Description: This paper consists of two parts. The first concerns the financing of public systems, the second is a challenging introduction to variances encountered in life insurance and life annuity theory. The first part emerges from work by some actuarial students and faculty at the University of Michigan during the past five years. The second part was stimulated by some developments in the preparation of the second edition of Actuarial Mathematics.

Description: These are the abstract, outline, graphs and tables of the paper “Conclusions from Michigan Studies of Social Security Financing”. By such studies we mean the papers prepared during the past five years by actuarial students and Cecil Nesbitt, and which have appeared in ARCH. The paper is in three parts: A lengthy Abstract, followed by 17 pages of text, graphs, tables and references. The third part is a 10 page Appendix which gives the proofs of text statements.