Financial instrument utilizing an optional benefit election

US8266035B2 · kind B2 · utility

Assignee

• The Prudential Insurance Company of America · US

Inventors

• Peter C. Carlson · Town of East Granby, US
• Mark J. Foley · Menlo Park, US
• Brent W. Walder · Ellington, US

Key dates

• Filing date: Feb 25, 2011
• Grant date: Sep 11, 2012
• Expiry date: Feb 25, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/08
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A data processing system for managing an annuity account associated with a first provision entitling a beneficiary to monetary transfers for a duration of time extending for the life of a first designated party and a second provision granting an option to modify the duration of time. The data processing system includes one or more processors and one or more memory devices storing logic. The logic is operable when executed by the one or more processors to determine whether an option has been elected and, based at least in part on the determination, process one or more monetary transfers to the beneficiary.