SAN FRANCISCO, Nov. 15, 2012 /PRNewswire/ -- ICAP Patent Brokerage announces for auction an annuities contract calculations portfolio from inventor Steve Cooperstein, which describes an innovative approach for insurance and financial services firms to harness the potential of the income annuities market. This lot will be included in the 17th ICAP Ocean Tomo IP Auction on November 29, 2012, at The Ritz Carlton in San Francisco, California.
"We are excited to offer this innovative annuity calculations tool to our global base of buyers. The package for sale is an important addition to the IP portfolios of insurance or financial services companies wishing to dominate the emerging income annuity and, even more significantly, the lifetime income retirement market," says Dean Becker, CEO of ICAP Patent Brokerage.
Key Characteristics & Benefits
The portfolio for sale includes provisions for calculating the component funding values in a life contingent annuity contract. Annuity contracts are used by individuals to invest their funds to generate retirement income. Such contracts also protect contract holders from adverse financial effects. However, insurance companies and annuity contracts often do not clearly explain to potential and existing consumers how the underlying components of an annuity contract, such as funding values and interest and life contingent rates, work to provide the enhanced income of life contingent annuity contracts. Due to this lack of transparency, potential and existing contract holders are unaware of many available options and the financial implications of their decisions.
The offered technology solves this problem by making annuity contracts more understandable. The technology provides for calculating the values of a life contingent annuity contract on the basis of the contract information, including purchase value, interest and mortality rates, and annuitant data, such as age or health rating, all of which is stored in a database. Various mathematical calculations, for example, subtracting purchase value and premium tax, and adding interest and life contingent credits, are performed on the database information to calculate values such as payout, account, and withdrawal values. These values and their interdependence, are then presented to the contract holder, making the annuity contract more understandable. As such, contract holders can become more aware of available options that further improve their decision making capabilities. Thus, the advantages that the portfolio discloses would be of value to firms engaged in insurance or financial services.
See this technical description of the annuity contract calculations IP sales offering.
To learn more about the assets available for sale in this portfolio:
Contact Paul Greco of ICAP Patent Brokerage at (212) 815-6692 or via email at Paul.Greco@us.icap.com.
Register for the upcoming event or submit IP for consideration for the ICAP Patent Brokerage auction.
About ICAP Patent Brokerage
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SOURCE ICAP Patent Brokerage