Description: A debate among industry giants of whether the life insurance industry in 1977 is entering a period of changes that will affect business in the most fundamental way or whether it's just experiencing normal trials and tribulations.

Description: This paper, written at the request of the chairman of the Society's special committee, contains a description of the data, methods, and principles used to determine the proposed new expense formulas for minimum nonforfeiture values. A discussion of the paper follows. From Transactions of Society of Actuaries 1977, Vol. 29.