Description: Discussion of NAIC efforts to amend the annuity nonforfeiture laws to respond to falling interest rates.

Description: This 1981 session focused on issues related to term life insurance. Topics included 1. Term life insurance products in the 1980's 2. Assumptions and experience 3. Term insurance marketing and distribution including sales compensation approaches.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 Addresses a variety of financial reporting issues of interest to the attendees at a meeting of Valuation Actuaries.

Description: Chronicles the two-year history of the Committee on Life Insurance Company Valuation Principles, COLICVP, and looks ahead to the future.

Description: In May of 2001 the Credit Insurance Experience Committee was asked to respond to the National Association of Insurance Commissioner’s request to the Society of Actuaries to develop a recommendation for a uniform national valuation standard for credit life insurance policy reserves. This document contains the recommendation along with supporting material.

Description: This paper is to some extent a sequel to my previous paper A Bond Manager's Method for ALM published in Actuarial Research Clearing House Volume 1993.3. It borrows from that paper the concept of benchmark weights for measuring the sensitivity of the present value of a set of cash flows to changes in interest rates. However, a completely different approach to calculating benchmark weights is presented.

Description: This paper develops an option pricing model that takes cost of capital concepts as its foundation rather than dynamic replication. The resulting model, called the 'C' measure in this paper, is related to the family of Affine Jump Diffusion models that are well known in the finance literature, so it is fairly easy to understand and implement. We argue that this is a reasonable model to use for estimating equity implied volatilities that are beyond the five- to 10-year horizon that can typically be observed in today‘s capital markets. The paper concludes with a short discussion of how to grade from observable market data to the 'C' measure.

Description: From a session at the 2001 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, November 29-30, 2001 Teaching session covering the development of realistic liability models for use in asset adequacy analysis, asset/liability management, pricing/repricing, financial reporting or other corporate purposes. The primary focus is modeling issues for variable product features, such as minimum living or death benefit guarantees on both variable life and annuities, annuity death benefit enhancements, and variable immediate annuities. Topics include: • Analysis of the special risks posed by these products • Selecting realistic dynamic assumptions • Techniques used in modeling these products • Scenario testing and result presentation to best communicate risks

Description: Presented at May 2005 Spring Meeting. Panelists discuss the insuring of the aging population in respect to assessment of the health of the insured and resulting mortality costs.

Description: This report was presented at the October 1982 Society of Actuaries annual Meeting in Washington D.C.. It presented supplementary information on the 1979 Build and Blood Pressure Study. This supplementary study was made to answer a number of specific questions raised by medical directors and actuaries of life insurance companies as well as by some prominent physicians and research scientists.