Description: The excess spread approach introduced in this paper addresses the true economic profitability of investment oriented products by looking at the spread between the earnings rate on the assets and the rate required to be earned on the assets to satisfy the liabilities. For many products, an important part of the liability cost is the value of interest rate options embedded in the policies. The excess spread approach incorporates an option-pricing technique that is sufficiently flexible to handle different interest rate environments.

Description: This paper presents a statistical methodology based upon information theory, for adjusting mortality tables to obtain exactly some known individual characteristics, while obtaining a table that is as close as possible to a standard one. Followed by a discussion paper submitted

Description: This people provides a derivation of continuous and curtate inequalities of life contingent functions and shows how the proofs of the continuous inequalities are of an entirely different nature from the usual proofs for the curtate inequalities Followed by discussion papers submitted by several authors

Description: This paper develops explicit relationships connecting these reserve bases, and, in the course of this development, derives several new and interesting actuarial relationships, all of which can be generalized to the case of monthly premium payment computations. Followed by a discussion paper submitted

Description: This paper develops the theoretical formula for the face amount under the New York Life variable life insurance design, introduced in the paper 'Analysis of Basic Actuarial Theory for Fixed Premium Variable Benefit Life Insurance,' adapted to a daily basis and also provides a simplified approximation of this formula. A formula for daily net premium is also derived.

Description: The purpose of this paper was to describe some of the actuarial aspects of one company's electronic system and to discuss the underlying analyses and comparison of alternatives that led to the selection of particular electronic procedures to solve certain actuarial problems. Followed by several discussion papers submitted

Description: It is the purpose of this paper to present sample calculations which demonstrate one possible actuarial approach in making the required cost analysis and illustrative costs to reinsure life risks individually under present-day conditions.

Description: This research study presents the results of termination rates which do not match the pattern of the T tables in use since first produced in the 1950. Documentation of the data included in the study and the supporting observations are set forth in this paper. From the Pension Forum, August 1992.

Description: This paper presents a model designed to help actuaries analyze and quantify C3 risk, which is the risk of loss due to changes in interest rates or the shape of the yield curve.

Description: This paper shows how actuarial pricing based on the mathematical concept of present value can be formulated and solved using Markov chains and an approach borrowed from engineering mathematics called ballistic control theory.