Description: This paper is a theoretical examination of the structure of the property-casualty insurance industry using economic theory to compare companies with agency distribution versus direct distribution. The purpose of the paper is to justify the existence of both types of distribution systems in equilibrium.

Description: This paper reports on the dimension and direction of the economic changes in Eastern Europe, states the need for actuarial training and services in the new political landscape, and outlines some ways of meeting the demand. From Actuarial Research Clearing House 1991, Vol. 1.

Description: One of the most important problems in Finance is the valuation of financial securities written on underlying assets whose prices are subject to uncertainty. This paper presents a technique to estimate the unknown stochastic volatilities by solving the inverse problem associated with the parabolic partial differential equation governing risk neutral derivative security prices. This technique can be applied in a very general multi-factor setting and numerical examples are provided.

Description: This paper describes an analysis of data anomalies on computer records on 246 federally-insured mortgages. Twenty-three of the corresponding mortgages were sampled and all were found to have identical amortization plans and to have been insured under the same insurance fund. The question posed, in probabilistic terms, is the following: How many of the remaining 223 mortgages are identical in these two aspects to the 23 sampled mortgages?

Description: The study is based on a sample of actuarial reports attached to the form 550C3, Schedule B, which were sent to the Department of Labor during the period June 1976 to May 1977.

Description: This paper discusses some powerful uses of recursive functions, including: 1. Universal life, both for the calculation of target premiums and reserves. 2. Paid-up Rider. Recursive functions can directly determine a premium that precisely matures the rider. 3. Traditional Whole Life. Reserves can be efficiently calculated when needed instead of referring to a table of stored factors. From Actuarial Research Clearing House 1993, VOL. 3.

Description: This paper presents a method for analyzing the experience of a stop-loss underwriter to develop a claim continuance table. This method is designed to deal with the limitations presented from certain limited information so as to get the most out of the available information. To the extent this approach is succesful, the credibility of the experience analysis will be maximized, thus minimizing the reliance on external data. From Actuarial Research Clearing House 1993, VOL. 3.

Description: This paper discusses the rectangulatization of the survivorship curve and some related puzzling deviations between expectations and observations. From Actuarial Research Clearing House 1991, VOL. 2.

Description: This review summarizes the key features of a stochastic model that works with non-life insurance claim incurral, accrual and reporting. More specifically it provides an overview of the claim model components, classical parameter estimators, test statistics, and forecast point estimates and error variances. From Actuarial Research Clearing House 1991, VOL. 1.

Description: This paper addresses a study of surplus with the following goals in mind: 1. Determine surplus available for financing additional business, including new ventures. 2. Facilitate measurement of financial performance by line of business consistent with reasonable corporate goals. 3. Provide a mechanism for evaluating alternative strategies based on their estimated marginal effect on the company's ability to meet the above corporate goal. From Actuarial Research Clearing House ARCH 1988, Vol. 3