Description: The insurance reserve for an individual contract can be pictured as a quantity which changes continuously from moment to moment in response to the forces of interest and mortality. A different mathematical model arises for each method of defining the death benefit, and in this paper a number of such mathematical models are analyzed. Followed by discussion papers submitted by several authors

Description: This paper presents an analysis of the basic actuarial theory for life insurance policies which have fixed premiums, the entire reserve held in a separate account, the assets of which would be invested primarily in common stocks, etc. From Transactions of Society of Actuaries 1969, Vol. 21 Pt. 1, No. 61

Description: This is a discussion of the paper, Actuarial Note: The Equation of Equilibrium by Donald C. Baillie. From Transactions of Society of Actuaries 1951, Vol. 3, No. 7.

Description: This is a discussion of the paper, 'Insurance for Face Amount or Paid-Up Insurance Amount if Greater' by Cecil Nesbitt and Marjorie Van Eenam.

Description: This note looks at the differences of selecting a term versus whole life plan. From Transactions of Society of Actuaries 1955, Vol. 7, No. 19.

Description: Discusses a method to construct an endowment plan which provides for a maturity value greater than face by treating the paid up amount as the sum insured whenever it exceeds face. The formulas for premiums, cash values and amount of insurance are provided.

Description: This is a discussion of the paper, Actuarial Note: Valuation of Reversionary Interests Involving Two or More Lives for Federal Tax Purposes by Charles G. Groeschell and William M. Snell. From Transactions of Society of Actuaries 1951, Vol. 3, No. 7.

Description: Gross premium calculation methods may be arbitrarily separated into: a- Type 1 methods those which initially have commissions and other per cent of premium expenses in the denominator and b- Type 2 methods those which initially have commissions and other per cent of premium expenses in the numerator. The traditional Type 1 methods directly calculate the gross premium. The purpose of this paper is: 1. to present a Type 1 method of gross premium calculation which does the following: a Incorporates the cost of reinsurance into the gross premium calculation and may be shown as a level annual cost over the gross premium calculation period. b Calculates the effect on profit margins of a change in the retention limit without redoing the original calculation. c Calculates the premiums needed to break even e.g., amortize the initial investment in surplus at the end of each policy year as a by-product. d Calculates the profit or loss generated in each policy year or over any number of policy years for any gross premium without redoing the original calculation or first using a trial gross premium. e Directly solves for the gross premium that will produce any specified profit over any number of policy years without redoing the original calculation or first using a trial gross premium. f Directly solves for the premium that will produce a specified yield on surplus invested in new business by a flexible technique not first involving the use of the renewal net premium or any other preliminary gross premium. 2. to provide a mathematical definition of a financially meaningful average policy size which recognizes the cost of reinsurance. 3. to provide for mathematical definitions of common measures of profit, and the mathematical relationships between them. 4. To establish formulas expressing the effect of changes in various assumptions used in the gross premium calculation as a lev

Description: These are discussions of the following research papers: 1. 'Actuarial Functions as Expected Values' by John A. Fibiger and Stephen G. Kellison, and 2. 'A New Look at Gain and Loss Analysis' by Arthur W. Anderson. From Transactions of Society of Actuaries 1971, Vol. 23, Pt. 1, No. 66 AB.

Description: This is the discussion of the paper by J. Alan Lauer that develops the apportionate basis for the immediate payment of claims as an alternative to continuous functions. A new function, the apportionable annuity due, is defined and derived and formulas for net premiums and terminal reserves on the apportionable basis are developed. Then an investigation is made of the relationship of net premiums and terminal reserves on the apportionable basis to the corresponding functions on the continuous functions basis.