Hartford Fire Insurance Compnay

Joseph M Weiss

Philip W Michalowski

Charles D Tatro

Keith E Golembiewski

Maria Leonard Andrade

C Dana Tatro

A system for administering a variable annuity account includes a processor and a memory in communication with the processor. The processor is adapted to: access from a memory storage device data indicative of actual performance over a time period of a fund within the variable annuity account; access from a memory storage device data indicative of benchmark performance of the fund; compare the actual performance data to the benchmark performance data, and store the result of the comparison in the memory; based on the results of the step of comparing, determine whether to refund to the account an amount; if the amount is to be refunded, access data indicative of the refund amount; access data indicative of the asset value of the account; determine an updated asset value based on the asset value and the amount to be refunded; store the determined updated asset value in a memory storage location; and provide an output signal including data indicative of the change in the asset value of the account.

System and method for administering variable annuities

A computer system for processing data relating to a deferred variable annuity contract during the accumulation phase includes a data storage device storing data relating to the deferred variable annuity contract, including a payment base value, a contract value, a withdrawal percent, a birth date of a relevant life, and a formula for determining, based on the withdrawal percent and a withdrawal base value, an available periodic benefit payment amount that does not decrease the payment base; and a processor. The processor is configured to determine a withdrawal percent applicable to a date, based on whether the date is prior to a date of a selected birthday of the relevant life.

Method and system for a deferred variable annuity with benefit payments as a function of an age-based withdrawal percent

A method for determining one or more features of an annuity includes receiving data indicative of a prospective annuitant's personal expenses in at least a first expense category and a second expense category; storing the data in memory; accessing price index information for the first expense category; accessing price index information for the second expense category; accessing general price index information; and based on factors including the price index information for the first expense category, the price index information for the second expense category, and the general price index information, determining a benefit increase rate of an annuity for the prospective annuitant; and providing an output indicative of at least the determined benefit increase rate.

System and method for use in connection with an annuity

A computer implemented data processing system and method administers a deferred variable annuity contract during the accumulation phase for a relevant life. The annuity contract has a payment base value, a contract value, and benefit payments. A maximum annual benefit payment withdrawal amount available without reducing the payment base value is calculated by multiplying the payment base value by a factor including a deferral bonus percent, which is a function of a number of years deferred by the relevant life until taking a first lifetime benefit payment.

Method and system for processing data related to a deferred annuity with available benefit payments and a deferral bonus

A system for data processing for an account of a financial product has a processor and a memory. The processor receives an account value and a charge applicable to the account based on a fraction of the value of the account; on a basis of a second period, shorter than a first period. Throughout the first period, the processor calculates a fractional charge based on the value of the account, and updates the account value by decrementing the account value in the amount of the fractional charge. At the end of the first period, the processor compares a charge for the first period based on the account value on one day during the first period to a sum of the fractional charges for the first period, and increases the account value by the difference if the first period charge is less than the sum of the fractional charges.

System and method for processing data related to charges applicable to investment accounts

A system for administering an insurance account includes a processor; a memory in communication with the processor; the processor being adapted to: access data indicative of a value of an index calculated based on a formula including as factors prices of individual equity securities; access data indicative of dividend yield; access data indicative of an asset value of an insurance account having a value based on the index; determine an updated asset value of the insurance account based on change in the index and on the dividend amount paid; store the determined updated asset value in the memory; and provide an output signal indicative of the determined updated asset value.

System and method for processing data relating to annuities

A computer-implemented process for processing data related to an investment product having a guarantee of withdrawals available on a periodic basis includes receiving by a processor data indicative of a request for a withdrawal from an account of the investment product, the amount of the withdrawal, aggregated with amounts of any other withdrawals during a current time period, being no more than a maximum amount available for withdrawal during the time period in accordance with the guarantee. The processor determines based on the current account value and data indicative of the guarantee whether the entire amount of the withdrawal is to be deducted from the account value, and responsive to determining that less than the entire amount is to be deducted, determines the amount to be deducted from the account value.

Method and system for processing data related to a deferred annuity having a minimum contract value

A system for administration of an insurance annuity account has a processor and a memory. The processor receives a net asset value of the account at a commencement of a first period and a charge applicable to the account based on a fraction of the net asset value of the account; on a basis of a second period, shorter than the first period, throughout the first period: the processor calculates a fractional charge based on the net asset value of the account, and updates the net asset value by decrementing the net asset value in the amount of the fractional charge. At the end of the first period, the processor compares a charge for the first period based on the net asset value of the account on one day during the first period to a sum of the fractional charges for the first period, and increases the net asset value by the difference if the first period charge is less than the sum of the fractional charges.

System and method for administration of costs related to annuities

A computerized financial instrument management system has a data storage device storing data indicative of an account balance based on deposits, withdrawals and changes in value of investments selected by an owner, a payment base value, a guarantee of availability of benefit payments for a term, during time periods during the term, without reduction of the payment base value; and withdrawal factor values correlated with dates after a first of the benefit payments and increasing after the first of the benefit payments. A processor is configured to determine, for any of the time periods, an available amount of the benefit payment, based on data indicative of a withdrawal factor value and at least one of a payment base value and either the payment base value or the account value.

Computerized method and system for processing data related to a financial instrument having guaranteed benefit payments

A computer-implemented method for administering an annuity product includes storing by a processor in memory an amount of an initial funding payment, an interest rate formula and a term for an accumulation annuity, and storing terms including a deferral term for a guaranteed income annuity. If the processor determines that the current time is during the term, the processor calculates an amount of interest earned on the fixed rate annuity and storing in memory a credit of the calculated interest amount to a guaranteed income annuity. After the accumulation period, the processor provides an output signal indicative of instructions to provide a notice of expiration. After the deferral period, the processor calculates an income annuity payment amount from the guaranteed income annuity; and provides an output signal indicative of instructions for a payment to be made to an annuitant based on the income annuity payment amount.

System and method for administering annuities

System and method for administering fixed index annuities

A computer implemented data processing system and method processes data relating to a deferred annuity contract during the accumulation phase for a relevant life. The system is configured to determine an amount of an available benefit payment, available on a periodic basis for withdrawal without reduction of a payment base value, the available benefit payment amount being based on a withdrawal percent value and one of a payment base value and a contract value. The withdrawal percent value increases automatically after a first of the benefit payments.

Method and system for processing data for a deferred annuity with available benefit payments related to an increasing withdrawal percent

A computer implemented data processing system and method processes data associated with a deferred variable annuity contract during the accumulation phase for a relevant life. The annuity contract has a payment base value, a contract value, and available benefit payments. The system stores data indicative of a payout period having a duration greater than a year and a maximum total withdrawal percent for the payout period. The product of the maximum total withdrawal percent and the payment base value is a maximum benefit payment amount that may be withdrawn during the payout period without reducing the payment base value.

Method and system for a deferred variable annuity with flexible benefit payments

A computer implemented data processing system and method administers a deferred variable annuity contract during the accumulation phase for a relevant life. The annuity contract has a payment base value, and a contract value. Administration of the product determines whether a step-up of the payment base value is applicable. If applicable, the product determines a step-up, wherein the step-up is guaranteed at a predetermined percentage. The investments of the deferred variable annuity contract are not limited to a specific asset allocation in order to qualify for the step-up provision.

Method and system for a deferred variable annuity with lifetime benefit payments governed by an age-based withdrawal percent

Method and system for providing a deferred variable annuity with lifetime benefit payments related to a withdrawal percent and a deferral bonus percent

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Glastonbury, CT, United States of America

Joseph M Weiss