Description: Covers experience from 1973 - 1978 on nonsmoker mortality to be used by the NAIC and its Technical Advisory Committee as a basis for developing interim valuation standards for nonsmoker ordinary business. Interim scaling factors to be applied to specified valuation mortality tables are also provided to develop smoker and non-smoker valuation mortality.

Description: This article is a letter to the SOA’s Director of Education, recounts the writer’s recent experience with the Society’s Speaker Kit, and her address to a school class at a junior high Career Day, noting the youthful audience's attention seemed to fade when talking about ‘insurance in general, the work and the exams,’ but when the talk turned to numbers, the audience became interested and assisted in calculating insurance premiums.

Description: An employed-student Actuarial Science Program that Loyola College started eleven semesters ago is ending this fall. Ostensibly our predicament was marginal tuition income arising from too few enrollments.

Description: The Actuary Newsletter VOL. 15, No. 9 November 1981

Description: This is the first of two articles discussing the model laws governing minimum reserves and non-forfeiture values that the NAIC adopted in December 1980. The author, Chairman of the NAIC Technical Task Force on Valuation and Nonforfeiture Value Regulation, in this first article describes the objectives of the revision, which include updating assumptions, increasing flexibility, and improving the ability to deal with new types of products, the cooperative effort entailed, the actuary’s role and responsibilities in doing business under the new law, and the financial impact.

Description: This is the presidential address by former SOA president, Robin B. Leckie. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: This discussion is on asset management for an insurance company, including issues of varying investment strategies for different product lines through various asset segmentation approaches, management of the assets supporting surplus, and asset/liability risk management considerations

Description: This panel discussed studies of the risk of loss due to changes in the interest rate environment. It addressed why the C-3 risk is important and how inflation and stability in interest rates can affect the financial soundness of life insurance companies. There was also a discussion of the theoretical work being carried out to calibrate the C-3 risk of variation in interest rates and to what extent the valuation actuary can properly recognize the risk of loss from changes in the interest rate environment within the framework of valuations laws and regulations.

Description: This discussion is on the formation of the health insurance section of the Society of Actuaries. Each panel member presented some of their own thoughts about what a Section can do for them and the members of the Society. From Record of the Society of Actuaries 1981, Volume 7, No. 4.

Description: The most important purpose of this open forum is to provide a forum at which interested persons can make specific suggestions about what the research needs of the profession are and how they might most effectively be carried out. From Record of the Society of Actuaries 1981, Volume 7, No. 4.

Description: This 1981 discussion session is about defined benefit plan pension investments. Specifically it covers: 1. Dedicated portfolios, 2. Investment policy for defined benefit plans, 3. Real estate investments, 4. Immunization, and 5. Foreign investments.

Description: An increasing need exists for the actuary to provide ranges and frequency distributions of possible values instead of providing only mean values. This discussion will cover: projections of asset experience under various economic scenarios, a practical application of profit analysis using scenarios and a deterministic model, exploring possible values by means of stochastic modeling, and a description of the new life contingencies textbook's stochastic approach and application to some practical population and census problems. From Record of the Society of Actuaries 1981, Volume 7, No. 4.

Description: This paper develops a dividend financial structure and a dividend formula based on the contribution principle in a complete expanded format. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: In this paper, the long-term funding consequences of negotiated improvements in pension plans are examined. Particular emphasis is placed on the effects on both contribution rates and the overall funding position of the plan of such things as benefit increases to retirees, reductions in the average retirement age, economic events that affect the size of the active work force, and the interplay between the increases in pay and benefit rates and the other valuation assumptions. A simulation model is used to uncover the influence of each variable. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: This 1981 session on Fiscal and Monetary Policy dealt with questions of i. What are current U.S. and Canadian policies? 2. What is the outlook for fiscal policy in the U.S. and Canada? 3. What does current monetary policy imply for financial and credit markets and interest rates? 4. What political, social and economic changes must occur for nominal interest rates to begin steadily declining toward parity with real interest rates? From Record of Society of Actuaries, Vol. 7, No. 2.

Description: This session from the 1981 SOA Spring Meeting focused on return on investment in a rate-regulated environment. Topics included current rate-regulated environments, current use of ROI, ROI in price setting and future rate regulation controls. From Record of Society of Actuaries, Vol. 7, No. 2.

Description: This 1981 session concerned Actuaries and the Media. Topics included: 1. How do the media decide what is newsworthy? 2. What makes news, and how is it defined, both for the general public and a specific industry? 3. What makes news from the actuarial profession? 4. Why is a story news today but not news tomorrow? 5. What variables are involved in making news, and how do these change from day to day and from publication to publication? 6. How do the media cover public issues? 7. What do the media look for in interviews and background information? From Record of Society of Actuaries, Vol. 7, No. 2.

Description: This 1981 session focused on insurance regulation from a federal vs. state perspective. Topics included: 1. Current regulatory environment 2. Anticipated changes in the regulatory environment 3. Ways the future regulatory environment might be impacted.

Description: This 1981 discussion session focuses on economic assumptions for defined benefit pension plans including: 1. Investment return 2. Salary scales 3. The Spread - Investment return minus salary scale 4. Post-retirement increases 5. Increases in Social Security benefits 6. Effects of inflation and economy on other assumptions 7. Assumptions varying by calendar year

Description: This 1981 discussion session is about public policy with respect to retirement matters in the United States and Canada.

Description: This session from the 1981 SOA Spring Meeting discusses how the insurance industry will fare under different economic conditions according to an economotric model by Data Resources - DRI. The session also reviews how to incorporate inflation into actuarial calculations and the prospects and possiblities regarding inflation. From Record of Society of Actuaries, Vol. 7, No. 2.

Description: This 1981 session focused on Recent Trends in Computer Technology including: i. What is the new hardware? 2. What opportunities are offered by the new hardware? a Administrative/service-oriented possibilities I Totality of information storage 2 Paperless administration/elimination of hard copy records 3 Effect on user 4 Different/flexible structure of information 5 On-line processing concurrent with data processing b Product-oriented possibilities i Universal life 2 Flexible premium annuities 3 Adjustable life 4 Retired lives reserve 5 Bank annuities 6 Variable life/annuities From Record of Society of Actuaries, Vol. 7, No. 3.

Description: Discussion of the attitudes of consumers and consumerists regarding the life insurance industry and its products and a discussion of opportunities for improvement Topics include: 1. Disclosure to existing policyholders 2. Policy loan problems, including the policy replacement problem 3. dividend determination practices and 4. deceptive sales practices in the llfe insurance business.

Description: This 1981 session focused on the relative roles of regulation and the actuary in three countries - the United Kingdom, the United States and Canada. It looked at valuation and solvency, contracts, rate control and disclosure. From Record of Society of Actuaries, Vol. 7, No. 3.

Description: Panel discussion focused on the Effective Use of Capital. Topics included: 1. Definition of capital 2. Appropriate level of capital and surplus in a life insurance company 3. Alternatives for deploying capital 4. Returns a life company should demand on invested capital 5. How much a company should charge for lending its capital in reinsurance transactions

Description: This session focused on Health Insurance Minimum Loss Ratio Regulation. Topics include: 1. The NAIC minimum loss ratio guidelines. 2. Loss ratios viewed from the regulatory side. 3. Recent developments in certain states. From Record of Society of Actuaries, 1981 Vol. 7, No. 3.

Description: In this 1981 discussion session, actuaries from the United States, Canada and Britain talk about insurance regulation.

Description: This 1981 session dealt with individual accident and health rate regulation issues. Topics included the history of regulations and their primary purpose or need. From Record of Society of Actuaries, Vol. 7, No. 2.

Description: This 1981 session focused on Reinsurance Trends. Questions included: i. Why the recent movement from YRT to Coinsurance? 2. Should a company use a bulk or self-administered system? 3. When is it advantageous to use Coinsurance or modified coinsurance on existing business? 4. Experimental Underwriting - what are the results? 5. Pricing assumptions - where have all the margins gone? 6. When can reinsurance pools be used effectively what are the pitfalls? 7. What's in the future? a. Use of telecommunications and computers to transfer the risk? b. Lower rates and less service? 8. How have changes in reinsurance pricing affected ceding company pricing?

Description: Record of the Society of Actuaries: 1981 Vol.7 No. 1 This is a panel discussion session examining life insurance company organization and the emerging managerial environment, strategies and organization.

Description: Panel discussion focused on the Effective Use of Capital. Topics included: 1. Definition of capital 2. Appropriate level of capital and surplus in a life insurance company 3. Alternatives for deploying capital 4. Returns a life company should demand on invested capital 5. How much a company should charge for lending its capital in reinsurance transactions

Description: This panel discussion session from the 1981 SOA Spring Meeting focuses on marketing approaches for disability income. From Record of Society of Actuaries 1981, Vol. 7, No. 1.

Description: This is a panel discussion on government and pension reports. From Record of Society of Actuaries 1981, Vol. 7, No. 1.

Description: This panel discussion session focuses on the state of the actuarial profession in 1981 and how each US actuarial organization supports the profession. From Record of Society of Actuaries 1981, Vol. 7, No. 1.

Description: This panel discussion session focuses on economic assumptions for pension plans including investment return salary scale the spread between investment return and salary scale and the effects of inflation and the economy on other assumptions. From Record of Society of Actuaries 1981, Vol. 7, No. 1.

Description: The Actuary Newsletter VOL. 15, No.2 February 1981

Description: This article provides a summary of Society of Actuaries finances for FY1980, and the prior year, as well as a projected surplus for FY1981 equal to 1980 results.

Description: This month and next we introduce an intriguing variant on Graham Deas’ popular ACTUCROSSWORDS. Because of the nature of their clues we are calling them SYMBOLIC ACTUCROSSWORDS. Their composer is a member in the Philippines, Alexander T. Brooks, to whom go our warmest thanks.

Description: This report presents the formal recommendation for a new mortality basis for individual annuity valuations. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: The subject of this paper is a financial model for pension planning purposes. The focus of the model is from an individual's point of view with the idea to assist him/her in planning for a financially secure retirement income. The model is dynamic and stochastic, operates in nominal and real terms, and goes beyond the age of retirement. From Actuarial Research Clearing House 1981, Vol. 1.

Description: These notes are a follow-up to the paper 'Introduction to the Dynamics of Pension Funding' by the same authors and published in Transactions of Society of Actuaries 1976, Vol. 28. The purpose of that paper was to provide an introduction to mathematical principles applicable to pension funding under dynamic conditions of population growth, inflation, and automatic adjustment of benefits. The first note discusses a general contribution formula and a number of special cases and modifications. The second note concerns aggregate cost funding when the actuary uses assumptions about cost factors which differ consistently from cost experience. The final note concerns the variation of the annuity unit under a variable annuity program patterned after the plan employed by the College Retirement Equities Fund [CREF]. From Actuarial Research Clearing House 1981, Vol. 1.

Description: In today's atmosphere, the high returns available on bonds have attracted much investor interest, and it is only natural that fixed income investors look for ways to assure the maintenance of high returns on their bond portfolios. This paper explains how bond immunization offers that potential.

Description: The 1980 CSO Tables were developed by the Special Committee to Recommend New Mortality Tables for Valuation to replace the existing 1958 CSO Tables as the minimum standard for valuation. This paper presents the new tables and recommendations. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: This paper presents a critical analysis of the economic assumptions employed in making projections of the social security program. Also, it discusses the importance of the relationship between increases in the Consumer Price Index and increases in wages in covered employment. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: The paper reviews in detail the measures of actuarial status used for the social security program since the program was developed in the middle 1930s. The paper concludes with suggestions by the author concerning appropriate measures of actuarial status for social security in the future. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: This paper defines a concept of equivalence for profit standards. The central principle advanced is that the company should set prices on all its products to produce marginal profits that are equal in proportion to the products' marginal use of surplus. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: In our rapidly changing world, it is becoming hopeless to try to arrive at a satisfying description of future conditions, even in the short run. Yet prices for new life insurance must somehow reflect one’s view of events even in the far distant future. futurism

Description: Soliciting membership input on how to make the SOA a more vital, stimulating organization.

Description: The Actuary Newsletter VOL. 14, No. 9 November 1980

Description: This is a panel discussion on new and proposed valuation and non-forfeiture standards for individual life insurance including dynamic interest rates, new mortality tables and actuarial opinions.

Description: This panel discussion explores various pricing and profitability measures for individual life and health products and the effect of the company being stock or mutual.

Description: This is a teaching session on strategic management including defining what it means and how life insurers can utilize it in turbulent times. From Record of Society of Actuaries 1980, Vol. 6, No. 4.

Description: This is a panel discussion session on social insurance topics focusing on the short and long term financing issues of Social Security, the issue of general revenue financing, and proposals to revise benefit structures. Both U.S. and Canadian systems are discussed.

Description: The Actuary Newsletter VOL. 14, No. 7 September 1980

Description: This panel discussion addressed the impact of inflation on Group Insurance. Discussion focused on pricing techniques, plan design issues and surplus levels.

Description: This meeting session covered proposed amendments to valuation and nonforfeiture laws, which included a new mortality table and the dynamic interest rate concept, the NAIC's activities around profitability and early warning tests, A&H rate filing guidelines, and SEC activity around annuities..

Description: This panel discussion looked at investment philosophy and strategy for insurance companies. Discussion focused on the matching of assets and liabilities, the effect of an inflationary environment, and performance measurement for investment results.

Description: This panel discussion takes an in depth look at SOA and Academy committee proposals on actuarial principles and practices with respect to setting dividends for participating insurance. Discussion centered on equity in distributing surplus and appropriate methods and assumptions.

Description: This meeting session presented at the 1980 SOA Spring Meeting in Minneapolis, provides an overview and discussion panel related to the original formation of SOA Sections. The document provides an explanation and overview to section development. From Record of Society of Actuaries, Vol. 6, No. 2.

Description: This meeting session covered proposed amendments to valuation and nonforfeiture laws, which included a new mortality table and the dynamic interest rate concept, and the SEC's scrutiny of annuities and Guaranteed Investment Contracts.

Description: This panel discussion addressed the impact of inflation on Group Insurance. Discussion focused on pricing techniques, plan design issues and reserving methods.

Description: This meeting session presentation and discussion occurred at the 1980 SOA Spring Meeting in Minneapolis. The topic was retirement income security in Canada. Specific discussions included: the role of government plans, efforts to improve portability, indexing of private and government plans, funding requirements and how they have developed, disclosure regulations, mandatory retirement ages and mandatory plans, Saskatchewan legislation, human rights regulations, and recommendations of the Lazar Report. From Record of Society of Actuaries, Vol. 6, No. 2.

Description: This panel discussion was presented at the 1980 SOA Spring Meeting in Minneapolis. The topic was the work of the actuary in the future including skills needed, future economic and demographic developments, and what new roles and functions will emerge. From Record of Society of Actuaries, Vol. 6, No. 2.

Description: This presentation is a concurrent session from the 1980 Meeting of the Society of Actuaries, held April 14-15 in Hartford, Connecticut. The panelists discuss basic concepts, such as definition and reasons for risk classification, availability vs. pricing class, equality vs. equity -special interest groups, appropriate factors for classification, and controllable vs. non-controllable factors. They also discuss American Academy of Actuaries work on risk classification, regulation, future company practice, including preferred risk, non-smoker, guaranteed issue etc., substandard practices, reinsurance, changing trends in underwriting, privacy laws, and related topics. Discussion from participants is included. From the Record of Society of Actuaries, Volume 6, No. 1.

Description: This presentation is an overview of the Meeting from the Record of the SOA Vol.6 No. 1. The session summarizes points from each concurrent session of the meeting and includes issues about the effect of governmental actions and consumerism on product design and pricing of the future, risk classification in the 1980's, nonforfeiture and valuation concerns in the 1980's and effect of taxation in the 1980's.

Description: This panel discussion is about the viability of single premium annuities and single premium life insurance. Items discusses include product design, pricing and regulatory issues with the back drop of high inflation of the times.

Description: This panel discussion speculates about the coming decade. Panelists give their opinions on what might happen to mutual companies with respect to dividend distribution, level of premiums, surplus levels and inflation in general.

Description: This 1980 session covers amendments to the SNL and SVL and the anticipated revision to the CSO Mortality Table. Questions discussed: 1. What changes can be expected in requirements in the1980's? 2. What changes in products design will likely emerge from these? 3. What will be the effect on future gross premium, cash value, and reserve levels? 4. Will these changes be compatible with all economic forecast scenarios? 5. Will these changes create a need for increased gross premium rates or for higher company surplus levels? 6. Should attention to solvency measures be increased? 7. Are the allowable valuation interest rates sufficiently liberal?

Description: This panel discussion looks at new pricing techniques including the use of risk theory, pricing for the entire rate book, and the handling of overhead expenses. There is also a discussion of setting assumptions and the sources of data for assumptions.

Description: This is the complete index to volume 5 of The Record of Society of Actuaries, 1979.

Description: In this paper, a general model for a pension plan involving growth with respect to the population, salaries, and retirement benefits is used to study contribution patterns that may arise under different actuarial cost methods. Detailed results are presented for the case where the growth of population and the growth of salaries are described by exponential functions. Economic implications are presented and discussed. From Transactions of Society of Actuaries 1979, Vol. 31.

Description: This paper considers in more detail the differences between provisions necessary for nonparticipating and those necessary for participating adjustable life policies and will provide a possible means of designing nonparticipating policies that can adjust directly to future changes in mortality and interest valuation bases. A discussion of the paper follows. From Transactions of Society of Actuaries 1979, Vol 31.

Description: This panel discussion session focuses on a proposal to modify the Standard Valuation Law involving statutory maximum valuation interest rates.

Description: This is the Table of Contents for articles presented at the October 1979 Bal Harbour Meeting.

Description: This panel discussion explores the basic principles of futurism, who are the futurist, The Trend Analysis Program of the American Council of Life Insurance TAP and possibilities for actuaries with respect to futurism.