Description: This paper discusses the validity of model year rating for private passenger automobile coverages other than physical damage. While the techniques employed are elementary, the result is of interest to providers as well as purchasers of automobile insurance. From Actuarial Research Clearing House 1993, VOL. 3.

Description: The goal of this paper is to study how a full-range tail dependence copula would be useful in assessing tail risks in a regression setting.

Description: In the United States, the insurance industry is regulated by the individual states. To assist in uniformity, the National Association of Insurance Commissioners (NAIC) meets three times a year to review and propose model laws and assess emerging issues. This report examines the process from start to finish.

Description: Chinese translation of Financial Perspectives on Aging and Retirement Across the Generations.

Description: 1959 SOA Regional Meeting in Atlanta. This discussion covered the advantages and disadvantages of entering the pension field through Ordinary policies or Group Annuities. The panel also discussed considerations in entering the Accident and Sickness field.

Description: This is a study to perform a mortality analysis of the 1898-1902 birth cohort.

Description: Report summarizing the results of the 2015 PBITT UL with Secondary Guarantees Survey.

Description: The estimation of adequate reserves for outstanding claims is one of the main activities of actuaries in property/casualty insurance. The need to estimate future claims has led to the development of many loss reserving techniques. This paper is about the situation that occurs in claims reserving when there are negative values in the development triangle of incremental claim amounts. Typically, these negative values will be the result of salvage recoveries, payments from third parties, total or partial cancellation of outstanding claims due to initial overestimation of the loss or to possible favorable jury decision in favor of the insurer, rejection by the insurer, or just plain errors. Some of the traditional methods of claims reserving, such as the chain-ladder technique, may produce estimates of the reserves even when there are negative values. However, many methods can break down in the presence of enough [in number and/or size] negative incremental claims if certain constraints are not met. Historically the chain-ladder method has been used as a gold standard [benchmark], due to its generalized use and ease of application. A method that improves on the gold standard is one that can handle situations where there are many negative incremental claims and/or some of these are large. This paper presents a Bayesian model to consider negative incremental values, based on a three parameter log-normal distribution. The model presented here allows the actuary to provide point estimates and measures of dispersion, as well as the complete distribution for outstanding claims from which the reserves can be derived. The model applies Markov Chain Monte Carlo [MCMC] using the package WinBUGS.

Description: In computing actuarial measurements, such as the moments of present value functions for insurance and annuities, the stochastic nature of the interest rate is commonly ignored. This paper treats the interest rate as a normal random variable and presents general formulas for the mean and variance of the present value function for insurance and annuities. An example demonstrating these formulas is presented. It is found that taking the force of interest to be fixed at a mean value results in slightly underestimating the actuarial present value along with the variance for both insurance and annuities.

Description: The purpose of this survey was to gather data on how a sampling of the life insurance industry makes decisions involving lab tests. This most significant conclusions were that protective value was the biggest driving force and the chief underwriter played the biggest role.