Description: Long-term-care LTC insurance presents a huge opportunity for insurers. If fully exploited, the field lends itself to policies with relatively large premiums that need to be accumulated over a lifetime in statutory reserves, requiring fiduciary investment management as well as insurance services. The need to accumulate large reserves to prefund a risk largely concentrated at the end of the life span gives this product most of the desirable characteristics of the level premium life insurance policies that were the staple of the insurance business for many decades.

Description: NAIC Actuarial Certification requirements for long-term care insurance and ASOP 18, pricing issues. From Long-Term Care Newsletter, April 2001, Issue No. 4.

Description: Presented at April 1986 Spring Meeting. Defines programs related to providing long-term care for the aging population through Life Care Societies 'LCS', nursing care products, Continuing Care Retirement Communities, etc. and actuarial considerations related to LCS in establishing funding requirements and evaluating liabilities.

Description: Highlights from recent research reports focusing on retirement concerns.

Description: Process risk, estimation error, model uncertainty, trend risk and catastrophe risk are the five main components of longevity risk uncertainty. In the face of this daunting uncertainty, what should the actuarial practitioner do? This session focuses on assessing model uncertainty, process risk and estimation error in mortality modeling. Besides discussing the theory behind methods for performing the assessment, presenters provide attendees with practical examples using R to help them in applying the methodologies and concepts presented.

Description: This fact sheet summarizes the results of a survey analyzing retirees’ and pre-retirees’ concerns on retirement. It also reveals how these groups have prepared or are preparing to face risks and offers personal risk management strategies and tips.

Description: The LTC insurance sector faces a crisis of credibility due to recent company failures. Market evidence indicates reduced confidence in the reserve sufficiency of companies with large legacy LTC exposures. Disclosures show the persistence of problematic actuarial and investment return assumptions. Institutional backstops exist but vary by jurisdiction and have elements which can exacerbate rather than ameliorate problems. Fortunately, LTC liabilities accrue over long time periods. An industry supported incentive structure can be conceived that would establish stronger standards and encourage greater reserving in exchange for a more reliable and rational backstop.

Description: Reflections from the past year as chair of the LTC Section Council.

Description: What are insurance companies promoting in the market? How are they framing their products and services? What is their value proposition to producers? Members of the SOA Marketing and Distribution section receive an exclusive benefit that addresses these questions.

Description: General Session