Patent ID: 7660757

Claim:
A system for administering a deferred annuity product, during the accumulation phase, comprising: a receiver for receiving information regarding issuing said deferred annuity product, for receiving information regarding selecting a reset interest rate, for receiving information regarding selecting a guaranteed interest rate, and for receiving information regarding whether to adjust said reset interest rate during said accumulation phase, wherein said deferred annuity product has a predefined term and an account value, and further wherein said information is transmitted from a transmitter of or associated with an annuitant; and a processing module for determining said reset interest rate, for determining said guaranteed rate, and for determining whether to adjust said reset interest rate at predetermined time interval or intervals, wherein said determination to adjust said reset interest rate is chosen by said annuitant, and further wherein said processing module is at or associated with a provider of said deferred annuity product, wherein said system determines whether said annuity product is issued at said reset interest rate, and further wherein said system determines whether said reset interest rate is below said guaranteed interest rate at said predetermined time interval or intervals if said annuity product is issued with said reset interest rate, and wherein said system converts said reset interest rate to said guaranteed interest rate after said system determines that said reset interest rate is below said guaranteed interest rate and also determines that adjusting said reset interest rate is selected by said annuitant, and further wherein said system locks said deferred annuity product at said guaranteed interest rate for the remainder of said predefined term.