Description: This paper addresses controversies related to Zillmer Reserves first proposed in the 1860's and discusses how actuaries can learn form these dilemmas and find a review of the controversy useful in more current practice. The paper was presented at the 25th Actuarial Research Conference held at the University of Western Ontario in 1990. From Actuarial Research Clearing House 1991, VOL. 1.

Description: Covers: 1. The current status of permissive legislation, monetary values, and new policies 2. Considerations in changing from CRVM to net level premium reserves 3. What are companies considering with regards to changes in cash value patterns 4. Consideration being given to changes in the mortality basis for substandard premiums as a result of recent experience and how is this affected by the adoption of the new CSO tables.

Description: This discussion looks at the valuation methods of small companies. From Transactions of Society of Actuaries 1951, Vol. 3, No. 6.

Description: The insurance reserve for an individual contract can be pictured as a quantity which changes continuously from moment to moment in response to the forces of interest and mortality. A different mathematical model arises for each method of defining the death benefit, and in this paper a number of such mathematical models are analyzed. Followed by discussion papers submitted by several authors

Description: This paper develops explicit relationships connecting these reserve bases, and, in the course of this development, derives several new and interesting actuarial relationships, all of which can be generalized to the case of monthly premium payment computations. Followed by a discussion paper submitted

Description: This is a discussion of the paper, 'The Effect of Varying Interest Rates' by Charles H. Connelly, involving the use of two interest rates, varying by duration, for valuation.

Description: This discussion looks at various topics associated with the 1958 CSO Tables and answers the following: What is the effect of these tables on premium rates, non-forfeiture benefits, reserves and other policy values? Are there any advantages to be gained by anticipating the deadline date January 1, 1966 for adoption of the new tables?

Description: The effect on level premium reserves of a change in the interest or mortality basis can often be predicted by the results obtained in Spurgeon's Life Contingencies, Chap. X, pp. 185-190. This note offers formulas to demonstrate the effect of such changes.

Description: This report studies the various benchmarks for analyzing the option-adjusted spreads of the major fixed income asset classes of life insurance companies. In addition, this report analyzes the historical benchmark performance against default rates for the asset class being benchmarked.

Description: This paper demonstrates some of the basic principles and concepts inherent in the use of natural reserves to adjust earnings and to demonstrate differences in earning patterns obtained by several alternative approaches to a pure natural reserve adjustment of earnings.