Description: Discussion of the sensitivity of GAAP reserves to certain assumptions made and methodologies used. Followed by a discussion paper

Description: In this paper, presented at the Eastern Spring Meeting of the Society of Actuaries, held March 24-25, 1960 in Washington, D.C., the author documents the determination of elementary functions and monetary values of the 1941 CSO Mortality Table on an age last birthday basis, noting that until this time the tables had been published only on the basis of age nearest birthday. The impetus of this change was the author’s company, Metropolitan Life, having recently started issuing ordinary life policies on an age last birthday basis, the rational being the use of age nearest birthday had led to policyholder confusion and misunderstanding. Includes discussion. From the 1960 Transactions Vol. 12, No. 33.

Description: From the 1960 Transactions Vol. 12 No. 32, this ‘Discussion of Subjects of Special Interest’ addresses several topics, including the impact on juvenile insurance of guaranteed insurability riders, family policies, and others, the impact on sales to females due to the introduction of lower costs, policies allowing conversion o monthly life income, use of age last birthday, and revised policy formats.

Description: Section 818c of the Life Insurance Company Income Tax Act of 1959 provides, for companies holding other than net level premium reserves, a choice of two methods: exact revaluation or approximate revaluation to this basis. This paper discusses the impact of the choice on the level of a company's tax reserves. A discussion paper follows.

Description: This paper looks at how smaller companies are expanding their operations in the disability income, accident and sickness field, what the problems and the expectations of satisfactory financial results are and how the Society can assist members in the constructive development of this business. A discussion of waiver of premium riders on life insurance policies was also discussed.

Description: This discussion looks at the probable effects on the life insurance business due to recent changes in Social Security law and whether companies and group/self-administered retirement plans have made changes because of the amendments.

Description: Presentation of proposals that are designed to further improve actuarial education by anticipating educational needs based on future change in the nature of actuarial work. The paper is divided into three sections: I. Current and Past Education of Actuaries II. Actuaries as Customers for Education and III. The Future Educational Needs of Actuaries and How These Needs Might Be Implemented. Followed by several submitted discussion papers.

Description: In this paper, the author presents the statutory and regulatory rationale for the Internal Revenue Service, ‘IRS,” position on integration. The author discusses the integration requirements under IRC Section 401a which must be met for a private pension plan to receive favorable tax treatment, including the prohibited discrimination requirement. From the 1982 Transactions Vol. 34.

Description: This is the presidential address by former President of the Society of Actuaries, Malvin E. Davis. His topic was the current position of the American United States and Canadian life insurance actuary, the problems that face him and the Society of Actuaries, and what the Society should do to address those problems.

Description: This paper develops a tool that may be useful in explaining the differences between earnings that are reported under GAAP and profits that are expressed as an internal rate of return.