Description: This paper develops a formal framework to model the behavior of individual and small group health insurance policies in a competitive market. In this framework, anti-selective lapse is not assumed, but arises as a result of rational consumers seeking the best value in a competitive market where the premium rates are restricted by law. The authors obtain a model that addresses a number of fundamental questions which have not been fully answered previously, including the effect of price-induced anti-selective lapse on the mix of insureds in a block and the optimal renewal price to maximize the aggregate profit of a block.

Description: This report summarizes the results of a company survey of select period mortality assumptions. This project was sponsored by the SOA’s Product Development Section and the Committee on Life Insurance Research.

Description: Report on the Lapse and Mortality Experience of Post-Level Premium Period Term Plans

Description: This paper traces the background of the surgeon general's 1979 report on smoking, highlights its principle conclusions with respect to mortality, and summarizes its findings regarding socioeconomic and demographic differences between smokers and nonsmokers. From Transactions of Society of Actuaries 1980, Vol. 32.

Description: 1984 Study covering experience of individual disability loss-of-time policies for 1982-1983. The study separates the first year of the benefit period, and combined second and third year experience of the benefit period. From Transactions of Society of Actuaries 1984 Reports

Description: The impetus for this paper is a concern that a unification of pricing, valuation, and management-basis financials may be essential to ensure the viability of life insurance companies in the variable economic environment of the foreseeable future, which will have serious effects on interest-sensitive products. The paper offers hypotheses on which any unification should be based. The proposed unification is structured on an equity capital management approach and on a variation of the level-return-on-equity accounting method. Discussions of this paper are included.

Description: This paper illustrates a procedure for analyzing the sources of profit under FAS 97 and suggests an analytical procedure for reflecting actual experience and revised future assumptions in the recalculation of the estimated gross profit defined by FAS 97.

Description: This is the report of the findings from the Retirement Plan Preference Survey.

Description: The Society of Actuaries’ Committee on Finance Research is pleased to make available a research report that develops a framework for applying deep learning and reinforcement learning techniques to optimal dynamic strategic asset allocation for Liability Driven Investment (LDI).

Description: In March this year a charter for the new corporation, the College Retirement Equities Fund, was granted by the State of New York and it is expected that within a few months the Fund will begin operations as a supplement to TIAA annuities. The purpose of this paper is to describe this rather novel type of corporation, which presents some unusual and interesting actuarial problems. Comparisons of the performance of fixed annuities vs. variable annuities are provided.