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US 8,135,598 B2Granted
Systems and methods for providing a deferred annuity with a target date retirement benefit
AssigneeAllianz Life Insurance Company of North America
InventorsAdam Michael Brown, Daniel Robert Slater
Life of this patent
Estimating the term…
Abstract
Systems and methods for guaranteeing a Target Value of an account on any given Target Value Date. The investment profile of the account may be automatically adjusted to be more or less conservative based on the evolution of the contract with respect to its accumulation value and guarantee. Within broadly defined groups of allocation choices the owner has complete freedom to distribute the account value to individual choices within those groups. The risk profile of the investments may be contracted to change as the Target Value Date approaches.
Claims29
A computer system configured to manage an annuity product, the computer system comprising:
- a processor;
- and
- a memory communicatively coupled to the processor, wherein the processor is configured to maintain an annuity product, the annuity product comprising a guarantee, from an insurer to an insured, of a first Target Value at a first Target Value Date,
- wherein the first Target Value is:
- based at least in part on an initial investment into a contract account where account holder is required to follow investment guidelines of the insurer,
- adjusted upward by the insurer if the contract account value exceeds the first Target Value at a predetermined date prior to the first Target Value Date, and
- guaranteed to be greater than the sum of investment payments into the contract account by the first Target Value Date;
- and
- wherein the first Target Value Date is selected by the insured at contract issuance,
- wherein periodically, at predetermined dates prior to the first Target Value Date, the contract account value will be increased, by a credit to the contract account by the insurer, to match the first Target Value if the current contract account value is less than the first Target Value, and
- wherein insured can select, when the first Target Value Date is reached, a second Target Value on a selected future anniversary of the first Target Value Date, the second Target Value is guaranteed by the insurer to be greater than the greater of the first Target Value or the contract account value on the first Target Value Date.
8 more elements
A computer system configured to manage an annuity product, the computer system comprising:
- a processor;
- and
- a memory communicatively coupled to the processor, wherein the processor is configured to maintain an annuity product, the annuity product comprising a guarantee, from insurer to insured, of Target Value, for an account, at a first Target Value Date wherein Target Value is:
- based on an initial account value and its returns being invested for duration of the guarantee in broadly defined groups of allocation choices, the choices determined by the insurer,
- adjusted upward by the insurer if the account value exceeds the Target Value at a predetermined date prior to the first Target Value Date, and guaranteed to be greater than sum of investment payments into the account;
- and
- wherein periodically, at predetermined dates prior to the first Target Value Date, the account value will be increased, by a credit to the account by the insurer, to match the Target Value if the current contract account value is less than the Target Value, and
- wherein the insured has complete freedom to distribute portions of account value to individual choices within the broadly defined groups, and
- wherein the insured can select, when the first Target Value Date is reached, a second Target Value on a selected future anniversary of the first Target Value Date, the second Target Value is guaranteed by the insurer to be greater than the greater of the first Target Value or the account value on the first Target Value Date.
6 more elements
A computer system comprising a processing unit wherein the processing unit is configured to:
- receive a first Target Value Date from an insured;
- receive information regarding initial investment by insured into an account;
- determine a guarantee, from an insurer to the insured, of a first Target value at a first Target Value Date;
- wherein the first Target Value is:
- based at least in part on an initial investment into a contract account where account holder is required to follow investment guidelines provided by the insurer,
- adjusted upward by the insurer if the contract account value exceeds the first Target Value at a predetermined date prior to the first Target Value Date, and
- guaranteed to be greater than sum of investment payments into the contract account by the first Target Value Date;
- and
- wherein periodically, at predetermined dates prior to the first Target Value Date, the contract account value is identified to be increased, by a credit to the contract account by the insurer, to match the first Target Value if the current contract account value is less than the first Target Value;
- receive a second Target Value for a selected future anniversary of the first Target Value Date, wherein the computer system will only except the second Target Value once the first Target Value Date is reached, and the second Target Value is an amount guaranteed by the insurer to be greater than the greater of the first Target Value or the contract account value on the first Target Value Date;
- and
- output information required to provide the guarantee.
9 more elements
A computer system comprising a processing unit wherein the processing unit is configured to:
- receive a first Target Value Date from an insured;
- receive information regarding initial investment by insured into an account;
- calculate a guarantee, from insurer to insured, of Target Value, for the account, at the first Target Value Date wherein Target Value is:
- based on an initial account value and its returns being invested for duration of the guarantee in broadly defined groups of allocation choices, the choices determined by the insurer, wherein the owner has complete freedom to distribute portions of account value to individual choices within the broadly defined groups,
- adjusted upward by the insurer if the account value exceeds the Target Value at a predetermined date prior to the first Target Value Date, and
- guaranteed to be greater than sum of investment payments into the account;
- and
- wherein periodically, at predetermined dates prior to the first Target Value Date, the account value is identified to be increased, by a credit to the account by the insurer, to match the Target Value if the current contract account value is less than the Target Value;
- receive a second Target Value for a selected future anniversary of the first Target Value Date, wherein the computer system will only except the second Target Value once the first Target Value Date is reached, and the second Target Value is an amount guaranteed by the insurer to be greater than the greater of the first Target Value or the account value on the first Target Value Date;
- and
- output information required to provide the guarantee.
8 more elements
A non-transitory computer readable medium with processor instructions embodied thereon to cause a processing unit to:
- receive a first Target Value Date from an insured;
- receive information regarding initial investment by insured into an account;
- determine a guarantee, from an insurer to an insured, of a first Target Value at a first Target Value Date;
- wherein the first Target Value is:
- based at least in part on an initial investment into a contract account where account holder is required to follow investment guidelines provided by the insurer,
- adjusted upward by the insurer if the contract account value exceeds the first Target Value at a predetermined date prior to the first Target Value Date, and
- guaranteed to be greater than sum of investment payments into the contract account;
- and
- wherein periodically, at predetermined dates prior to the first Target Value Date, the contract account value is identified to be increased, by a credit to the contract account by the insurer, to match the first Target Value if the current contract account value is less than the first Target Value;
- receive a second Target Value for a selected future anniversary of the first Target Value Date, wherein the processing unit will only except the second Target Value once the first Target Value Date is reached, and the second Target Value is an amount guaranteed by the insurer to be greater than the greater of the first Target Value or the contract account value on the first Target Value Date;
- and
- output information required to provide the guarantee.
9 more elements
A non-transitory computer readable medium with processor instructions embodied thereon to cause a processing unit to:
- receive a first Target Value Date from an insured;
- receive information regarding initial investment by insured into an account;
- calculate a guarantee, from insurer to insured, of Target Value, for the account, at the first Target Value Date wherein Target Value is:
- based on an initial account value and its returns being invested for duration of the guarantee in broadly defined groups of allocation choices, the choices determined by the insurer, wherein the owner has complete freedom to distribute portions of account value to individual choices within the broadly defined groups,
- adjusted upward by the insurer if the account value exceeds the Target Value at a predetermined date prior to the first Target Value Date, and
- guaranteed to be greater than sum of investment payments into the account;
- and
- wherein periodically, at predetermined dates prior to the first Target Value Date, the account value identified to be increased, by a credit to the account by the insurer, to match the Target Value if the current contract account value is less than the Target Value;
- receive a second Target Value for a selected future anniversary of the first Target Value Date, wherein the computer system will only except the second Target Value once the first Target Value Date is reached, and the second Target Value is an amount guaranteed by the insurer to be greater than the greater of the first Target Value or the account value on the first Target Value Date;
- and
- output information required to provide the guarantee.
8 more elements
Dependencies are inferred from the claim text.