Description: Discussion of the process for determining the premium for a life insurance product which pays the cash value in addition to the face amount upon death. This type of policy fulfills the specifications of a split-dollar or minimum-deposit sales approach. Followed by several discussion papers submited.

Description: This paper outlines the limitations inherent in current actuarial pricing techniques and describes a macro pricing process for product development that can produce optimal decisions in competitive environments. A discussion of the paper follows. From Transactions of Society of Actuaries 1991, Vol. 43.

Description: Development of a formula for the continuous annuity ax:n| in terms of the Makeham parameters A, B, and c, and the force of interest. Followed by several discussion papers submitted

Description: This paper is concerned with the fundamental nature of life insurance company earnings. The operation of the policy reserve system as the timing mechanism which determines the incidence of earnings is discussed, and the concept of release from risk is then described. A policy reserve system based on the concept of release from risk is developed, and the earnings which emerge from this system are analyzed from both an actuarial and an accounting viewpoint. S ome specific p o l i c y r e s e r v e m e t h o d s a r e ident i f i ed a s spe c i a l c a s e s of t h e r e l e a s e f r o m r i sk p o l i c y r e s e r v e s y s t e m .

Description: These are responses to Richard Ziock's work, Gross Premiums for Term Insurance with Varying Benefits and Premiums.

Description: This discussion looks at problems encountered in putting new underwriting standards into effect, looks at trends in the current economic situation which are taken into consideration in underwriting the financial aspects of a risk, and the results of comparisons between the mortality experience under uninspected business with that under inspected business.

Description: Discusses issues specific to large amount underwriting and the mortality outlook for current high face amount plans.

Description: Without relying on formulas, this paper presents the important concepts underlying the theory of arbitrage-free pricing of interest-rate-contingent cash flows: absence of opportunities for riskless arbitrage, completeness of markets, relative prices that do not depend on individual investors' subjective views or risk preferences, and expected-value pricing in the risk-neutral world. Using these concepts, the paper then describes the steps required to build continuous stochastic models of interest rates, including models that are either partially or fully arbitrage free.

Description: Discusses considerations in preparing rate books and policy forms based on the 1958 CSO Table, the advantages and disadvantages of early adoption of premium rates and values based on the 1958 CSO, and premium structures - banding, policy fees, etc.

Description: This is a discussion from the Dallas Regional Meeting 1961 covering: 1. The extent to which reductions in whole life and term insurance premium rates are due to better mortality, lower expense, higher interest earnings and reduction in company profit margins 2. Graded premium scales issues 3. FIT assumptions.