Patents Assigned to The Prudential Insurance Company of America
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Patent number: 7974898Abstract: A system for providing stabilized annuity payments, the system comprising a processor, a memory, and a computer program stored in the memory. The computer program allocates the risks associated with an investment to the potential beneficiaries of the annuitant by controlling the allocation of assets between two investment pools. The annuitant pool is the pool on which annuity payments are based and the beneficiary pool contains assets that are provided to the beneficiaries upon the death of the annuitant. The beneficiary pool is used as a cushion to isolate the contents of the annuitant pool from fluctuations in value. If the underlying investments perform poorly, assets from the beneficiary pool are reallocated to the annuity pool in order to maintain the existing annuity payment. If the underlying investments perform favorably, increasing in value, excess amounts above a set trigger level amount will be periodically transferred to the annuitant pool.Type: GrantFiled: July 9, 2008Date of Patent: July 5, 2011Assignee: The Prudential Insurance Company of AmericaInventors: Robert Arena, Robert Schwartz, N. David Kuperstock, Robert O'Donnell, Gordon Boronow
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Publication number: 20110145170Abstract: According to one embodiment of the invention, a financial instrument includes an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party.Type: ApplicationFiled: February 25, 2011Publication date: June 16, 2011Applicant: The Prudential Insurance Company of AmericaInventors: Peter C. Carlson, Mark J. Foley, Brent W. Walder
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Publication number: 20110145169Abstract: One embodiment of the invention is a method for providing a financial instrument including determining a current account balance for a financial account, calculating a liability ratio for the financial account, and determining whether to transfer at least a portion of the account balance from a variable sub-account to a low-risk sub-account based on the liability ratio.Type: ApplicationFiled: February 17, 2011Publication date: June 16, 2011Applicant: The Prudential Insurance Company of AmericaInventors: Jacob M. Herschler, Daniel O. Kane, N. David Kuperstock, Robert Francis O'Donnell, Steven Lee Putterman, Dain Eric Runestad, Robert J. Schwartz, Nicholas Berardis, JR., John L. Grucza, Michael Albert Guido, J. Scott Dunn
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Patent number: 7962384Abstract: A system, method, and computer program product for allocating assets among a plurality of investments to guarantee a predetermined value at the end of a predetermined time period. A computer program controls the allocation of assets in the investment vehicle, which allows the investor to initially invest one hundred percent of the initial deposit in non-secure, high risk investments. At the end of the each trading day, the computer program determines if assets should be reallocated from the non-secure investments to the secure investments, from the secure investments to the non-secure investments, or if no reallocation is necessary.Type: GrantFiled: April 12, 2002Date of Patent: June 14, 2011Assignee: The Prudential Insurance Company of AmericaInventors: Robert Arena, Robert O'Donnell, Robert Schwartz, N. David Kuperstock, Tim Paris, Robert Leach, Jacob Herschler, Mike Morell, Fiona Jackman-Ward
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Patent number: 7899730Abstract: A data processing system for managing an annuity account includes one or more processors and one or more memory devices. The memory device(s) may store data indicating whether an option has been elected. In addition, the memory devices(s) may include logic, operable when executed by the one or more processors to calculate one or more fees. The fee(s) may be for a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party. In addition, the fee(s) may be for a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party. The logic may be further operable, when executed by the one or more processors, to determine whether the option has been elected.Type: GrantFiled: February 26, 2010Date of Patent: March 1, 2011Assignee: The Prudential Insurance Company of AmericaInventors: Peter C. Carlson, Mark J. Foley, Brent W. Walder
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Patent number: 7895109Abstract: One embodiment of the invention is a method for providing a financial instrument including determining a current account balance for a financial account, calculating a liability ratio for the financial account, and determining whether to transfer at least a portion of the account balance from a variable sub-account to a low-risk sub-account based on the liability ratio.Type: GrantFiled: February 6, 2007Date of Patent: February 22, 2011Assignee: The Prudential Insurance Company of AmericaInventors: Jacob M. Herschler, Daniel O. Kane, N. David Kuperstock, Robert Francis O'Donnell, Steven Lee Putterman, Dain Eric Runestad, Robert J. Schwartz, Nicholas Berardis, Jr., John L. Grucza, Michael Albert Guido, J. Scott Dunn
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Publication number: 20100332365Abstract: A method for providing a financial instrument includes determining an initial account balance associated with a financial instrument based upon an initial deposit amount, wherein the financial instrument includes an account with an account balance that changes over time. The method further includes establishing a first guarantee of a protected value, the protected value including at least an amount based upon the initial account balance growing at a minimum growth rate for a defined period of time or until one or more defined events occur, whichever is sooner; and establishing a second guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the amount comprises a percentage of the protected value at the time of a particular event, provided that the amount may vary based upon withdrawals from the account in excess of a first particular limit.Type: ApplicationFiled: August 2, 2010Publication date: December 30, 2010Applicant: The Prudential Insurance Company of AmericaInventors: Robert Francis O'Donnell, Marc Joseph Buzzelli, Robert Alan Fishbein, Jacob M. Herschler, Fiona Alexandra Jackman-Ward, Daniel O. Kane, N. David Kuperstock, Gary E. Phifer, III, Steven Lee Putterman, Polly Rae, Dain Eric Runestad, Robert J. Schwartz, Christopher Patrick Shecklev
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Patent number: 7860791Abstract: According to one embodiment of the invention, a financial instrument issued to a customer includes an account and a guarantee of a protected value. The account has an account balance that changes over time, wherein at least part of the account balance is based on an initial deposit into the account. The protected value is fixed at the time of a particular event at a value at least equal to the greatest of the initial deposit, the account balance at the time of the particular event, and the highest value of the account balance on at least one anniversary of a customer specific date between the date of the initial deposit and the time of the particular event. The customer specific date is specific to the customer, determined no later than the time the financial instrument is issued, and independent of any transaction specific date related to the financial instrument.Type: GrantFiled: September 14, 2006Date of Patent: December 28, 2010Assignee: The Prudential Insurance Company of AmericaInventor: Mark J. Foley
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Publication number: 20100318473Abstract: A system, method, and computer program product for dynamic, cost effective reallocation of assets among a plurality of investment products comprising a processor, a memory and a computer program stored in the memory. The computer program implementing the present invention controls the reallocation of assets to reduce the transactions costs associated with rebalancing the investor's composite assets according to a composite asset allocation model. Information relating to the composite asset allocation model, the investor's assets, and the investor are stored in memory. Periodically, or upon occurrence of an event, the composite assets are evaluated to determine if rebalancing is necessary. If rebalancing is necessary, the transaction costs associated with the available transactions for performing the rebalancing are compared to select the most economically favorable transaction.Type: ApplicationFiled: July 29, 2010Publication date: December 16, 2010Applicant: The Prudential Insurance Company of AmericaInventors: Robert Arena, David Kuperstock, Robert O'Donnell, Lincoln Collins
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Patent number: 7848966Abstract: In general, the invention is directed to a system for managing real estate transactions that includes a data interface and an application server. The data interface is configured to access property data for a number of properties listed for sale. The application server operatively connected to the data interface and configured to monitor a first search activity of a first buyer, where the first search activity is associated with at least one of the number of properties and monitor a second search activity of a second buyer, where the second search activity is associated with the at least one of the number of properties. The application server is further configured to generate an activity alert providing notification of the first search activity and the second search activity to a seller, where the at least one of the number of properties is listed for sale for the seller.Type: GrantFiled: July 31, 2008Date of Patent: December 7, 2010Assignee: The Prudential Insurance Company of AmericaInventors: James Michael Charuk, Russell Neill Capper, Samuel Waldon Jumper, Sean Allan Cafferky
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Patent number: 7831496Abstract: A method for providing a financial instrument includes determining an initial account balance associated with a financial instrument based upon an initial deposit amount, wherein the financial instrument includes an account with an account balance that changes over time. The method further includes establishing a first guarantee of a protected value, the protected value including at least an amount based upon the initial account balance growing at a minimum growth rate for a defined period of time or until one or more defined events occur, whichever is sooner; and establishing a second guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a designated party, wherein the amount comprises a percentage of the protected value at the time of a particular event, provided that the amount may vary based upon withdrawals from the account in excess of a first particular limit.Type: GrantFiled: April 14, 2006Date of Patent: November 9, 2010Assignee: Prudential Insurance Company of AmericaInventors: Robert Francis O'Donnell, Marc Joseph Buzzelli, Robert Alan Fishbein, Jacob M. Herschler, Fiona Alexandra Jackman-Ward, Daniel O. Kane, N. David Kuperstock, Gary E. Phifer, III, Steven Lee Putterman, Polly Rae, Dain Eric Runestad, Robert J. Schwartz, Christopher Patrick Shecklev
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Publication number: 20100228572Abstract: A method for providing a group life insurance policy with a plurality of certificates funded by a sponsor is provided. Each certificate provides a death benefit to at least one beneficiary designated by a person insured under the certificate. An initial payment is determined, which is to be paid by the sponsor in exchange for the certificates. At least a respective portion of the initial payment is allocated to each certificate. The method may further include monitoring for a non-death-related event that terminates a death benefit provided by a certificate. In response to detection of the event, a certificate is exchanged for a new certificate. The new certificate may provide a death benefit to at least one designated beneficiary. The exchanging of certificates may include reallocating to the new certificate at least a portion of the initial payment allocated to the one of the plurality of certificates.Type: ApplicationFiled: March 5, 2010Publication date: September 9, 2010Applicant: The Prudential Insurance Company of AmericaInventors: David E. Brooker, Carleton D. Burtt, Christopher D. Schott, Daniel Stringham
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Publication number: 20100228571Abstract: According to one embodiment, a method for managing a group life insurance policy with a plurality of certificates is provided. The group life insurance policy is at least partially funded by a financial account comprising one or more payments paid by a sponsor. The one or more payments are expected to fund the group life insurance policy for a multi-year period. The group life insurance policy is configured to provide life insurance coverage for a plurality of persons pursuant to the plurality of certificates.Type: ApplicationFiled: March 5, 2010Publication date: September 9, 2010Applicant: The Prudential Insurance Company of AmericaInventors: David E. Brooker, Daniel Stringham, Catherine A. Smith, Craig S. Sharf, Kenneth M. Petro, Rocco A. Mariano, JR., Rosanne J. Baruh, Carol Ann York
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Publication number: 20100217627Abstract: A computer-implemented method for facilitating the management of a financial instrument includes determining an account balance for a financial account. The financial account includes an investment portfolio and a springing guarantee of an income base for a retirement income. The retirement income includes periodic monetary transfers to be commenced at a target retirement date. Each periodic monetary transfer has a respective value based on the income base. The springing guarantee of the income base may be activated on an activation date. The account balance is stored in memory of the data processing system. The stored account balance is periodically updated based at least in part on market performance of the investment portfolio. Using a computing system, the activation date is determined based at least in part on the target retirement date and the income base is determined. A respective value is outputted for each one of the periodic monetary transfers.Type: ApplicationFiled: April 28, 2010Publication date: August 26, 2010Applicant: The Prudential Insurance Company of AmericaInventors: Mark J. Foley, Leonard C. Steiner
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Patent number: 7769659Abstract: A system, method, and computer program product for dynamic, cost effective reallocation of assets among a plurality of investment products comprising a processor, a memory and a computer program stored in the memory. The computer program implementing the present invention controls the reallocation of assets to reduce the transactions costs associated with rebalancing the investor's composite assets according to a composite asset allocation model. Information relating to the composite asset allocation model, the investor's assets, and the investor are stored in memory. Periodically, or upon occurrence of an event, the composite assets are evaluated to determine if rebalancing is necessary. If rebalancing is necessary, the transaction costs associated with the available transactions for performing the rebalancing are compared to select the most economically favorable transaction.Type: GrantFiled: February 15, 2002Date of Patent: August 3, 2010Assignee: The Prudential Insurance Company of AmericaInventors: Robert Arena, N. David Kuperstock, Robert O'Donnell, Lincoln Collins
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Publication number: 20100185560Abstract: A system, method, and computer program product for allocating assets among a plurality of investments to guarantee a predetermined value at the end of a predetermined time period. A computer program controls the allocation of assets in the investment vehicle, which allows the investor to initially invest one hundred percent of the initial deposit in non-secure, high risk investments. At the end of the each trading day, the computer program determines if assets should be reallocated from the non-secure investments to the secure investments, from the secure investments to the non-secure investments, or if no reallocation is necessary.Type: ApplicationFiled: February 16, 2010Publication date: July 22, 2010Applicant: The Prudential Insurance Company of AmericaInventors: Robert Arena, Robert O'Donnell, Robert Schwartz, N. David Kuperstock, Tim Paris, Robert Leach, Jacob Herschler, Mike Morell, Fiona Jackman-Ward
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Patent number: 7734524Abstract: According to one embodiment, a customized financial instrument, defined by at least a plurality of parameters received from a purchaser, includes an agreement by an issuer to make a stream of payments. The stream of payments is defined by the plurality of parameters received from the purchaser. The plurality of parameters includes a first date defining the date for the first payment; at least one of a second date defining the date for the last payment, a number of payments, and a duration for the stream of payments; and information defining payment amounts for each of the payments. The customized financial instrument is associated with an identification code, the identification code being issued by a third-party organization and the identification code being unique to the customized financial instrument defined by at least a plurality of parameters received from a purchaser.Type: GrantFiled: March 28, 2006Date of Patent: June 8, 2010Assignee: The Prudential Insurance Company of AmericaInventor: Dylan J. Tyson
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Publication number: 20100121778Abstract: One embodiment of the disclosure is a method for providing a secure financial plan that includes allocating all or a portion of a financial contribution to a financial account having a plurality of financial investments, periodically distributing a balance of the financial account such that a first portion of the balance of the financial account is invested in one or more investments from the of the high risk investment category and a second portion of the balance of the financial account is invested in one or more investments from the low risk investment category, such that a ratio of the first portion to the second portion is generally decreased over a period of time. The method further includes determining a base value, calculating a protected value, and an income amount based on the protected value that a beneficiary is guaranteed to receive on a periodic basis.Type: ApplicationFiled: November 10, 2008Publication date: May 13, 2010Applicant: The Prudential Insurance Company of AmericaInventors: George A. Castineiras, Christine C. Marcks
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Publication number: 20100121779Abstract: One embodiment of the disclosure is a method, performed by a sponsor offering a financial plan to a customer, for transferring risk associated with a financial plan that includes receiving indemnification from an issuer managing the financial plan, such that the indemnification indemnifies the sponsor of the financial for one or more claims brought by the customer of the financial plan and associated with a financial account, such that the financial account is associated with the financial plan and comprising one or more financial investments. The method further includes generating a notice to the customer, such that the notice notifies the customer of the customer's enrollment in the financial plan unless the customer elects to opt out of one or more features of the financial plan, such that the notice includes an opt-out. The method further includes storing an acknowledgement of the opt-out by the customer.Type: ApplicationFiled: November 10, 2008Publication date: May 13, 2010Applicant: The Prudential Insurance Company of AmericaInventors: George A. Castineiras, Christine C. Marcks, John J. Kalamarides
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Patent number: 7698201Abstract: A financial instrument includes an account with an account balance that changes over time, wherein at least part of the account balance may be discretionarily withdrawn and wherein the initial account balance is based upon an initial deposit; a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of a first designated party, wherein the transfer may be due to withdrawal from the account or due to benefit payments made to the beneficiary, provided that the amount may vary based upon withdrawals from the account in excess of a particular limit; and an option to modify the guarantee such that upon election the beneficiary may periodically receive the transfer of the amount of money for the longer of the life of the first designated party and the life of a second designated party.Type: GrantFiled: September 14, 2006Date of Patent: April 13, 2010Assignee: The Prudential Insurance Company of AmericaInventors: Peter C. Carlson, Mark J. Foley, Brent W. Walder