Description: This paper introduces the symbolic valuation, a stochastic valuation which allows flexible interest rate and cash flow assumptions, and provides an illustration which values a simple SPDA product. From Actuarial Research Clearing House 1992, Vol. 1.

Description: Article explores why many integrated delivery systems are struggling and what actions they need to take to succeed.

Description: The article focuses on the policyholder tax considerations specific to various types of contracts sold by life insurance companies. When evaluating merger and acquisition or reinsurance transactions, buyers need to be aware of the product tax compliance (PTC) requirements and evaluate any associated risks

Description: 1994 SOA Spring Meeting, Orlando. In this teaching session, techniques were presented to get the optimal result with the least effort. Techniques discussed: 1. Look at the whole process, working backwards from the result. 2. Look at all of the pieces of the job and redesign. 3. Bring technological tools into the process.

Description: Validating innovative ideas by prototyping and testing. This is wrap-up to the Process of Innovation series.

Description: This article provides a brief overview of the current state of machine learning (ML) and artificial intelligence (AI) as they apply to actuarial science, including discussion around the integration of actuarial judgment with ML and AI. It concludes with an example of explainable ML through a python tool known as SHAP (SHapley Additive exPlanations), which is able to explain the key drivers behind individual ML or AI predictions.

Description: This paper applies the research in Prospect Theory of Kahneman and Tversky to explain why sales of annuities lag sales of life insurance products. The author theorizes that life insurance is easier to sell because customers perceive themselves to be in the domain of losses, while potential annuity customers perceive themselves to be in the domain of gains. Kahneman and Tversky showed us that people are mostly risk averse in the domain of gains and risk seeking in the domain of losses. Purchase of an annuity or life product is a risky investment. Customers will find it easier to take the risk in the life insurance domain of losses than the annuity domain of gains. The author then proposes a hybrid life annuity product that might address both mortality and longevity risk in one product that would allow both products to be more competitive than stand-alone products.

Description: Read the October 2019 issue of Health Watch, published by the Health Section. Practical information for actuaries, articles impact sections, section activities. This is the first digital-only issue of the newsletter.

Description: The interest-adjusted method has come to be the most widely accepted method for comparing costs of individual life insurance policies. This paper presents a relatively simple modification of the interest-adjusted cost method that serves more general purposes satisfactorily. From Transactions of Society of Actuaries 1980, Vol. 32.

Description: This reinsurance refresh session will review different types of reinsurance, main reinsurance regulations and resources, key reinsurance treaty provisions, as well as recent developments in reinsurance. We will also introduce LEARN, an education initiative sponsored by the SOA Reinsurance Section to help improve communication with regulators.