US 8,266,055 B2Granted

Method and system for processing data related to a deferred annuity having a minimum contract value

AssigneeHartford Fire Insurance Company

InventorsJoseph M. Weiss, Charles D. Tatro, Maria Leonard Andrade

Life of this patent

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Abstract

A computer-implemented process for processing data related to an investment product having a guarantee of withdrawals available on a periodic basis includes receiving by a processor data indicative of a request for a withdrawal from an account of the investment product, the amount of the withdrawal, aggregated with amounts of any other withdrawals during a current time period, being no more than a maximum amount available for withdrawal during the time period in accordance with the guarantee. The processor determines based on the current account value and data indicative of the guarantee whether the entire amount of the withdrawal is to be deducted from the account value, and responsive to determining that less than the entire amount is to be deducted, determines the amount to be deducted from the account value.

Claims20

Dependent claims

A computer-implemented process for processing data related to an annuity having a guarantee of available periodic withdrawals, comprising:

receiving by a processor data indicative of a request for a withdrawal from the annuity during a time period, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during the time period, being no more than an available withdrawal amount for the time period in accordance with the guarantee;
accessing by the processor from a memory device in communication with the processor a current account value of the annuity;
determining by the processor whether, based on the current account value and data indicative of the guarantee, the data indicative of the guarantee comprising data indicative of a greater than zero minimum account value, an entire amount of the withdrawal is to be deducted from the account value;
responsive to determining that less than the entire amount of the withdrawal is to be deducted from the account value, determining an amount of the withdrawal to be deducted from the account value, and providing an output signal having data indicative of the determined amount to be deducted from the account value;
receiving by the processor data indicative of an amount of a fee charged periodically for the guarantee;
and
determining by the processor an updated account value by deducting the amount of the fee from the account value.

4 more elements

A computer system for processing data related to an annuity having a guarantee of available withdrawals on a periodic basis, comprising:

a processor;
a memory device in communication with the processor;
wherein the processor is configured to:
receive data indicative of an amount of a requested withdrawal from the annuity, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during a current time period, being no more than a maximum amount available for withdrawal on a periodic basis in accordance with the guarantee;
access from the memory device a current account value of the annuity;
determine whether the current account value of the annuity is at or below a greater than zero minimum account value;
responsive to determining that the current account value of the annuity is at or below the greater than zero minimum account value, provide an output signal having data indicative that the current account value is not to be changed as a result of payment of the requested withdrawal;
receive data indicative of an amount of a fee charged periodically for the guarantee;
and
determine an updated account value by deducting the amount of the fee from the account value.

7 more elements

A non-transitory computer-readable medium having stored therein computer-readable instructions, which instructions, when executed by a processor, cause the processor to:

responsive to receipt of data indicative of a request for a withdrawal from an annuity during a time period, the amount of the withdrawal, aggregated with amounts of any other withdrawals from the annuity during the time period, being no more than maximum amount available for withdrawal on a periodic basis in accordance with a guarantee;
determine whether a current account value of the annuity is at or below a greater than zero minimum account value;
and
responsive to determining that the current account value is at or below the greater than zero minimum account value, provide an output signal having data indicative that the current account value is not to be changed as a result of payment of the withdrawal;
receive data indicative of an amount of a fee charged periodically for the guarantee;
and
determine by the processor an updated account value by deducting the amount of the fee from the account value.

4 more elements

Dependencies are inferred from the claim text.

Facts

Application: 13/113,420Filed 23 May 2011 · continuation
Priority: 21 Apr 2007
Published: US 2011/0282696 A117 Nov 2011
Granted: 11 Sep 2012
Term ends: Not estimatedThe source records don’t support an estimate.

Classification6 codes

G06Q 40/08
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: insurance
G06Q 20/10
Payment architectures: specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
G06Q 40/00
Finance
G06Q 40/06
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: asset management; Financial planning or analysis

Family

Application11/788,595Parent of this continuation-in-part · filed 21 Apr 2007
Application12/359,088Parent of this continuation · filed 23 Jan 2009
US 7,685,065 B2Parent of this continuation-in-part · filed 23 Mar 2010
US 2011/0282696 A1Pre-grant publication · published 17 Nov 2011
US 7,949,601 B2Parent of this continuation
Application12/359,088Parent of this continuation-in-part
US 2008/0262977 A1Published application
US 2009/0132300 A1Published application
US 8,266,055 B2This patent

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