Method and system for providing minimum contract values in an annuity with lifetime benefit payments
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United States of America Patent
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May 24, 2011
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app pub date -
Jan 23, 2009
filing date -
Apr 21, 2007
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Abstract
A data processing method administers a deferred annuity contract during the accumulation phase for a relevant life. The annuity contract has a contract value, a guarantee of lifetime benefit payments and a minimum contract value. Administration of the contract determines a minimum contract value, while paying a lifetime benefit payment less than the minimum contract value and a guaranteed death benefit not less than the minimum contract value. The lifetime benefit payment does not reduce the contract value below the minimum contract value.
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