Description: This paper is written as a sequel to that on Derivation of Premium Rates for Renewable Term Insurance. It is the purpose of this paper to present a method for deriving gross premiums for renewable term insurance of contemporary design, which are virtually independent of the rates of renewal. From Transactions of Society of Actuaries 1960, Vol. 12, No. 34.

Description: This papers considers the effects of taxing nominal rather than real returns from short term deposits. A system for taxing real returns is developed. The possible results from a change in the method of taxation, to the one proposed in the paper are discussed. From Actuarial Research Clearing House 1991, VOL. 1.

Description: Automobile insurers classify the risks that they underwrite in order to subdivide the portfolio into classes of risks with similar profiles. While some insurers may have sufficient historical data, several others may not have significant volume of experience data in order to produce reliable claims predictions to help enhance their risk classification systems. A database containing a pooled experience of several insurers thereby helps to produce a more fair, reliable, and equitable premium structure for all risks concerned. This paper uses multilevel models to analyze the data on claim counts provided by the General Insurance Association of Singapore, an organization consisting of most of the general insurers in Singapore. The multilevel nature of the data is due to the following: a certain vehicle is observed over a period of years and is insured by a particular insurance company under a certain 'fleet' policy. The authors show how intercompany data lead to a priori premiums and a posteriori corrections to these initial premiums. Specific focus is made in understanding the intercompany effects using various count distribution models [Poisson, negative binomial, zero–inflated and hurdle Poisson]. The performance of these various models is compared the authors also investigate how to use the historical claims of a company, fleet and/or vehicle in order to correct for the premium initially set.

Description: Recent articles addressed the subject of fuzzy regression [FR] and the term structure of interest rates [TSIR]. Their approach relied on possibilistic regression. Although possibilistic regression has been used in many applications, it has a number of limitations, not the least of which is its nebulous relation to the least-squares concept. As an alternative to possibilistic regression, this paper uses fuzzy least square regression to investigate the TSIR.

Description: This paper sets forth a standard of expected claim costs for Comprehensive Medical Expense plans together with the underlying rationale. This is known as the '1960 Tabular'. From Transactions of Society of Actuaries 1963, Vol. 15, Pt. 1, No. 41.

Description: Design and future maintenance of an asset portfolio backing a new line of business is critical for proper asset and liability management for that business. Most portfolio optimization methods utilize linear or quadratic programming and require the user to specify the asset and liability attributes and cash flows into the program. The programmer must also supply an objective function to allow the program to find the optimal asset mix for the associated liabilities. Two problems with this approach are that the liability cash flows are fairly static and that one must frequently rebalance the portfolio. An alternative approach would be to develop a corporate model of both the assets and liabilities and incorporate various economic scenarios as input into the model. Asset strategies would be measured against a specific objective function that is calculated by the corporate model. Unfortunately, the majority of maximization algorithms available are very time consuming, and obtaining a reasonable portfolio mix becomes impractical. This paper overcomes this difficulty by using a very rapid optimization method from the chemical engineering profession called the Floppy Triangle. The paper includes an example of the use of this process to determine an optimal portfolio. It also discusses modifications of the algorithm that is required when the shorting of assets is not permitted.

Description: This paper presents discrete interpolation formulas, specifically a new method of deriving some existing formulas. The paper uses graduation theory in the interpolation method. Also include is a discussion of the paper. From Transactions of Society of Actuaries 1949, Vol. 1, No. 1.

Description: 1983 Report presenting an analysis of morbidity experience under individual medical expense policies in force during the 1981 and 1982 calendar years. From Transactions of Society of Actuaries 1983 Reports

Description: This reports on a survey that looks at the mortality experience of Industrial policyholders of the Metropolitan Life Insurance Company for the postwar years of 1946 to 1950. From Transactions of Society of Actuaries 1951, Vol. 3, No. 7.

Description: Six methods are presented for calculating the probability of ultimate ruin where the waiting times between claims are independent and identically distributed. Three of the six use Monte Carlo techniques. From Actuarial Research Clearing House 1993, VOL. 1