Financial instrument utilizing an optional benefit election
US7698201B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Sep 14, 2006 |
| Grant date | Apr 13, 2010 |
| Priority date | — |
| Expiry date | Aug 26, 2028 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/08
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
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with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.