Description: This paper demonstrates that the variance of the loss function for n-year term is greater than the sum of the variances of the loss functions for n-year pure endowment and n-year regular endowment plans. The result is true for both single premiums and annual premium plans.

Description: This is the abstract of the paper Quasi-Monte Carlo Methods in Numerical Finance. This paper introduces and illustrates a new version of the Monte Carl method that has attractive properties for the numerical valuation of derivatives. The traditional Monte Carlo method has proven to be a powerful and flexible tool for many types of derivatives calculations.

Description: This is a simplified approach to calculating the variance of the whole life random variable in certain, very common circumstances.

Description: In this expository paper several comments are made with respect to the statistical independence of the curtate future lifetime and the fractional part of the future lifetime, both of a general status. In particular, the conditions for independence need to be stated carefully. The last-survivor status is cited as an example. More general assumptions than the uniform distribution of deaths assumption are then considered, together with applications to insurances, annuities, and reserves. Similar results to those under the uniform distribution of deaths assumption are obtained. Brief comments are made with respect to contingent probabilities in multiple lives and multiple decrement theory.

Description: The objectives of this paper are to determine the extent to which Makeham's or Gompertz's laws describe recent insurance and population mortality analyze how the constants in the two laws vary with respect to some factors and propose a simple extension to Makeham's law to account for recent departures from the laws, related to difference in sex. Presented at Actuarial Research Conference at Ball State University, September 1, 1978

Description: While we agree with the conclusions expressed by Silver and Hedges The Classical Definition of Compound Interest is Adequate by Murray Silver and Bob Hedges, ARCH 1981.2, we do not believe the theorem follows from the stated Axiom. We present an alternative proof which uses only the accumulation function and not the force of interest.

Description: Following Jorgensen and Paes De Souza 1994, Tweedie's compound Poisson distribution is fitted to private passenger automobile accident benefit data. The Tweedie process is a three parameter distribution which corresponds to a Poisson process for claim frequency with gamma distributed claim sizes. From Actuarial Research Conference 1995.

Description: Two breakout sessions were held. Their goal was to explore ways in which researchers and practitioners could be brought closer together. The following summaries were edited by Stuart Klugman from notes taken by the indicated participants: Session #1 - Bridging the gap with regard to modality and morbidity and Session #2 - Bridging the gap with regard to financial modeling.