Actuarial – Page 13

Expense Allowance Elizabeth MacGowan – Trial – Walker v Life Insurance Company of the Southwest The Model Regulation specifies that the expense allowance shall be that for level premium, level death benefit endowment insurance at the maturity date. The rationale for choosing a “whole life” expense allowance of this sort was thought out carefully. It…

AAA – Journal of the American Academy of Actuaries actuary.org/content/publication-archives-academy-journal-1977-1987 Statement 1981-12 – Journal of the American Academy of Actuaries re: Manipulation, Dividends, Life Insurance Buyer’s Guide -12p To: NAIC Life Insurance (C3) Subcommittee From: American Academy of Actuaries Date : June 2, 1981 Background: This statement was presented at a meeting of the Task…

Valuation Actuary 1980s – SOA – Committee on Life Insurance Company Valuation Principles As Chris indicated earlier, pricing actuaries are in a unique position relative to valuation actuaries since valuation actuaries spend their time monitoring reality. Pricing actuaries, along with actuaries who work in the asset/liability modeling (ALM) area, can influence reality. Their actions are…

R-Ratio / R-Factor In essence, the model regulation <Universal Life Model Regulation> assumes that at issue, all universal life policies are permanent plans. The r-ratio is meant to measure the extent to which the policy is “on track” as a permanent plan. Statutory Valuation of Individual Life and Annuity Contracts | 5th Edition, Claire, Lombardi…

Benefits The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were. 1988 0603 – Universal & Other New Plans (A) Task Force – NAIC – Attachment Two 1988-2, NAIC Proc. Nonforfeiture Premium Benefit Pattern – Examples Benefits – ACLI Benefits – Actuarial Benefits…

Supportable What is supportable is up to the illustration actuary and involves all aspects of the product, not just the crediting rate. — Donna Megregian 2015 – SOA – Actuarial Guideline 49 (aka Actuarial Guideline YY), Society of Actuaries – 3p 1988 – SOA – Are Current Illustrations Supportable?, Society of Actuaries – 20p I endorse the…

Actuarial Guideline 38 However, it was by no means apparent to many of us in the industry who would be most affected. In fact, when I learned of this movement in mid-summer, I called many of the larger writers of universal life products with secondary guarantees, and they told me that they had no knowledge…

Actuarial Principles The AAA group is looking at determining reserves based on actuarial principles, i.e. judgment. [Bonk: AAA = American Academy of Actuaries] 2004-4, NAIC Proceedings

Reserves Principles-Based Reserves – PBR Premiums and Benefits – Reserves Benefit Reserves CRVM modified reserve systems soa.org/globalassets/assets/library/research/transactions-of-society-of-actuaries/1967/january/tsa67v19pt2dn5410.pdf Natural Reserves PBR Policy Reserves Terminal Reserves 2013 0917- ThinkAdvisor – ACLI calls Lawsky’s letter on reserves ‘irresponsible’, By Elizabeth D. Festa – [link] In a letter to state insurance commissioners, the American Council of Life Insurers (ACLI)…

Actuarial Science Wisconsin Center of Actuarial Excellence https://instruction.bus.wisc.edu/jfrees/UWCAELearn/Lists/MLC%20Problems/AllItems.aspx Learning Objective: Universal Life https://instruction.bus.wisc.edu/jfrees/UWCAELearn/Exam%20Problems%20and%20Solutions/ExamMLCProblems/ProbMLC297_ED/ProbMLC297_ED.html