Description: As equity markets decline and become more volatile, the likelihood of significant guaranteed benefit claims increases, while increases from mortality and expense fees declines. The article illustrates how to use a derivative contract, a properly structured total return swap, to turn a company's uncertain M&E revenue patterns into predictable revenue.

Description: Presented at May 2002 Spring Meeting. Discusses the nature of the risks associated with equity-based and equity-linked products, and how those products can be managed with the use of capital market instruments.