Mortality and Expense Risk Charges with Premium-Based Breakpoints in Annuity Products
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United States of America Patent
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Issued Date -
Aug 23, 2007
app pub date -
Aug 8, 2006
filing date -
Feb 3, 2006
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
Annuities are provided that specify breakpoint ranges for Mortality & Expense (M&E) rates. These breakpoint ranges may be associated with a premium payment amount and/or aggregate premium payment amount. This payment amount may fall within one of the breakpoint ranges associated with a particular M&E rate, which may be considered the maximum M&E rate for the life of the annuity. However, if a committed amount was utilized in determining the M&E rate, then the maximum M&E rate may be revised if the committed amount in the statement of intention has not been met or has been exceeded. Additionally, subsequent premium payment amounts and/or aggregate payment amounts, when accumulated with the previous premium payment amounts and/or aggregate payment amounts, may fall within another breakpoint range with a lower M&E rate. This lower M&E rate may apply to either the previous premium payment amounts or only to the subsequent premium payment amounts.
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