Inventors:
James L. Livingston - Centennial CO, US
Steven M. Kluever - Highlands Ranch CO, US
Clifford J. Jack - Cherry Hills Village CO, US
Assignee:
JACKSON NATIONAL LIFE INSURANCE COMPANY - Lansing MI
International Classification:
G06Q 40/00
Abstract:
Annuities are provided that specify breakpoint ranges for Mortality & Expense (M&E) rates. These breakpoint ranges may be associated with a premium payment amount and/or aggregate premium payment amount. This payment amount may fall within one of the breakpoint ranges associated with a particular M&E rate, which may be considered the maximum M&E rate for the life of the annuity. However, if a committed amount was utilized in determining the M&E rate, then the maximum M&E rate may be revised if the committed amount in the statement of intention has not been met or has been exceeded. Additionally, subsequent premium payment amounts and/or aggregate payment amounts, when accumulated with the previous premium payment amounts and/or aggregate payment amounts, may fall within another breakpoint range with a lower M&E rate. This lower M&E rate may apply to either the previous premium payment amounts or only to the subsequent premium payment amounts.