Description: The differences between select and ultimate insurance mortality are usually explained in terms of: 1. deterioration of a person's physical condition which occurs due to aging, and 2. anti-selection which occurs as some policyholders allow their coverage to lapse [i.e., those policyholders who find their health has become poor keep their coverage, while those who remain healthy discontinue their insurance]. This paper explores the differences in mortality between companies related to the differences in lapse rates of the companies.

Description: Panelists explain the field of actuarial counseling, which is essentially risk management on an impartial basis for individuals. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.