Description: This report explains the concept and construction of the Market Consistent Embedded Value (MCEV) measure, as well as its usefulness as a profit/risk measure relative to other profit/risk measures currently used by insurance companies for various products. The knowledge from this research will assist actuaries, corporate leadaers, risk management professionals and others in understanding, implementing and comparing MCEV to current risk assessment tools utilized by insurance companies.

Description: The problem of estimation of a tabular survival model from complete samples is considered from a Bayesian approach. If a life test involves a large cohort group, then data is typically given as a grouped data set. The survival function St is usually estimated by the moment estimator. We approximate the joint prior distribution of the unknown unconditional failure probabilities by a Dirichlet distribution, and then use a linear relationship between St and the conditional survival probabilities to obtain a Bayes estimator of St.

Description: This paper is written totally under present Indian conditions, but keeping an eye on the future, when there will be number of insurers, and this model can be applied to any condition where a number of insurers already exist. The purpose of this paper is to attempt to measure, from the point of view of a potential life insurance policyholder, the quality of the insurers and the variability between them so that it will be helpful for potential policyholders to choose their insurers according to their requirements.

Description: An updated and expanded translation of the 1863 Theory of Life Insurance Premium Reserves by Dr. August Zillmer, Stettin, Prussia. This is a seminal paper for the life insurance reserve method used extensively in Europe.

Description: This paper develops a theory for the valuation of some kinds of interest sensitive cash flows. A process is derived which takes as input, assumptions about the capital markets and policy holder behaviour, and produces as output interest and decrement assumptions which can be used for conventional actuarial discounting. The methodology is illustrated using some idealized, but tractable, models of conventional non-par whole life insurance. The method is also applied to a simple Universal Life plan. The paper concludes by considering some of the problems encountered when applying the ideas to more practical problems.

Description: The following problem is from the 1968 Society of Actuaries Part 4 Examination on Life Contingencies. It is an instructive problem because it interweaves joint-life functions with single-life reserves.

Description: This paper describes methods adapted to the computer for calculating premiums and nonforfeiture values separately for each policy at its original issue and for as many changes in the policy as may be made later. It also discusses current insurance law, underwriting, substandard issues, dividends and sales illustrations. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: In this paper, a new form of CVLI better suited for today's environment and the years ahead is described. From Transactions of Society of Actuaries 1995, Vol. 47.

Description: This paper develops mathematical transformations of variable interest credit and mortality charge scales to simplify calculation of policyholder cash value accumulation and related amounts. These transformations are of theoretical as well as practical interest. Additionally, they suggest new product designs. From Transactions of Society of Actuaries 1987, Vol. 39.

Description: This paper discusses two different methods of handling ratings under adjustable life policies and compares the advantages and disadvantages of each. From Transactions of Society of Actuaries 1980, Vol. 32.