Description: This paper describes reverse mortgages, a form of home equity conversion specifically suited to older homeowners who need cash from their homes but who still want to live in them. This paper describes the basic characteristics of a reverse mortgage as well as the types of guarantees generally thought necessary for a tenure reverse mortgage to be marketable. These guarantees create five types of risk susceptible to actuarial evaluation. Each risk is identified, and methods of charging for and minimizing these risks are discussed. Special underwriting hazards and the need for asset reserving are reviewed. Examples of pricing and reserving for a reverse mortgage are provided. Careful supervision of reverse mortgage lending by use of actuarial methods is recommended. From Transactions of Society of Actuaries 1992, Vol. 44.

Description: This paper describes a major refinement in methods of allocating general account investment income among lines of business, termed segmentation. A detailed description of the segmentation plan recently adopted by the authors' company and its implications is described. From Transactions of Society of Actuaries 1983, Vol. 35.

Description: This paper arose from an investigation into the concept of yield rate. The paper first outlines the difficulties involved in comparing financial transactions strictly on the basis of yield it then develops an approach that does not depend on yield rates. From Transactions of Society of Actuaries 1980, Vol. 32.

Description: This paper describes a typical consumer credit transaction, shows how the rule of 78 works, identifies its degree of accuracy, and discusses issues raised by its use, including federal truth-in-lending implications. Followed by several discussion papers submitted

Description: The Society of Actuaries' Committee on Finance Research (CFR) is seeking proposals for research projects that will produce information, data, theoretical models and/or empirical tools useful to actuaries practicing in investment and other finance-related areas.

Description: This paper discusses the implications of the use of the fund of unreleased capital gains on common stocks as required surplus. By 'Unreleased Capital Gains' the author is talking about a situation where realized and unrealized capital gains are annually placed in a fund and a percent of that fund is released into income and/or surplus annually. Actuarial Research Clearing House ARCH 1988, Vol. 3

Description: This article discusses some 'standard' methods of foreign expansions. Strategic decisions for expansion in foreign countries require more than qualitative discussions about foreign expansion. It requires hard numbers on the benefits of such strategic expansion plans and is illustrated here with the example of MetLife's 2002 purchase of Ahisa [Aseguradora Hidalgo]. With that purchase, more than 70% of the Mexican insurance market is in the hand of foreign companies.

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: This paper examines the theory of surplus for a mutual life insurance organization. The paper tries to answer several important questions - What exactly is surplus, what is its purpose, of what magnitude might it be, from whence does it arise, and what are its implications with respect to equity between policyholders.

Description: Research material that developed a Liability-Driven Investment (LDI) benchmark framework.