By Targeted News Service

ALEXANDRIA, Va., Aug. 1 -- New York Life Insurance, New York, has been assigned a patent (8,234,132) developed by Jodi L. Kravitz, New York, John R. Meyer, Staten Island, N.Y., and Michael J. Gordon, New York, for "methods and systems for providing longevity insurance with or without an asset based premium."

The abstract of the patent published by the U.S. Patent and Trademark Office states: "The present invention provides methods and systems for providing longevity insurance by obtaining information useful for issuing a longevity insurance contract for an individual, and determining a premium or an income payment for the individual that are computed based at least in part on an individual's age at a predetermined date that income payments are deferred to. The longevity insurance contract generally provides deferred income payments for a period of time, such as for the life of the individual, beginning at a predetermined date that is after an individual's anticipated retirement, or at a predetermined date that is after the individual's life expectancy, or on or after a specified birthday of the individual."

The patent application was filed on May 4, 2007 (11/744,522). The full-text of the patent can be found at http://patft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=8,234,132.PN.&OS=PN/8,234,132&RS=PN/8,234,132

Written by Shabnam Sheikh; edited by Jaya Anand.

SH0801JA0801-767282