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: 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 is a discussion on valuation and examines small company reserves and methods used in valuing disability, double indemnity, family income and other benefits in determining the reserve released by voluntary terminations. From Transaction of Society of Actuaries 1950, Vol. 2, No. 3.

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

Description: This session at the 2004 Valuation Actuary Symposium provides an overview of statutory valuation issues for life and annuity products including the Actuarial Opinion and Memorandum Regulation, variable products reserving standard, adoption of 2001 CSO, C-3 Phase II RBC project and nonforfeiture changes.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date and recent discussions and decisions on the treatment of non-guaranteed reinsurance.

Description: This article summarizes recent proposed changes to the Valuation Manual that might take effect for 2019 valuations for PBR business.

Description: As companies implement PBR, this article outlines challenges regarding the treatment of accelerated underwriting under VM-20 and in light of future innovation.

Description: An overall analysis and attribution analysis of the impacts of the 2017 Tax Cuts and Jobs Act for certain life insurance contracts.

Description: One of the most fundamental concepts in actuarial practice is the time value of money. For any work in which future cash flows are allowed for, such as reserving or pricing, it is natural to discount to present values so that an appropriate amount of money can be set aside today, allowing for future investment returns. This article discusses yield curve extrapolation methods along with the benefits and drawbacks of these methods.