Description: This report presents a new set of select and ultimate expected individual life insurance lapse tables, based on inter-company experience of standard ordinary business between 1971-1972 policy anniversaries. Discussion includes overview of how the data was collected and how the tables were constructed and how they should be applied in practice.

Description: The objective of this paper is to analyze the nature of the probability density function of rates of return on common stocks, to develop a simulation model for evaluating the net risk premium for an asset value guarantee at the end of a specified investment period under an equity-based product and to analyze the sensitivity of the net risk premium to changes in several underlying parameters. From Transactions of Society of Actuaries 1969, Vol. 21, Pt. 1, No. 61.

Description: This is a discussion of papers presented at eariler regional meetings. From Transactions of Society of Actuaries 1969, Vol. 21 Pt. 1, No. 60

Description: This paper discusses the pricing of bond options and interest-sensitive cash flows by discrete state/time models such as binomial lattices. Current binomial models are faulty because the put-call parity relationship may not hold for all periods and there may exist negative interest rates. This paper presents a binomial model without such riskless arbitrage opportunities. This model allows the initial term structure of interest rates to be prescribed exogenously, so that the model price for each stream of fixed and certain cash flows is the market price.

Description: This paper discusses the purpose and nature of the benefit ratio [otherwise known as active life] reserve in relation to the class of health insurance contracts to which it is intended to apply. From Transactions of Society of Actuaries 1988, Vol. 40, Pt. 1.

Description: This report presents mortality under individual immediate annuities, life income settlements, and matured deferred annuities between the 1971 and 1976 anniversaries.

Description: This paper describes some of the minimum guaranteed death and maturity benefits that have been offered or proposed in conjunction with variable annuity contracts, proposes prospective reserves for these guarantees based on change factors that are somewhat analogous to interest factors used in typical life reserves, and proposes a set of change factors.

Description: This paper presents a method involving re-sampling 'with replacement but without random numbers', numerical convolutions for sums and quotients, and estimation of confidence intervals for trend in average size claim. In this paper, this method is applied to major medical claims.

Description: This article describes the development of the uninsured pensioner, UP-94 Mortality Table, including a comparison with other tables and description of projection methodologies using Projection Scale AA.

Description: This paper by the SOA Committee on HIV research builds on past work to show three projections of the future of the AIDS epidemic. These scenarios can provide information to actuaries in considering the financial impact of AIDS for life and health insurance. The paper develops general population AIDS mortality rates related to the three scenarios. From Transactions of Society of Actuaries 1990, Vol. 42.