Description: An update on the principle-based reserves (PBR) process and possible valuation manual adoption, with recommendations to actuaries on how to prepare.

Description: “Non-traditional” guarantees refer to guarantees that are in addition to traditional mortality, expense, and interest guarantees. Examples of such types of guarantees are death and living benefits on variable annuity contracts and no-lapse guarantees on universal life or variable universal life products. The purpose of this paper is to offer practitioners an overview of the various issues concerning the pricing of these guarantees, the many other issues which need to be analyzed and addressed in the determination of risks and the management of the block of business, and the results of a company survey of practices. This paper is based on the working knowledge of the authors, a broad compilation of literature and the company survey results. At the end of most sections of the paper, we have provided a list of resources which we have selected as some of the best sources available for those practitioners interested in researching the subject matter further.

Description: Discussion of the Veterans Insurance Act of 1974

Description: This article provides some insights into the creativity employed in cash flow testing to help ensure the sound survival of small companies that have limited means.

Description: Revenue Procedure 2001-42 Rev. Proc. 2001-42, established a permanent avenue for companies to correct inadvertent modified endowment contracts, or MECs. This article discusses this new Procedure.

Description: Summary of 2017 Milliman broad- based survey on term life insurance, providing benchmarking for carriers active in the term life market.

Description: From the Record 1976 Vol. II, No. 4, this presentation is from a concurrent session at the Society of Actuaries 1976 Annual Meeting, held in Toronto, Ontario October 20-22. In this session, the presenters discuss the current problems with policy loans in the current interest rate environment, covering topics such as legal considerations, allocation of investment income, pricing, sales problems, and policyholder considerations.

Description: This article is a book review of Life Insurance Company Investment Activities, Huebner Foundation Lectures, edited by J. David Cummins, and published for the S.S. Huebner Foundation for Insurance Education by Richard D. Irwin, Inc. The author notes it has been 25 years since a similar work was published by the Huebner Foundation, and that the new book does a good job of capturing the many changes that have occurred in that time. The article summarizes the book’s discussion of various topics, including investment strategy, types of investments, the impact of inflation, and investment regulation.

Description: Presented at May 1986 Spring Meeting. This session discussion is about types of products involved, accounting alternatives, federal income tax considerations, status of FASB proposal, requirements of SEC, and asset/liability matching requirements of regulators.

Description: Life Insurance 2020 Foresight e-book of essays including introduction