Description: This paper is the final report in a project commissioned by the Society of Actuaries Social Security Committee. The paper considers a variety of possible risk classification factors that could be used in estimating the value of any mortality based benefit for retirees. As many countries consider mandatory individual retirement accounts as their answer to a secure Social Security system, the question arises as to whether all workers can get true 'market value' annuities when they retire. It is clear today that private sector life annuities are priced assuming that the applicant is healthy-very healthy. Very little underwriting or risk classification now exists in the individual annuity marketplace. This paper reviews 45 recent research papers that look at factors that affect mortality after retirement. In particular, factors that seem to be important in predicting retirement mortality include: age, gender, race and ethnicity, education, income, occupation, marital status, religion, health behaviors, smoking, alcohol, and obesity. For each factor, this paper gives highlights relative to the named factor of the impact expected from that variable as described in the 45 reviewed research papers.

Description: Continuing change pervades the actuarial world. Actuarial tools and techniques are constantly evolving, new financial products and services appear regularly, legislation and regulation rarely remain unchanged for long, consumers are becoming better informed and more sophisticated, the financial environment is becoming increasingly global, distinctions between types of financial institution are becoming more blurred, and the areas in which actuaries find applications for their skills become more varied. In this context, the most important attribute for actuaries is the capacity to adapt. This paper considers some implications for university actuarial programs of the need to develop adaptive actuaries. It discusses the results of a survey of the preferred learning styles of Macquarie University actuarial students, examines the newly introduced Australian actuarial subject called 'The Actuarial Control Cycle,' and looks at the use of portfolios of student work. It concludes that in order to develop adaptive actuaries for the 21st century, actuarial programs must broaden the range and type of teaching/learning activities and assessment methods provided for students.

Description: The paper presents arguments to show that a fully funded social security scheme is no more secure economically than a pay as you go scheme....that is, for real retirement income security the funding mechanism is irrelevant. From Actuarial Research Clearing House, January 1996, VOL. 1.

Description: This paper attempts to quantify the benefits to the purchaser of a non-qualified variable annuity as compared to an investment in a mutual fund. From Actuarial Research Clearing House 1991, VOL. 3.

Description: In the past, discussion of actuarial education has focused on curriculum content [what is to be learned] and mode of delivery [university course versus part-time correspondence course]. Little attention has been paid to how students learn, and how that learning can be facilitated to develop actuaries with the knowledge, skills and values the profession needs. This paper deals with the university-related content of a more comprehensive paper prepared by the authors for the 1993 Convention of The Institute of Actuaries of Australia. It concentrates on students' learning in the undergraduate actuarial program at Macquarie University in Sydney, Australia, but it is likely that many of its findings and conclusions would apply equally to university actuarial courses elsewhere. From Actuarial Research Clearing House 1994, Vol. 1.

Description: This is the speech given by Kenneth W. Stewart, FSA, FCIA, MAAA, to the 25th Annual Actuarial Research Conference. The speech focuses on the following global trends: 1. Population aging, 2. The spread of affluence, 3. The rise of technology, 4. Global competition, and, 5. The fungibility factor, e.g., in our brave new future world, a Scottish customer will go to his local bank branch to buy life insurance from his German insurer. From Actuarial Research Clearing House 1991, Vol. 1.

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.