Description: This article discusses the proper slope of mortality tables, especially at the high attained ages.

Description: Historically different approaches have been used by actuaries in modeling mortality improvement. The SOA has recently released a framework that practitioners can use to project mortality improvement, providing methodological consistency across a range of applications.

Description: This 1980 session covers amendments to the SNL and SVL and the anticipated revision to the CSO Mortality Table. Questions discussed: 1. What changes can be expected in requirements in the1980's? 2. What changes in products design will likely emerge from these? 3. What will be the effect on future gross premium, cash value, and reserve levels? 4. Will these changes be compatible with all economic forecast scenarios? 5. Will these changes create a need for increased gross premium rates or for higher company surplus levels? 6. Should attention to solvency measures be increased? 7. Are the allowable valuation interest rates sufficiently liberal?

Description: Living benefits (GLWBs) in fixed index annuity products are typically accounted for under SOP03-1 under current GAAP guidance. LDTI requires companies to classify these riders as Market Risk Benefit (MRB). This webcast focuses on challenges and considerations of the MRB implementation. Industry practices of the reserving approach will be shared during this webcast, as well as hedging and pricing implications.

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 1972 report covers intercompany mortality experience on life income settlements arising out of death claims, life income settlements arising out of maturities or cash surrenders, and matured deferred annuity contracts.

Description: This general discussion looks at mortality experience with the advent of CSO tables, annuity premium tax, termination dividends, classes of agents included under Social Security, and conditions affecting companies entering the fields of disability income, accident, health, hospitalization and medical insurance.

Description: 1992 SOA Annual Meeting, Washington, D.C. This session discussion was about the performance measurement in a risk/return context, incentive compensation as a tool for achieving effective performance, and return attribution using liability-based performance indices.

Description: The Actuary Vol. 22, No. 7. This article discusses the activities and goals of the Product Development Section of the SOA. Future activities will include joint sessions with other sections since product development issues sometimes relate to financial reporting. reinsurance, investments and nontraditional marketing.

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