Description: Presented at the April 1985 Spring Meeting. More agents are becoming independent. Discussion covers how to support and do more for them, and their impact on product design.

Description: This session from the 1983 SOA Vancouver Meeting reports on Society of Actuaries antitrust review, the reasons for the review and the view of the recent work on Dividends and Other Non-Guaranteed Elements in Life Insurance and Annuities. From Record of Society of Actuaries Vol. 9, No. 3

Description: Panelists, along with significant audience participation, discuss the proposed changes in tax law for life insurance [which became Section 7702A], company reactions [especially regarding in-force-dividend policy] to the dropping new-money yield rates available, the nascent long-term-care-insurance [LTCI] and accelerated death benefit [ADB] coverages, group universal life products [GULPs], leveraged corporate-owned life insurance [COLI], and the impact of the recent stock-market dip on variable universal life [VUL] sales. From the 1988 Record of Society of Actuaries, Vol. 14, No. 2.

Description: This session discussion is about the insurance industry is unique in the form of the financial instrument offered to consumers. Products earn long-term interest rates yet generally guarantee cash out without loss of principal. From Record of the Society of Actuaries Vol. 15, No. 3A.

Description: The following topics were discussed at concurrent sessions: 1. Pension benefit security bill, 2. Variable insurance products, 3. Trends in hospital and medical care utilization, 4. Insurance distribution and marketing systems, 5. Deferred and incentive compensation, 6. Annual Statement accounting, 7. Social Security and employee benefits in western Europe, 8. Individual medical expense insurance, 9. Reserves and related problems for variable annuities and cost-of-living benefits, 10. Topics for consulting actuaries, 11. Profit and other objectives in group operations, and 12. Life insurance operations overseas- problems and opportunities. From Transactions of Society of Actuaries, 1969 Vol. 21 Pt. 1 No. 61.

Description: This paper, originally published in 1969 in Transactions of Society of Actuaries Vol. 21, presents an analysis of the basic actuarial theory for life insurance policies with fixed premiums and variable benefits reflecting the investment performance of a separate account, where in its basic form, the policyholder bears the entire investment risk. The paper discusses various regulatory and other changes that would be needed or desirable, as well as variation in design such as minimum guarantees. Significant discussion is included, with over twenty individuals contributing in addition to the authors. The introduction to the Monograph notes that while not the first paper on this topic, it “clearly established the framework for subsequent developments of variable products.”

Description: This paper presents multiple book reviews: Reports from Staff of U.S. House of Representatives Committee on Ways and Means and U.S. Senate Committee on Finance, Reports in Connection with Social Security Legislation 1975-77, 'Statement on Cost Comparisons of Individual Life Insurance Policies', by Canadian Institute of Actuaries, 'Investment Activities of Life Insurance Companies' from Huebner Foundation Lectures, 'The Life Insurance Industry's Marketing Dilemma' by Johns, 'The Future of Social Security' by Munnell, 'Social Security - Today and Tomorrow' by Ball, 'Mortality Table Construction' by Batten, 'Mortality Table Construction' by Batten, 'The Crisis in Social Security - Problems and Prospects' by Boskin, 'A History of Interest Rates' by Homer, 'Indexation of Pensions and Other Benefits' by Robert Myers, 'Life Insurance Accounting' by Strain, '1978 Annual Report of the Board of Trustees of the Federal Hospital Insurance Trust Fund...' by US Congress. Brief summaries of additional readings are also included.

Description: The panel discussed conservation strategies for permanent and term insurance. Topics included: 1.Impact on in-force business from new products e.g., continuous reduction in ART rails, non-smoker discounts, universal life: increased policy loans?, replacements?, lapses?, surrenders and _exchanges? 2. Responses from companies: e.g. extension of new cost methods to existing policyholders?, Field compensation when replacing existing business?, internal conservation functions?, update programs policyholder/agent communication strategies? applicability of new products to in-force policyholders. 3. Interest groups which must be considered and differences between stock vs. mutual companies? e.g. Policyholder, agent/broker, management, stockholders, prospective policyholder, legal/regulatory forces IRS, SEC, state insurance departments. 4. Appropriate financial considerations and anticipated results? Is stonewalling a viable alternative? GAAP effects statutory effects use of reinsurance field force compensation/survival, anticipated future mortality results, Federal Income Taxes.

Description: Panelists provide regulatory updates about risk classification [including AIDS application issues], valuation and nonforfeiture, and cost disclosure. From the 1987 Record of Society of Actuaries, Vol. 13, No. 2.

Description: Discusses status of compliance with NAIC Annual Statement Blank requirement, survey of regulatory responses to interrogations, comments of the American Academy of Actuaries Task Force on first year results, and use of non-guaranteed elements in sales presentations. From the 1988 Record of Society of Actuaries, Vol. 14, No. 3.