Description: The Joint Risk Management Section is trying to develop better estimates of policyholder behavior in the tail [PBITT]. The mission of the PBITT working group is to examine and ultimately give guidance to actuaries on how to set policyholder assumptions in extreme scenarios. As part of its work, the PBITT working group issued its sixth survey to gather the range of assumptions actuaries use in pricing, reserving, and risk management of minimum guarantees on Variable Annuity products, such as death benefits, income benefits, withdrawal benefits and maturity benefits. This web page contains a link to the survey results.

Description: Survey results for 2009 produced by the Policyholder Behavior in the Tail Risk Management Section Working Group in which insurers were asked about assumptions used with respect to policyholder behavior in universal life policies with secondary guarantees.

Description: The PBITT working group issued a survey that gathered the range of assumptions actuaries use in pricing, reserving, and risk management of UL with Secondary Guarantees. The result of the survey can be accessed using the link to the right.

Description: Report summarizing the results of the 2013 PBITT UL with Secondary Guarantees Survey.

Description: Survey results for 2008 produced by the Policyholder Behavior in the Tail Risk Management Section Working Group in which insurers were asked about assumptions used with respect to policyholder behavior in universal life policies with secondary guarantees.