Single premium immediate annuity with adjustable payment

US7725378B1 · kind B1 · utility

Assignee

• United Services Automobile Association (USAA) · US

Inventors

• Lisa Ellis Schwartz · Helotes, US
• Phillip Neil Beyer · Fair Oaks Ranch, US
• Douglas I. Ward · Longmont, US
• Christopher Charles Ogburn · Helotes, US
• John Dale Hegstrom · San Antonio, US
• Ronald Bryan Sweet · San Antonio, US
• Sarah Brooke Severson · San Antonio, US
• Robert J. Schaffer, III · Middleton, US
• Christopher P. Keene · Spring, US

Key dates

• Filing date: Apr 13, 2007
• Grant date: May 25, 2010
• Expiry date: Jun 16, 2027

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A fluctuating annuity payment is determined and generated, and that annuity payment is subsequently fixable. The fluctuating annuity payment may be based on an interest rate, such as the market yield of a 1-year U.S. Treasury adjusted to constant maturity, for example. The fluctuating annuity payment may be determined on a certain date, or periodically, for example. The annuity payment, while fluctuating, may have a predetermined floor or minimum threshold amount that is does not pay less than. At some point, a request may be received to fix the payment, and the fluctuating annuity payment is converted to a fixed annuity payment. The fixed annuity payment may be based on a long term interest rate, for example. After receiving a request to fix the annuity payment, a payment schedule may be determined based on the value of the remaining payments that are to be made.