Description: This note suggests a simple approximate formula for the purpose of computing a terminal reserve when only mean reserves and net premiums are known. The author provides an expression for the error in this approximate formula and an exact formula for terminal reserves in terms of mean reserves, amounts of insurance, and a set of constants. From Transactions of Society of Actuaries 1951, Vol. 3, No. 6.

Description: This discussion looks at the valuation methods of small companies. From Transactions of Society of Actuaries 1951, Vol. 3, No. 6.

Description: The purposes of this note from the Transactions of Society of Actuaries 1963, Vol. 15, Pt. 1, No. 43 are to contrast the growth of the net level premium reserve and the growth of the cash value, in a policy paying the cash value if greater type of death benefit, and to suggest an unconventional surrender charge that will cause the net level premium reserve for such a policy to grow at an interest rate alone during the period when the death benefit is the cash value.

Description: The article discusses recently-issued regulations under section 807 of the Internal Revenue Code, concerning the computation and reporting of reserves. The provisions addressed generally relate to the Tax Cuts and Jobs Act of 2017.

Description: One of the significant tax benefits of a life insurance contract is that, for purposes of determining the taxable amount of proceeds received under the contract on distributions or surrender,the investment in the contract includes the aggregate amount of premiums, unreduced by the cost of insurance provided IRC section 72c. IRS rules net surrender value reserves must be reduced by a YRT reserve credit.

Description: Provides a how-to session on modeling assets and liabilities in the Valuation Actuary's work to comply with the Standard Valuation Law. Comparisons of the methods discussed are occasionally made with the requirements of New York Regulation 126. Session 12 of the 1991 Valuation Actuary Symposium.

Description: This article describes the effect of different valuation interest rates and levels of surplus on income tax paid by life insurance companies via Phase 1 of the Federal Income Tax Act of 1959.

Description: This paper discusses some of the main principles of classical life contingencies generalized and formulated in the language of probability theory and develops generalized and exponential reserves. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: Summary of the SOA research project on PBR Simplified Methods. Describes the multi-risk scenario generator, central estimate assumptions, assumption objectivity measures, and regulatory demonstrations per VM-20.

Description: This article examines the impact of FAS 97 on the emergence of earnings for the most recent versions of UL products, those with interest rate and return of load kickers.