Description: The actuarial profession is faced with a problem of determining delta-ized reserves on a basis which will include appropriate provision for adverse deviations in mortality, lapses, interest rates, and expense rates. This paper describes briefly a method which could be used to solve this Followed by papers submitted by 2 authors problem in a flexible manner.

Description: A discussion of alternative meanings to “Best” in best estimate. When one is trying to estimate a result that is normally distributed, the mean, median and mode will all equal one another. However if the results are not normally distributed, different variance metrics will result in different “best” estimates. When different parts of a financial statement use different criteria for measuring best estimates and different processes for handling variances, the results can be volatile, unpredictable and perhaps unreasonable.