Description: This article details different methods for calculating mortality impact associated with new underwriting programs. A common simplified calculation is compared and contrasted with two first principles approaches. The strengths and weaknesses of both approaches are discussed.

Description: Chairperson’s column describing activities the Product Development section has undertaken to date.

Description: This 1975 report was the then latest in a series of annual reports on intercompany mortality experience under Standard Ordinary life insurance policies. This was based on issues between 1973 and 1974 anniversaries, and also for the period between 1969 and 1974 anniversaries where one year's exposure provided an insufficient volume of data.

Description: This report covers the intercompany mortality experience under Standard Ordinary insurance issues between 1976 and 1977 policy anniversaries, and also for the period between 1972 and 1977 policy anniversaries where one year's exposure generally provided an insufficient volume of data.

Description: This covers the intercompany mortality experience under Standard Ordinary insurance issues between 1975 and 1976 policy anniversaries, and also for the period between 1971 and 1976 policy anniversaries where one year's exposure generally provided an insufficient volume of data.

Description: This 1976 report report covers the inter-company mortality experience under Standard Ordinary insurance issues between 1974 and 1975 anniversaries, and also for the period between 1970 and 1975 anniversaries where one year's exposure generally provided an insufficient volume of data.

Description: This 1979 session is about Life Company performance measures and pricing. Topics included: 1. What are appropriate performance criteria? a. In terms of financial results b. In terms of growth 2. How are goals established? a. For Mutual companies b. For Stock companies 3. What measurement tools do we use? a. Comparison of actual to expected results b. Compound growth rates c. Rules of thumb for various performance ratios d. Analysis of source of earnings 4. How are results used in pricing? a. Pricing consistent with goals are goals consistent with projections? b. Problems relating to allocation by line

Description: This paper applies the research in Prospect Theory of Kahneman and Tversky to explain why sales of annuities lag sales of life insurance products. The author theorizes that life insurance is easier to sell because customers perceive themselves to be in the domain of losses, while potential annuity customers perceive themselves to be in the domain of gains. Kahneman and Tversky showed us that people are mostly risk averse in the domain of gains and risk seeking in the domain of losses. Purchase of an annuity or life product is a risky investment. Customers will find it easier to take the risk in the life insurance domain of losses than the annuity domain of gains. The author then proposes a hybrid life annuity product that might address both mortality and longevity risk in one product that would allow both products to be more competitive than stand-alone products.

Description: This section presents book reviews and summaries of recent publications on a variety of topics.