Description: This report, part of the Society of Actuaries [SOA] ‘Experience Studies – Business Practice Surveys,’ presents the results of the survey conducted by the SOA Committee on Life Insurance Mortality and Underwriting Surveys - Mortality Table Construction Survey Subcommittee, on the methods used to develop pricing mortality tables for fully underwritten life insurance. The objective of the survey was to gain an understanding of companies’ base mortality tables and the adjustments that were made to arrive at the final tables used in pricing, including whether or not mortality improvement was assumed.

Description: Future mortality improvement is an important assumption in the valuation of life insurance and annuities. In this session, presenters will discuss the work of the Mortality Improvement subgroup of the American Academy of Actuaries’ Life Experience Committee and the Society of Actuaries’ Preferred Mortality Oversight Group Valuation Basic Table Team in developing mortality improvement scales for AG-38 and VM-20. In addition, two recent SOA efforts on mortality improvement will be examined. Research on developing a broader framework for modeling mortality improvement assumptions is being developed to enable U.S. actuaries additional ways to follow a consistent approach across a variety of actuarial practice applications. Results from a study on U.S. population mortality by socioeconomic category and how it fits into the broader consistent framework will be presented. Additionally, results of a survey on mortality improvement practices of life insurance companies and reinsurers in Canada and the U.S. will be shared.

Description: This report, part of the Society of Actuaries [SOA] ‘Experience Studies – Business Practice Surveys,’ presents the results of a survey conducted by the SOA Committee on Life Insurance Mortality and Underwriting Surveys - Preferred Underwriting [Reinsurance] Survey Subcommittee. The purpose of this survey, the first preferred underwriting survey compiling reinsurance information from U.S. and Canadian reinsurers on U.S. Life business, was to obtain the opinions of the reinsurance market on preferred risk underwriting.

Description: This report, part of the Society of Actuaries [SOA] ‘Experience Studies – Business Practice Surveys,’ presents the results of a survey conducted by the SOA Committee on Life Insurance Mortality and Underwriting Surveys - Risk Management Survey Subcommittee. Both direct individual and group life insurance and reinsurance are included in the survey. The survey asked for information related to a company’s practices with respect to catastrophic events, concentration of risk, reinsurance as a risk management tool, and alignment of underwriting and pricing experience. The intent of the survey was to gather information on the many variations in risk management awareness and practices of U.S. companies surrounding their U.S. insurance life business.

Description: This report, part of the Society of Actuaries [SOA] ‘Experience Studies – Business Practice Surveys,’ presents the results of a survey conducted by the SOA Committee on Life Insurance Mortality and Underwriting Surveys - Mortality Improvement Survey Subcommittee. The purpose of the survey was to explore life insurance company practices regarding the use of a mortality improvement assumption in the pricing of life insurance products.