Description: The objectives of this paper include an assessment of the basis of volatility of experience and financial results, considering the risks and uncertainties associated with long-term policies, especially LTCi. In so doing, it is observed that a properly determined provision for risk and uncertainty is needed in premiums and reserves. It then describes the approaches that can be taken to quantify such a provision in new and re-rated LTCi. The paper discusses possible mitigation approaches that have and should be taken, especially but not limited to the use of policy design features to enhance the alignment of interests of the LTC insurer and its policyholders. It also explores the relationship between historical and expected future risks and uncertainties specific to LTCi. It concludes by pointing out the pervasiveness of the uncertainties involved, the earlier underestimation of the uncertainties involved, although the actual degree of uncertainty may have decreased over time as relevant experience has been obtained. Effective management of LTCi demands incorporation of mitigation approaches in its product design and continuous monitoring of relevant experience.

Description: Long-Term Care Insurance: Suggestions to focus on various products for different market segments to address all the challenges in the current one product system. From Long-Term Care Newsletter, August 2002, Issue No. 6.

Description: Article discusses the failure of the CLASS Act, and examines the use of the LTCI Partnership Program, to meet the needs of middle-market consumers.

Description: In spite of the growing need for long-term care financing, recent sales are stagnant and the number of insurance companies offering long-term care insurance is dwindling. This article examines some of the shortcomings of today’s product and suggests a different approach.

Description: Update on LTC Section activities and other issues from the perspective of a Society of Actuaries' staff actuary.

Description: From past to present, this article discusses what has happened in rate increase litigation, and how we got to where we are now. The article also discusses a possible "future" wave of rate increase litigation for insurers and counsel to be aware of as they move forward with rate increases in the future.

Description: Summary of long-term care insurance options available for designing the right policy for your clients.

Description: The Society of Actuaries Research Institute’s Aging and Retirement Strategic Research Program is pleased to make available a report that explores stakeholder views in Minnesota on the efficacy of a public catastrophic long-term care insurance program at the state level.

Description: This article discusses considerations for statistical biases that may arise in LTC blocks due to historical benefit reductions. The article explores these biases in the context of experience studies and experience projections.

Description: An introduction to other articles in this issue about Medicaid abuse and genetic testing.