Description: This paper presents the theory of immunization of investments to changes in interest rates and provides an extensive series of examples and formulas used in its implementation. Also presents some implications for investment behavior, product development, interest assumptions, valuation and adjusted earnings. Discussions of this paper are included.

Description: This paper presents basic data with regard to the decennial United States life tables for 1969-71, analyzes the data in comparison to previous U.S. life tables and compares mortality between the U.S. and Canada, England, and Sweden. From Transactions of Society of Actuaries 1976, Vol 28.

Description: This is the 1964 intercompany study of the mortality experienced between 1957 and 1962 anniversaries under Standard Ordinary life insurance policies when placed automatically on extended term at the time of lapse. An aggregate study and a double duration study are included.

Description: This paper examines the compatibility of the two models, in the hope that this exploration will prompt a greater cross-fertilization of ideas between the life actuarial branch which favors Bayesian models and the casualty branch which favors Hans Buhlmann models.

Description: This paper deals with the problem of determining the effect on reserves of variations in the assumptions. A general approach to this problem is presented and then used to extend Lidstone's theorem, mainly to cases involving a nonmonotone critical function. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: In an increasing population the number of persons falls off from age to age more rapidly than does the stationary population of the life table. This can introduce a systematic bias into life table calculations. The first part of the paper describes an iterative procedure to correct for the bias, extends the method to multiple decrement and associated single decrement life tables, and demonstrates the magnitude of the bias involved. The second part of the paper summarizes the results of applying iterative life table techniques to 165 populations which encompass over a century's experience and include countries from all parts of the world. Followed by discussions submitted by several people

Description: In determining the apportionment of divisible surplus accruing with respect to a policy year's experience under a Group Accident and Health policy, the claims incurred in the policy year usually are the biggest single charge against the policyholder's premium. Consequently, it is important that the charge be an accurate portrayal of claims properly attributable to the policy year. This paper considers first the two basic ingredients of incurred claims, namely, paid claims [Section II] and claim reserves [Section III], and then considers how these two ingredients are used to determine incurred claims charged against a given group policyholder [Section IV]. A separate section [Section V] is included to discuss incurred claims on those group policies which cover so small a number of people that the case's own experience may fluctuate too widely to have real meaning. From Transactions of Society of Actuaries 1958, Vol. 10, No. 28.

Description: The purpose of this paper is to illustrate the effects of projected mortality on the pricing and valuation of individual immediate annuities. Also discusses considerations in underwriting substandard annuities. Finally, a discussion of this paper is included.

Description: This paper undertakes to give dossiers of essentially all the actuaries who entered the profession in Canada or the United States up to about 1872. It includes those who died or left the profession before the Actuarial Society of America was formed in April 1889, and those who, in due course, became Fellows of that Society when or after it came into being. The paper also mentions some of the conditions under which the Actuarial Society was organized, and suggests that a yet fuller story of how the actuarial pioneers coped with circumstances and events of more than a century ago would be a desirable record to document. From Transactions of Society of Actuaries 1984, Vol. 36.

Description: This paper presents an analysis of the basic actuarial theory for life insurance policies which have fixed premiums, the entire reserve held in a separate account, the assets of which would be invested primarily in common stocks, etc. From Transactions of Society of Actuaries 1969, Vol. 21 Pt. 1, No. 61