Patents by Inventor Timothy J. Ruark

Timothy J. Ruark has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Reinsurance system for variable annuity contract with guaranteed minimum death benefit
    Patent number: 7853460
    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.
    Type: Grant
    Filed: November 5, 2001
    Date of Patent: December 14, 2010
    Inventor: Timothy J. Ruark
  • Reinsurance system for variable annuity contract with guaranteed minimum death benefit
    Publication number: 20030088430
    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.
    Type: Application
    Filed: November 5, 2001
    Publication date: May 8, 2003
    Inventor: Timothy J. Ruark