Method and system for providing a fixed rate annuity with a lock-in interest rate feature
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United States of America Patent
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Jan 18, 2011
Grant Date -
Jun 3, 2010
app pub date -
Feb 8, 2010
filing date -
Apr 16, 2007
priority date (Note) -
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status (Latency Note)
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Abstract
A data processing method and system administers a deferred annuity product during the accumulation phase of a contract term. The annuity product permits the client to select both an interest rate which is reset periodically (reset rate) and an interest rate which is guaranteed for multiple years (MYG rate), during the same contract term. The client may elect to automatically switch from the reset rate to the MYG rate, for the remainder of the contract term, when the reset rate falls below the MYG rate.
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