Description: A paper demonstrating how to obviate the need for market timing strategies in variable annuity products by judicious use of product design. The paper presents the premise behind the product design, provides numerical examples, then explores possible extensions of the concept to produce more sophisticated variable annuity plans based on guarantees of investment outcomes.

Description: This article presents the benefits of return of premium term riders.

Description: This article discusses the characteristics of companies dedicated to being leaders in the Term market and the role that reinsurers play.

Description: The chairperson reviewed the accomplishments from the prior year and provided a preview of upcoming events.

Description: Letter to the editor from a reader regarding a previous article titled, “Is This Correction Good For Life Insurance,” with a response from the author of the article.

Description: A look back over 20 years to see how product topics of the day have changed and remained the same.

Description: A discussion of the Society of Actuaries study of Mortality Under Standard Individually Underwritten Life Insurance Between 1995 and 1996 Policy Anniversaries.”

Description: There are certain occasions when the knowledge we have gained in our jobs carries over into our personal lives. For instance, developing insurance products certainly helps when it comes time to buy an insurance policy. Recently, one of the authors had the experience of giving his 91-year-old grandmother, Nanny as she is affectionately called, an Extended Delayed Word Recall DWR test. This article will show that DWR tests are a powerful predictor of mortality in the elderly. As the population ages and more and more life insurance is being applied for at the older ages, having a DWR test in an underwriting arsenal is like comfort food for an actuary.

Description: The Universal Life Work Group ULWG of the American Academy of Actuaries’ AAA Life Valuation Subcommittee was formed in July 2004. Its charge is to develop a new “principle-based” approach definition follows for statutory reserves and capital requirements for life products with certain types of benefits and guarantees, where the value of the contract obligations vary significantly due to such things as future interest rates or equity returns.

Description: The IRS released the details of a program to allow life insurers to correct inadvertent failures to comply with the modified endowment MEC rules under section 7702A of the Internal Revenue Code the “Code”.