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System and method for processing and administering immediate and deferred guaranteed income payments

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Title: System and method for processing and administering immediate and deferred guaranteed income payments.
Abstract: A system is provided for administering immediate and deferred payments in any of a plurality of different payout schemes selected by a purchaser to accommodate varying retirement income needs. The system can be configured to administer an immediate income annuity where payments start within a predetermined time period year and the system can also administer a deferred payout annuity through a single dual natured payout contract. Additional options available for administration by the system include options to permit the contract owner to change the annuity commencement date and the ability to commute future period certain periodic payments into a single lump sum payment. ...


Browse recent Hartford Fire Insurance Company patents - Hartford, CT, US
Inventors: Patricia L. Harris, Stephen T. Joyce, Ken A. McCullum, Richard P. Rubin
USPTO Applicaton #: #20120101857 - Class: 705 4 (USPTO) - 04/26/12 - Class 705 
Data Processing: Financial, Business Practice, Management, Or Cost/price Determination > Automated Electrical Financial Or Business Practice Or Management Arrangement >Insurance (e.g., Computer Implemented System Or Method For Writing Insurance Policy, Processing Insurance Claim, Etc.)

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The Patent Description & Claims data below is from USPTO Patent Application 20120101857, System and method for processing and administering immediate and deferred guaranteed income payments.

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CROSS-REFERENCE TO RELATED APPLICATIONS

This application claims priority benefit of and is a continuation of U.S. patent application Ser. No. 12/335,742, filed Dec. 16, 2008, which is a continuation-in-part of U.S. patent application Ser. No. 11/654,489, filed Jan. 17, 2007, now U.S. Pat. No. 8,010,388, issued Aug. 30, 2011, and claims priority benefit of U.S. Provisional Application No. 60/778,477, filed Mar. 2, 2006, and claims priority benefit of U.S. Provisional Application No. 61/188,963 filed Aug. 14, 2008, the entire contents of all of which are herein incorporated by reference for all purposes.

FIELD OF THE INVENTION

The present invention generally relates to the field of financial services computer systems, and particularly to computer systems for administering guaranteed income payments.

BACKGROUND OF THE INVENTION

Traditional lifetime retirement income sources such as social security and pensions are playing an increasingly smaller role in modern retirement income planning and strategies. As the level of benefits provided under once robust pensions plans dwindle and the stability of the social security system itself is questioned, other sources of retirement income have become increasingly more important. Furthermore, coupled with longer lifespans, continued inflation and financial markets volatility, retirement poses many challenges for current generations. An increasing concern of many retirees (and those approaching retirement) is the possibility of outliving one\'s assets.

Guaranteed income annuities can overcome many of these retirement challenges and provide security and certainty for individuals. By providing lifetime or period certain streams of guaranteed income, (or a combination of both these income annuities can meet many post retirement income needs and assure retirees of guaranteed income to support their lifestyles. Current variations of guaranteed income annuities are offered as either a separate immediate annuity or as a separate deferred annuity. Immediate annuities have periodic annuity payments that begin within one year of the purchase date of the annuity contract. In contrast, deferred annuities have payments that begin more than 12 months after purchase of the annuity contract, and in one manifestation (longevity insurance which defers payouts to an age at or around life expectancy) can provide a useful backstop to the investment strategy of a retiree

Currently, in order to compare the relative benefits of an immediate to that of a deferred annuity, an agent would have to view illustrations from two separate and distinct annuity products. This is primarily due to the fact that conventional deferred annuities must meet complex state insurance laws and special distribution requirements given the delayed aspect of the payout stream. These stringent requirements are similar to other accumulation-type annuities with account balances that have not been annuitized, e.g., variable annuities which offer a variety of mutual fund and equity investment accounts (which only allow annuitization to begin at the time of election), fixed annuities and modified guaranteed annuities. On the other hand, immediate payout annuities are exempt from both the state insurance nonforfeiture laws and the distribution ownership limitations. Such disparate regulatory treatment has made these types of annuities difficult for consumers to compare, contrast and actually benefit from since each has to be modeled and purchased separately.

Accordingly, it would be desirable to have a system which could offer and administer a guaranteed income product with both the benefits of both immediate and deferred annuities as well as offering consumer greater flexibility with respect to the payments to be made and permitting the insurance agent to easily provide a potential consumer with a broad range of income annuity options in a concise manner of comparison.

SUMMARY

OF THE INVENTION

The present invention relates to a computer system for processing a guaranteed income annuity having both immediate and deferred payout options in a single guaranteed income contract. The system includes a communications component adapted to receive information relating to the immediate and deferred payout options in the single contract, wherein the information further includes at least a contract issue date, a commencement date and an amount of an initial premium. The system further includes a processor coupled to the communications component, the processor adapted to process the information including at least the contract issue date, the commencement date and the amount of the initial premium, a memory in communication with the processor, the memory adapted to store the contract issue date, the commencement date and the amount of the initial premium, the processor further adapted to determine one or more payment amounts based on the stored contract issue date, commencement date and amount of an initial premium, the memory further adapted to store the determined payment amounts; and the processor further adapted to provide an output signal indicative of instructions for one or more payments to be made based on the stored payment amounts, wherein the payments may be either immediate or deferred arising out of the single guaranteed income contract.

One embodiment of the present invention is a system for providing and administering a flexible guaranteed income annuity which allows a contract owner to either select immediate annuity payments or defer annuity payments for a later date. The system administers a base annuity contract which constitutes an immediate annuity and through a deferred annuity commencement rider, the annuity contract becomes a deferred payout annuity, thus enabling a single contract form to satisfy the entire spectrum of income or payout annuities that would be used for retirement income planning. The system is further adapted to administer an optional annuity commencement date change rider that under certain circumstances allows the contract owner to make a one-time change to the annuity commencement date. The system is also adapted to administer an optional annuity commutation rider that permits the to commute certain types of any benefits into a single lump sum cash payment equal to the present value of the commuted annuity payments.

Another embodiment of the present invention is a system for administering an individual fixed payout annuity product is provided and comprises an electronic communication device for receiving information for the payout annuity, where the information includes an annuity commencement date from a selection of immediate and deferred options, an issue date and an annuity payment option. A computer is coupled to the electronic communication device for receiving a premium payment. The computer is utilized for determining the annuity payment option selected and for calculating guaranteed periodic annuity payments having the annuity commencement date. The computer is also used for modifying guaranteed periodic annuity payments based on one or more commutation options.

In one embodiment, the present invention is a computer implemented method for administering a fixed payout annuity product having immediate and deferred options available in a single contract. In this embodiment, the method comprises the steps of receiving, via an electronic communication device, information for the fixed payout annuity having immediate and deferred options, the information including an annuity commencement date from a selection of both immediate and deferred options in a single contract, an issue date, annuitant information and an annuity payment amount, storing in a storage device, the annuity commencement date, the issue date, the annuitant information and the annuity payment amount, calculating in a computer central processing unit, a stream of guaranteed periodic annuity payments based on the stored annuity commencement date, the issue date and the annuity payment amount, and generating indicia indicative of payment based on the calculated payment amounts, the payment amount reflecting either an immediate or a deferred payout scenario arising out of the single contract.

BRIEF DESCRIPTION OF THE DRAWINGS

A further understanding of the present invention can be obtained by reference to a preferred embodiment set forth in the illustrations of the accompanying drawings. Although the illustrated embodiment is merely exemplary of systems for carrying out the present invention, both the organization and method of operation of the invention, in general, together with further objectives and advantages thereof, may be more easily understood by reference to the drawings and the following description. The drawings are not intended to limit the scope of this invention, which is set forth with particularity in the claims as appended or as subsequently amended, but merely to clarify and exemplify the invention.

FIG. 1 is a schematic diagram of an exemplary financial services computer configuration for implementation of a method and system of the present invention.

FIG. 2 is a schematic diagram of an exemplary financial services computer server for implementation of a method and system of the present invention.

FIG. 3 is a schematic diagram of another exemplary financial services computer system for implementation of a method and system of the present invention.

FIG. 4 depicts a flow chart of a financial services computerized process of the present invention.

FIG. 5 depicts a flow chart of an embodiment of a computer implemented financial services process of the present invention.



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stats Patent Info
Application #
US 20120101857 A1
Publish Date
04/26/2012
Document #
13341478
File Date
12/30/2011
USPTO Class
705/4
Other USPTO Classes
International Class
06Q40/08
Drawings
6



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