Description: The roots of the crisis are understood on a simplified basis, by 3 Ls: a Lack of accountability b Leverage and c Liquidity. Historically, people requiring mortgages sought their mortgages from local institutions that would conduct the evaluation and hold the risk. Loan officers of these institutions were accountable for the outcomes of their decisions – defaults were a direct reflection on their judgment. Leverage was a second key factor. Institutions guaranteed mortgages against default. The third L, liquidity, because a problem. When property values eventually evidenced their inevitable fall, defaults occurred at historically high rates.

Description: 1993 SOA Spring Meeting, San Diego. This session discussion is about the economy and its impact on Group Long Term Disability profits. Also addressed were the current LTD market environment, legislative changes, new product development, and cash flow testing.

Description: Discussion topics include analysis of actual-to-expected loss experience, tracking of pricing adequacy and competitiveness, leading indicators of financial results, profitability measurement and source of earnings analysis and similarities/differences in individual and group financial management. From the Record of the Society of Actuaries, Volume 29, No. 3, Session 36

Description: Panel session exploring a variety of issues connected to long-term disability reserve buyouts, including: · Advantages and risks for buyers and sellers · Use of appropriate reserving assumptions · Possible financial structures for a buyout

Description: Presented at September 1995 Valuation Actuary Symposium. Discusses individual disability income reserves and profit measures.