Description: Actuarial literature in the twenty-five years includes discussions of a well known inequality. Among the recent papers on various aspects of this classic result are those by Berin 1970, Olson 1975 and Sarason 1960. A standard method for achieving this inequality uses Jensen's inequality. This is the method used by Bowers, et al 1983. We will also employ this method in an attempt to learn about it.

Description: Managing corporate defense is therefore an extremely responsible station, as it involves the responsibility for adequately defending the interests of all of the stakeholders of an organization, both in terms of monetary and human implications.

Description: This paper is a sequel to Shapiro et. al. in that it discusses a similar role for CAI in topics specific to the text Actuarial Mathematics, by Bowers et. al 1986. The topics covered are the previous topics of actuarial notation, basic concepts, and what-if analysis, along with some new ideas for the presentation of stochastic models.

Description: During the last decade, a vast activity had been observed in generalizing of the classical discrete distributions. The main idea was to apply the extended versions fur modeling different kinds of dependent count or frequency data structure in various fields. In the present paper we suggest extensions of the classical univariate geometric, negative binomial, Poisson, Bernoulli, binomial and logarithmic series distributions, by including an additional parameter. It has a natural interpretation in terms of zero-inflation, and because of this we named the corresponding generalized versions adding inflated-parameter.

Description: The study of Employee Benefits has always been aided by using financial algorithms. During recent semesters, the Lotus 1-2-3 package Lotus has been introduced to students due to the explosion of its use in the business community. This paper will show how our students use Lotus to design a spreadsheet for computing minimum annual distributions from tax-sheltered plans.

Description: A description of the of FAP design and development process. The release of FAP Module 1 earlier this year marked a significant achievement for the Society of Actuaries' basic education system.

Description: There is nothing like a serious financial crisis to see if your risk management process works or not. The depth and breadth of the financial crisis in 2008 identified the strengths and more importantly exposed the weaknesses of the risk management process at Lincoln Financial. Enterprise Risk Management is tasked with understanding all the key risks inside a company and preparing the company to respond to those weaknesses. Lincoln Financial was exposed to multiple stress points as a result of the financial crisis and found themselves with insufficient resources to weather the storm. Ultimately the risk management process at Lincoln Financial was not fully capable of dealing with the depth and scope of the financial stress. Without access to government support it can be argued that Lincoln would not have survived the most profound financial crisis of the modern era. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: Contemporary ERM has moved from an event-based view of risk to a hierarchical, systems-based approach. In order to operationalize such an approach, a methodology is proposed in this paper that draws on phylogenetic approaches that have been successfully developed for biological evolution. The technique and process provide an insight into the lineage, pace and impact of external conditions on the evolution of risks. They also provide a unique and rational classification of risk in an enterprise that can be used to optimize risk management resources. An example of a fictitious insurance company is used to illustrate the approach. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: This paper is the introduction to the Society of Actuaries 50th Anniversary Monograph, which contains significant papers published by SOA-sponsored research publications during the past fifty years. This introduction describes the selection process and provides a brief summary of each of the seven papers making up the monograph.

Description: This paper considers the ERM problem as an adaptation and stability problem of complex system development. The basic approach of W. Ross Ashby and its development by S. Beer are applied. The author advances the cybernetic functional feedback model as applied to the integrated ERM structural mechanism. Such formulation of the ERM problems seems promising to correctly detail and structurally integrate the various issues, including operational and financial systems linkage, key adaptation parameter of time and its different periods, optimal activity and others.