Method and system for providing account values in an annuity with life contingencies
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United States of America Patent
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-
Aug 26, 2003
Grant Date -
N/A
app pub date -
Jan 2, 2001
filing date -
Jan 3, 2000
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A data processing method for administering an annuity product having a guarantee of lifetime payments. The method includes establishing a charge for the guarantee of lifetime payments, determining an initial benefit payment and paying the initial payment to a beneficiary, determining a subsequent periodic payment, periodically determining an account value, and periodically paying the subsequent payment and reporting the account value to the beneficiary. A death benefit or cash surrender benefit may be provided, and either or both may be related to the account value. In certain embodiments, the account value is determined throughout the period between periodic reports to the beneficiary, and may be accessed upon demand by the beneficiary.
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