurance Co.
InventorFelix Schirripa
Life of this patent
Estimating the term…
Abstract
A computer system and methods for management and control of annuities and distribution of annuity payments is presented which enables transfer of funds between annuities, whether variable or fixed, without incurring payment discontinuity, while providing for allocation of interest risk, investment risk, and mortality risk between insurer and insured.
Claims5
A method for managing and controlling annuities and distribution of annuity payments, comprising:
- receiving:
- transfer requests for transferring amounts among said annuities;
- annuity pricing information for determining pricing interest rates for said annuities;
- asset price information for determining actual rates of return for assets underlying said annuities;
- and
- mortality data for each annuitant of said annuities;
- deriving pricing interest rates from said annuity pricing information;
- determining actual rates of return for said underlying assets of said annuities from said asset price information;
- computing actuarial present values from said pricing interest rates and said mortality data;
- computing investment performance factors from said pricing interest rates and said actual rates of return;
- computing interest adjustment factors from said actuarial present values;
- and
- determining payment progressions for said annuities from said investment performance factors and said interest adjustment factors;
- wherein at least one of said computing or determining steps is performed by software running on a data processing apparatus.
11 more elements
A system for managing and controlling annuities and distribution of annuity payments, comprising:
- data storage for storing in accessible memory:
- transfer requests for transferring amounts among said annuities;
- annuity pricing information for determining pricing interest rates for said annuities;
- asset price information for determining actual rates of return for assets underlying said annuities;
- and
- mortality data for each annuitant of said annuities;
- and
- a data processor for:
- deriving pricing interest rates from said annuity pricing information;
- determining actual rates of return for said underlying assets of said annuities from said asset price information;
- computing actuarial present values from said pricing interest rates and said mortality data;
- computing investment performance factors from said pricing interest rates and said actual rates of returns;
- computing interest adjustment factors from said actuarial present values;
- determining payment progressions for said annuities from said investment performance factors and said interest adjustment factors;
- transferring funds between said annuities;
- and
- transferring payments from said annuities to memory locations representative of separate accounts of payees.
14 more elements
Dependencies are inferred from the claim text.