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.

Description: Article Disparate Origins Of Life And Non-Life Insurances by Beard in The Actuary, February 1979, Volume 13, Number 2

Description: The objective of this paper is to demonstrate that the long-term trends in the rate of company expansion affect policyholder costs and estimate the amount of the impact. Followed by several discussion papers submitted

Description: This session reviewed the distinctions and blurring of those distinctions between group and individual life insurance. Topics include differences in underwriting, legal constraints, marketing and distribution, and the nature of guarantees provided

Description: Evaluation of the excess mortality element of the Group Conversion charge. Followed by several discussion papers submitted

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: 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 discussion is about various methods for grading premiums and/or cash values by face amount size. Also a discussion of reasonable interest and mortality assumptions for computing retirement income policy maturity values and optional settlement rates guaranteed in new policies.

Description: This article delves into a new line of statistical thinking of the author, that may be useful for product development actuaries. The key concept is how product design can produce products that diversify quickly, meaning that the company can be confident of a profitable product line, based on fewer sales than might be true for other designs.

Description: Identifies current trends and considerations when setting the mortality improvement assumption for individual life insurance in the US.