Description: This is a discussion of the paper, 'A Convenient Method of Providing for Mortality Improvement Based on the a-1949 Table' by James E. Hoskins. Discusses seriousness of errors that can develop under certain circumstances, provides a formula for adjusting by modes of payment, discusses circumstances in which differences between Hoskins' method and Projection B is greater than in the example used in the paper, etc.

Description: The dependent relationship between two lives is readily analyzed within the context of probability theory. This paper presents useful relationships between certain actuarial and probability functions and then explores measures of dependence. From Transactions of Society of Actuaries 1986, Vol. 38.

Description: This report summarizes the results of a 2022 survey examining mortality improvement practices of life and annuity companies in the U.S. and Canada.

Description: Initiated by the Financial Reporting Section, this paper explores rising interest rates. Following this path, the paper will look at implications of interest rate changes for the life insurance industry, current stress testing practices, and how a risk manager can proactively prepare for an uncertain future. A paper published in 2014 focused on why rates could stay low, and some aspects of this paper are similar (e.g., description of insurance products). This paper also uses a sample model office to help practitioners look at their own exposures. It includes typical interest-sensitive insurance products and how they might perform across various scenarios, as well as a survey to establish current practices for how insurers are testing interest rate risk currently.

Description: Letters to the national association of insurance commissioners life/health actuarial task force regarding the development of the new annuity non-forfeiture law. Letters are addressed to Mr. Howard Kayton, Mr. Allan Roby, and Mr. John Montgomery. Also included is a demonstration of the workings of a two tiered annuity.

Description: This is a research project discussing on the needs and opportunities of the older age market to be used in the development and distribution of products that will protect future retirees from financial risk.

Description: The purpose of this paper is to suggest an improved method of future mortality improvement approximation, using the a-1949 Table as the basic table. Comparisons are shown between this method and other methods for annuitants.

Description: This paper is a literature review of available papers, publications, articles, and presentations on the topic of longevity risk.

Description: Non-guaranteed elements are parameters of life insurance and annuity polices that are not fixed when the policy is issued but may be changed from time to time by the insurance company.

Description: We devise an approach, using tobit models for modeling annuity lapse rates. The approach is based on data provided by the Society of Actuaries’ Risk Management Task Force. Kim [2005a] models annuity lapse rates using a logit model and the same US data (he also used Korean data separately). We find that the tobit model is a more than suitable approach for all levels of the explanatory variables including interest rates, unemployment rates, and GDP growth rates. Specifically, policyholder behavior in the tail of the distribution of lapse rates is explained as well as it is in the normal range of lapse rates.