Description: This 1981 session focused on issues related to term life insurance. Topics included 1. Term life insurance products in the 1980's 2. Assumptions and experience 3. Term insurance marketing and distribution including sales compensation approaches.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 The National Association of Insurance Commissioners NAIC Valuation of Life Insurance Policies Model Regulation XXX sets forth the valuation requirements for life insurance with nonlevel premiums or nonlevel benefits, including term insurance and universal life with certain underlying guarantees. Panelists discussed the issues around implementation of the requirements. The issues discussed include: • Determination of X factors when no credible company mortality exists • Proper treatment of secondary guarantees in universal life insurance • Preparation of the mortality assumption opinion requirements • Impacts on product development and design

Description: In our rapidly changing world, it is becoming hopeless to try to arrive at a satisfying description of future conditions, even in the short run. Yet prices for new life insurance must somehow reflect one’s view of events even in the far distant future. futurism

Description: In an effort to build a bridge between epidemiological and actuarial modeling, this paper analyzes possible financial arrangements made against expenses resulted from medical treatments given to insured patients. Based on classical compartment models, the first part of this paper designs insurance policies for susceptible participants facing the risk of infection and formulates the financial obligations of both parties using actuarial methodology. For practical purposes, the second part employs a variety of numerical methods for calculating premiums and reserves. The last part illustrates the methods by designing insurance products for the Great Plague in Eyam and the SARS Epidemic in Hong Kong.

Description: This panel discussion session looked at recent and proposed regulation of life insurance underwriting. Specific topics included: i. Problems with traditional underwriting classifications: privacy, disclosure, anti-discrimination, etc. 2. New and acceptable classifications: smoking, lifestyle, build, blood pressure, finances, etc. 3. Possible transition problems: existing policies, persistency, coordination of previous data with newer classes, etc.

Description: Summary of NAIC's Winter National Meeting

Description: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.

Description: Defines Accelerated Underwriting programs as a transformational trend, and outlines a process for evaluating mortality implications of such programs.

Description: In physics and engineering education, Fermi problems require solutions based on good approximate calculations with little or no actual data, involving making justified guesses and deducing bounds without using sophisticated tools. The idea of Fermi problems are of particular relevance to today's actuaries, as pricing, reserving, and financial reporting involve more and more complex stochastic components. The paper discusses some approximate solutions developed in academia in the spirit of Fermi problems.

Description: This paper develops a tool that may be useful in explaining the differences between earnings that are reported under GAAP and profits that are expressed as an internal rate of return.