Description: This article provides an excerpt of the results of a survey on policyholder behavior in the tail with respect to variable annuity guaranteed benefits. GMIB is specifically addressed.

Description: This session at the SOA 1990 San Francisco Spring Meeting is about the relationship between product design and investment policy. The focus is on a review of investment metircs, discussion of option adjusted spreads, and the use of total return from equity investments to support insurance products.