Description: This paper introduces the symbolic valuation, a stochastic valuation which allows flexible interest rate and cash flow assumptions, and provides an illustration which values a simple SPDA product. From Actuarial Research Clearing House 1992, Vol. 1.

Description: This is an abstract of the paper entitled 'Axioms for the Valuation of Payment Streams: A Topological Vector Space Approach' by Approach by S. David Promislow. From Actuarial Research Clearing House, 1994, Vol. 1

Description: This research paper explores an insurer's surplus needs and its cost of equity capital for mutual life insurance companies.

Description: This paper presents a formula for calculating the expected rate of return on shareholders' equity when an insurance company raises capital by issuing subordinated indebtedness. The ROE formula is also applicable to the case of raising capital by issuing nonconvertible preferred shares. From Actuarial Research Clearing House 1991, VOL. 2 .

Description: Interest rate modeling is discussed in this paper with special emphasis on the long and short rate model of Brennan and Schwartz. Comment is made on an unexpected aspect of the solution of the resulting partial differential equation. Also, an analysis is made of the predictive power of the term structure of interest rates. From the Actuarial Research Clearing House 1991 Vol. 1.

Description: This paper discusses the implications of the use of the fund of unreleased capital gains on common stocks as required surplus. By 'Unreleased Capital Gains' the author is talking about a situation where realized and unrealized capital gains are annually placed in a fund and a percent of that fund is released into income and/or surplus annually. Actuarial Research Clearing House ARCH 1988, Vol. 3

Description: This is the agenda for the 28th Annual Actuarial Research Conference held in Madison, WI August 19-21, 1993. From ACTUARIAL RESEARCH CLEARING HOUSE, 1994 VOL. 1.

Description: This paper explores the use of linear programming as a tool to guide policyholders in getting the most value out of their combined insurance and investment programs. Concentrating on flexible premium universal life within the tax environment of the United States, several linear programming models are developed that can be used at the point of sale, to select the most cost effective policy from those available in the marketplace, and after issue to maximize the present value of future cash flows on the policy of an insured who is in ill-health. From Actuarial Research Clearing House 1991, VOL. 3.

Description: In writing this note on the relationship between total return, duration and convexity, it was author's intent to produce a better understanding of Redington's theory of immunization. From Actuarial Research Clearing House 1991, VOL. 2.

Description: This paper discusses contracts sold by states which promised to provide tuition in the future for a fixed price. Because these contracts provide a benefit whose dollar value is uncertain at the time of sale, these contracts contain significant risks to the states and create a challenge to the actuaries who opine on the adequacy of the trust funds to provide the benefits promised by these contracts. This article discusses some of the implications of the method used by the major states to project tuition inflation and explores other possible methods. From Actuarial Research Clearing House 1993, VOL. 3.