| US 7,613,644 B1 | ||
| Annuity having interest rate coupled to a referenced interest rate | ||
| Donald Paul Abbs, LaGrange, Ill. (US); and Graham Donald Ireland, Glencoe, Ill. (US) | ||
| Assigned to Allstate Insurance Company, Northbrook, Ill. (US) | ||
| Filed on Aug. 29, 2007, as Appl. No. 11/847,077. | ||
| Application 11/847077 is a continuation of application No. 11/420892, filed on May 30, 2006, abandoned. | ||
| Application 11/420892 is a continuation of application No. 10/108262, filed on Mar. 28, 2002, granted, now 7,080,032, filed on Jul. 18, 2006. | ||
| This patent is subject to a terminal disclaimer. | ||
| Int. Cl. G06Q 40/00 (2006.01) | ||
| U.S. Cl. 705—35 | 21 Claims |
| 1. A computer-implemented method of administering an annuity account comprising:
defining at a processor a base interest rate, said base interest rate being applied to the value of the account for an initial
predefined period;
defining at the processor a base referenced rate of interest as of an initial date;
for each subsequent predefined period following the initial predefined period:
(A) determining at the processor a current referenced rate of interest as of a second date;
(B) defining at the processor a total interest rate that will be applied to the value of the account during the subsequent
predefined period, wherein:
(i) if the current referenced rate of interest is less than or equal to the base referenced rate of interest, the total interest
rate will be equal to the base interest rate; and
(ii) if the current referenced rate of interest is greater than the base referenced rate of interest, the total interest rate
will be the sum of the base interest rate and an interest enhancement; and
applying at the processor the total interest rate for each subsequent predefined period to the value of the account during
the predefined period.
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