Timothy J Ruark

US Patent:

20030088430, May 8, 2003

Filed:

Nov 5, 2001

Appl. No.:

10/012971

Inventors:

Timothy Ruark - Simsbury CT, US

International Classification:

G06F017/60

US Classification:

705/001000

Abstract:

The invention is directed to a system for designing and administering a reinsurance plan for a variable annuity contract with a guaranteed minimum death benefit, including a means for determining a contractual guaranteed minimum death benefit for the variable annuity contract, and a means for determining a guaranteed minimum death benefit claim value from the variable annuity contract. The system also includes a means for establishing a final excess claim limit from the claim value and from the contractual guaranteed minimum death benefit of the variable annuity contract for limiting a total of guaranteed minimum death benefit claims against a reinsurer. Also included is a means for settling the claim liability after expiration of the reinsurance term, and offsetting the reinsurer liability for each first period with the variable annuity contract writer liability for preceding first periods and a successive first periods.