Description: Usual treatments of multiple-decrement theory are on a nonselect basis, with all rates of decrement depending only on attained age. This paper develops the theory on a select basis, carried out fully in the stochastic framework. The relationship between select periods in a multiple-decrement model and those of the associated single-decrement models is investigated. A discussion of the paper follows. From Transactions of Society of Actuaries 1991, Vol. 43.

Description: Traditional discounting is hazardous to corporate health unless, as this paper demonstrates, it is turned on its head and insurance managers adopt the methods of prudent bankers. From Transactions of Society of Actuaries 1987, Vol. 39.