Description: The Society of Actuaries (SOA) retained Milliman, Inc. (Milliman) to conduct a research project related to product innovation. This report explores key risks and considerations for product innovation using the long-term care insurance (LTC, LTCI) industry as a case study. We identify how actuaries of all backgrounds can apply the lessons learned, and challenges overcome, by the LTCI industry to improve future innovation, product development and risk management.

Description: This article gives an overview of the key provisions in the new law, and provides an actuarial perspective on the effect the new law could have on long-term care (LTC) insurance and long-tailed health business generally.

Description: For establishing the ongoing adequacy of claim reserves for blocks of long-term care insurance, retro testing is a blunt tool, the results of which are not conclusive. Claim reserve retro tests should be reviewed by claim duration, include the impact of interest consistently, and include updated assumptions that can have an impact on claim termination rates or other factors. The new NAIC LTC Experience Reporting Forms estimated to arrive for reporting year 2008 will help modernize LTCI retro tests, providing additional accuracy and standardization. Actuaries should not wait for these forms, but rather ensure that any claim reserve analysis moves beyond a basic calendar year retro test.

Description: The implications of the new long-term care law for individuals, employers, insurers and providers, and the federal government.

Description: The implications of the new long-term care law for individuals, employers, insurers and providers, and the federal government.

Description: Panelists discuss pricing considerations on long-term care inforce contracts including: · State & NAIC regulation on premium rate changes · Challenges in implementing premium changes · Product design features like rate guarantees and limited-pay contracts From the Record of the Society of Actuaries, Volume 28, No. 3, Session 6

Description: This article discusses the problems facing long-term care insurance. These include slowing sales, large premium increases and carriers exiting the market. The author suggests that the public needs to be better educated and that insurers need to find innovative ways to design products that are sustainable, yet sufficiently affordable to be attractive to a wide variety of buyers.

Description: Full version of Long-Term Care Newsletter, April 2004, Issue No. 11.

Description: How does spousal contagion influence long-term care needs? This article provides high-level results of spousal claim analysis and discusses potential implications to the LTC insurance market.

Description: Discussion of the movement toward principle-based reserves for LTC insurance.