Financial instrument utilizing an optional benefit election
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United States of America Patent
Stats
-
Apr 13, 2010
Grant Date -
Apr 3, 2008
app pub date -
Sep 14, 2006
filing date -
Sep 14, 2006
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A financial instrument includes an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party.
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Family
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