Description: This paper presents a general law of mortality that is equal to a mixture of Gompertz, Weibull, Inverse-Gompertz, and Inverse-Weibull survival functions.

Description: This paper introduces the modern concepts and definitions of the statistical subject of life testing, and ties them in with corresponding concepts of actuarial science. This paper additionally presents a justification of some common laws of mortality. Discussions of the paper are included.

Description: The financing for Social Security is a pay-as-you-go system, rather than the full-reserve system utilized in private insurance, and the financing conditions of the trust funds have more uncertainty than does the reserve in private insurance. Traditionally, the financing conditions have been decided by a deterministic approach using economic and demographic assumptions that rely upon negotiation among experts at various government agencies. This paper proposes an econometric approach, called the 'co-integrated multivariate time series model,' for forecasting the financing conditions of the trust funds. This stochastic approach not only establishes the interrelationships but also clarifies the co-movements among the economic assumptions. Furthermore, it helps analyze the original assumptions rather than the differences of the nonstationary assumption variables adopted by researchers in the past that are more difficult to interpret. Use of this approach permits the assessment of the probability distribution of the future balance of trust funds instead of assessing estimates from the three alternative deterministic assumptions. This distribution will provide policy-makers with a better assessment of stability of the trust funds.

Description: This paper presents the fundamentals of creating and using projections. From Transactions of Society of Actuaries 1950, Vol. 2, No. 4.

Description: In this paper the author presents an application of Bayesian forecasting methods to the estimation of reserves for outstanding claims. He assumes that the time number of periods it takes for the claims to be completely paid is fixed and known, that payments are made annually and that the development of partial payments follows a stable pay-off pattern. From Actuarial Research Clearing House, 2003, Vol 1.

Description: This paper presents a method involving re-sampling 'with replacement but without random numbers', numerical convolutions for sums and quotients, and estimation of confidence intervals for trend in average size claim. In this paper, this method is applied to major medical claims.

Description: This paper addresses rainfall insurance using financial derivatives. Usual modeling is done for temperature related products. The authors gathered rainfall data in Mexico City over a period of five decades. This showed that the time series data is stationary and normally distributed. Therefore, the authors applied a closed-form solution to value swaps, calls and puts, with and without limits. The model can be used for practical purpose of pricing rainfall derivatives. From Actuarial Research Clearing House, 2006.