1900-1940s - Actuarial - Snippets

--  Mr. Anderson - (p261)

1919 - The Record, American Institute of Actuaries - Individual Reserves in Life Insurance - [Educate Judges] - [PDF- 451p-GooglePlay]

  • The ... company is to determine for itself which of its plans are to be treated as term insurance and which as permanent.

    • The original instructions gave as a suggested definition of term insurance "that it is any policy with a premium rate less than 90% of the no profits rate for Ordinary Life...

1949 - SOA - Report of the Committee on Mortality Under Ordinary Insurances and Annuities, Society of Actuaries - 12p

SOA - VASP - Valuation Actuary Symposium Proceedings

1980s

  • X - 1985 - SOA - VASP - Using Deterministic Scenarios To Test Valuation Reserves For Universal Life, Valuation Actuary Symposium Proceedings, VASP855, Society of Actuaries - 86p
  • X - 1986 - SOA - Corporate Modeling and Forecasting (Practical Aspects of the Valuation Actuary Recommendations), rsa86v12n212 - Society of Actuaries - 42p
  • X - 1986 - SOA - VASP - Setting Appropriate Assumptions For The Valuation Process, VASP864 - Society of Actuaries - 48p
    • Dennis L. Carr: Over the past couple of years, Tillinghast has been involved in doing asset/liability cash flow analyses for interest-sensitive life and annuity products.
      • Over that time period, we have learned a great deal about the assumptions involved in such modeling.
      • The assumption-setting process is not new to actuaries; however, setting assumptions that vary with different interest scenarios is rather new, so we are still very much in the learning mode.
  • X - 1987 - SOA - VASP - Cash Flow Analysis Techniques, VASP871 - Society of Actuaries - 100p
  • X - 1987 - SOA - VASP - Current Research and Alternative Technologies - VASP873 - Society of Actuaries - 66p
  • X - 1987 - SOA - FASB Hearing On Insurance, The Actuary, act-1987-vol21-iss07-schreiner - Society of Actuaries - 3p
  • X - 1987 - SOA - VASP - Status Of The Valuation Actuary In The United States, VASP876, Society of Actuaries - 50p
  • [-] - 1987 - SOA - VAH - Valuation Actuary Handbook
    • Table of Contents - vah870
    • 1987 - SOA - VAH - Valuation Actuary Handbook - Chapter I - Insurance Company Statutory Valuation, VAH871 - Society of Actuaries - 34p
  • X - 1988 - SOA - Unification of Pricing, Valuation, and Management-basis Financials for Participating and Nonguaranteed Element Contracts, by Donald D. Cody, tsa88v40pt18, Society of Actuaries
    • The extensive research findings on theory and practice in the valuation actuary effort are set forth in the 1987 Valuation Actuary Handbook [9] and in papers 
  • X - 1988 - SOA - VASP - C-3 Risk and Liability Hedging, VASP889 - Society of Actuaries - 70p

1990s

  • X - 1990 - SOA - VASP - Panel: CMO and Other Asset Projections, Session 10, VASP9016, Society of Actuaries - 60p
  • X - 1990 - SOA - Standard Valuation Law, rsa90v16n217, Society of Actuaries - 20p
    • Frank S. Irish: Next most important, in my opinion, is the Valuation Actuary Handbook, which was published in 1987. It is an attempt to organize the available material to organize the available material, including chapters on how to do cash-flow testing, on modeling, and on the legal and organizational implications of the valuation actuary concept.
  • X - 1991 - SOA - VASP - CMO Boot Camp: In the Tranches, vasp914, Society of Actuaries - 60p
  • X - 1991 - SOA - VASP - Practical Asset/Liability Modeling for CMOs, VASP9110, Society of Actuaries - 76p
  • X - 1992 - SOA - VASP - The Valuation Actuary - 1992 Developments, VASP921 - Society of Actuaries - 
  • X - 1993 - SOA - VASP - Life and Annuity Valuation Issues, Session 3, VASP933 - Society of Actuaries - 18p
  • X - 1993 - SOA - VASP - The Valuation Actuary: An Overview of 1993 Developments, VASP931 - Society of Actuaries - 146p
  • X - 1994 - SOA - VASP - Introduction and Overview: Current Activities of NAIC's Life and Health Actuarial Task Force, VASP941 - Society of Actuaries - 110p
  • X - 1994 - SOA - VASP - Life and Annuity Valuation Issues, Session 2 - VASP942 - Society of Actuaries - 36p
  • X - 1994 - SOA - VASP - Life and Deferred Annuity Life and Deferred Annuity Liability Models, Session 8 - VASP946 - Society of Actuaries - 32p
  • X - 1995 - SOA - VASP - Life and Annuity Valuation Issues, Session 2, VASP952 - Society of Actuaries - 18p
  • X - 1995 - SOA - VASP - Life Valuation Issues -- XXX / Regulation 147, VASP9514 - Society of Actuaries - 16p
  • X - 1995 - SOA - VASP - Ask the Experts - VASP9516 - 32p
    • Shane CHALKE: The whole essence and theme of cash-flow testing is to try to simulate reality. Now, we realize that we're in an artificial box, given the nature of...
  • X - 1996 - SOA - VASP - Actuarial Malpractice: An Analysis of the Legal Implications of Valuation Actuary Concept (U.S. Session), VASP966 - Society of Actuaries - 14p
  • X - 1996 - SOA - VASP - Life and Annuity Valuation Issues, Session 2, VASP962 - Society of Actuaries - 32p
  • X - 1996 - SOA - VASP - Sources of Profit Statements, Session 8 , VASP965 - 28p
  • X - 1996 - SOA - VASP - State Variations from Standard Law, Session 26, VASP9614 - Society of Actuaries - 20p
  • X - 1997 - SOA - VASP - Equity-Indexed Products Overview, VASP978 - Society of Actuaries - 40p
  • X - 1997 - SOA - VASP - Market Value Measures: Duration Analysis and Economic Surplus, VASP9713 - Society of Actuaries - 56p
  • X - 1998 - SOA - VASP - Valuation Actuary Symposium Proceedings - Table of Contents, VASP980 - Society of Actuaries - 8p
  • X - 1998 - SOA - VASP - Valuation Actuary Symposium Proceedings - Regulatory Topics, VASP9819, Society of Actuaries - 28p
    • Larry M. Gorski, FSA, MAAA - Actuary - Illinois Department of Insurance
    • Mark J. Greene, FSA. MAAA, Supervising Actuary, New York State Insurance Department
    • Kerry A. Krantz, FSA, MAAA, Valuation Actuary, Florida Insurance Department
  • X - 1998 - SOA - VASP - Asset Modeling Concepts, VASP983 - Society of Actuaries - 38p
  • X - 1999 - SOA - VASP - 1999 Valuation Actuary Symposium, Edward L. Robbins, va99-44of - Society of Actuaries - 28p
    • GMP Term Whole Permanent Examples

2000s

  • X - 2000 - SOA - VASP - GAAP Issues-General, va00-11of - Society of Actuaries - 26p
  • X - 2000 - SOA - VASP - Session 1GS - General Session, va00-1gs - Society of Actuaries - 28p
  • X - 2000 - SOA - VASP - GAAP Accounting for Derivatives: FAS 133, va00-21ts - Society of Actuaries - 30p
  • X - 2003 - SOA - VASP - Applied Modeling Concepts, va03-7pd - Society of Actuaries - 21p
  • X - 2003 - SOA - VASP - GAAP for Nontraditional Long-Duration Contracts, va03-36ts - Society of Actuaries - 23p
  • X - 2004 - SOA - VASP - Integrated Risk Management, va04-29pd - Society of Actuaries - 22p
  • X - 2005 - SOA - VASP - Statutory Financial Reporting for Universal Life, Jeffrey A. Beckley, va05-21ts - Society of Actuaries - 15p

2010s

  • X - 2015 - SOA - VASP - Reviewing, Validating and Auditing Actuarial Models, reviewing-validating-auditing-act-models - Society of Actuaries - 41p

2014 – SOA – Modeling of Policyholder Behavior for Life Insurance and Annuity Products: A Survey and Literature Review, Society of Actuaries – 92p

  • 2014 – SOA – Modeling of Policyholder Behavior for Life Insurance and Annuity Products: A Survey and Literature Review, Society of Actuaries   —  [BonkNote]  —  92p
    • Description: This report is a summary based on current actuarial practices around the development and use of policyholder behavior assumptions including the use of dynamic modeling approaches. The research team surveyed and evaluated current practices in the industry; and highlighted current thinking on modeling human behaviors outside the life insurance industry. This project was sponsored by the SOA’s Financial Reporting Section and the Committee on Life Insurance Research.

[BonkNote – OneNote Clips]

Mismatch Life

  • 1985 – SOA – Universal Life Cash Flow Analysis – A Case Study – Michael Tuohy: Tillinghast, Nelson and Warren – Statement of Actuarial Opinion, Statutory Annual Statement of the Mismatch Life Insurance Company for the Year Ended December 31, 1990, Society of Actuaries – 11p
  • 1985 – SOA – VASP – Using Deterministic Scenarios To Test Valuation Reserves For Universal Life, Valuation Actuary Symposium Proceedings, VASP855, Society of Actuaries – 86p
  • 1986 – SOA – Corporate Modeling and Forecasting (Practical Aspects of the Valuation Actuary Recommendations),  rsa86v12n212 – Society of Actuaries – 42p
  • 1986 – SOA – VASP – Setting Appropriate Assumptions For The Valuation Process, vasp864 – Society of Actuaries – 48p

Actuarial - Snippets - 1960s

  • All these methods are based one way or another on the ancient truth that the present value of benefits, expenses, and margins must equal the present value of premiums.

    • When one considers the interest assumption, it must be remembered that rates are presently very high but may be showing signs of leveling off.

    • It seems inconceivable in view of the past that interest rates will stay at their present levels for a long period of time.

  • If the interest assumption in the early policy years is taken as the rate on new investments, the actuary should allow for the possibility of a reduction after the first few policy years and provide for a more conservative rate at the later policy durations.

  • [Bonk: Grading-?]

--  Samuel P. Adams

1968 - SOA - Premiums and Dividends for Individual Ordinary Insurance, Society of Actuaries - 30p

⇒ 1. What philosophy and techniques govern the determination of modern participating and nonparticipating premium rates and dividend scales?

Actuarial - Snippets - 1970s

  • Frankly, I think that present sales practices give dividend "illustrations" too much prominence compared with actual dividend histories.

--  Kenneth R. MacGregor

1971 -  SOA - Mutual Life Insurance Companies --  Their Objectives and Operating Philosophy, Society of Actuaries - 250p

  • High early cash value policies, "premium endowments," and other policies which overemphasize the cash-value buildup have been around for years.

  • Recently, however, some state insurance departments have been taking a closer look at these policies.

    • At least one state has gone so far as to require separation of the insurance and savings elements in some newly filed forms.

    • This involves requiring that a "premium endowment" be identified as "term insurance with a pure endowment" in the policy form and that the gross premium be so subdivided on the face of the policy.

    • Another state is considering making this a requirement for all cash-value products, including whole life.

--  Robert H. Dreyer

1972 - SOA - Transactions, tsa72v24pt2dn69ab5 - Society of Actuaries - 360p

  • ⇒ Despite the fact that there are cash values in the thirty-year term contract, from a consumer's viewpoint it has no savings element.

--  Paul Overberg

1973 - SOA - Price Disclosure and Cost Comparison, Society of Actuaries - 186p

  • This ... simply another manner of broadening the financial services of the life insurance agent.

1973 - SOA - Digest of Discussion at Concurrent Sessions - 1973 SOA Annual Meeting, Society of Actuaries - 130p 

  • The consumerists are having a fine time these days with the life insurance industry about which it seems there is nothing favorable to be said.

  • A distinguished member of the Senate* is agitating for a "truth in life insurance" law and this provoked the following comment from one newspaper:

    • "Probably what most insurance policies could use is a terse and lucid summary of precise coverage and options, enabling the purchaser to understand the benefits and recognize the limitations. . . .

    • (Senator) Hart* speaks of a possible 'truth in life insurance' law.

      • Our hunch is that the problem isn't so much truth as clarity."

    • Another doughty** champion*** of the consumer is reported to have said: " . . . . it should surprise no one that the standard family auto policy is substantially less readable than Einstein's basic work on relativity."

      • The speaker*** is a lawyer and an insurance commissioner and he should be well aware that it is the lawyers and the insurance commissioners who have made the insurance policies what they are today.....

    • *Senator Philip Hart (D-MI)

    • **doughty = brave and persistent

    • *** Herb Denenberg, Pennsylvania Insurance Commissioner

1973 - SOA - Editorial by ACW (Andrew C. Webster), p2, The Actuary, act7302 - Society of Actuaries - 8p

  • Little time is spent giving the novice any insight into the premises of the field.

    • Textbooks and even scientific papers are prepared according to the advice attributed to Louis Pasteur: "Make it seem inevitable."

  • This may explain why scientists, actuaries included, find it more difficult to explain their work or relate it to other fields than to apply it to a problem. (p387)

1974 - SOA - The Future of the Actuarial Profession as Viewed in A.D. 1974, by John M. Bragg, tsa74v26pt1n7615 - Society of Actuaries - 74p

  • When it comes to technical language and technical calculations which can be used to communicate with other actuaries, state insurance department personnel, or lawyers, an actuary is indeed well trained.

  • However, when it comes to talking to a basically uninformed public, a very well intentioned and technical document made up by an actuary might tend to be more confusing to the public at large than that which was made up by an informed and honest member of the company's agency management. (p5)

--  Frederick A. Randall

1974 03 - SOA - The Actuary, act7403 - Society of Actuaries - 6p

  • If there is a better way, let it be sought and may it be found -- and let it be to the credit of our industry that we are the ones to find it and to provide it for the consumer. 

--  Wilifred A. Kraegel

1975 - SOA - Ordinary -- New Products, rsa75v1n15 - Society of Actuaries - 18p

  • There is bound to be a controversial element in anything that enlightens the public to these differences and gives them a more intelligent basis for choice than they have at the present time.

--  Ernest J. Moorhead (EJM)

1977 - SOA - Debate "Resolved, The Life Insurance Business, as Transacted Today, is in it's Terminal Stages, Society of Actuaries - 14p

  • .... I still feel conceptually that Universal Life is:

    • much easier to explain,

    • it is much easier for the consumer to understand,

    • and I believe it will prove to be much easier to administer if for no other reason than you do not have to reissue every time there is a premium change.

--  David R. Carpenter

1979 - SOA - Future Trends and Current Developments in Individual Life Products (rsa79v5n44), Society of Actuaries - 24p 

  • Because of the high level of flexibility provided in a "Universal Life" style Adjustable Life product...

--  David R. Carpenter

1979 - SOA - Future Trends and Current Developments in Individual Life Products (rsa79v5n44), Society of Actuaries - 24p 

  • Universal Life might well be a more appropriate product than Adjustable Life for the very sophisticated, very high premium, as you mentioned, product or sale.

    • However, I think that there is a major segment out there where Universal Life Just would not fit.

  • Universal Life seems to be taking a giant step forward.

    • Adjustable Life may be a reasonable middle ground which our agents and our potential policyholders can understand a little bit better than the Universal Life concept at the present time.

--  Spencer Koppel

1979 - SOA - Future Trends and Current Developments in Individual Life Products (rsa79v5n44), Society of Actuaries - 24p 

Actuarial - Snippets - 1950s

  • The approach in this paper is to follow the precept of the proverb

    • "Better one picture than ten thousand words!"

  • -- by an actuarial proverb--

    • "Better one ratio than ten thousand words!"

--  Arthur Pedoe

1952 - SOA - The Trend of Life Insurance Company Expenses, Society of Actuaries - 19p

  • Relationships among premiums and reserves for life insurance are familiar to actuaries.

1956 - SOA - Premiums And Reserves In Multiple Decrement Theory, by William S. Bicknell and Cecil J. Nesbitt, Society of Actuaries - 56p

SOA – Groups

  • Special Committee on Nonforfeiture Values
  • 1997 – SOA – “Actuarial Counseling” – A New Role for the Actuarial Profession, Society of Actuaries – 21p
    • Task Force on the Personal Actuary: 1999 – 2000, Finance Practice Area Committees
  • SOA – Committee on Valuation and Related Problems
    • 1981 – SOA – The Impact of Inflation on Insurance and Annuity Reserve Valuation: The C-3 Risk, rsa81v7n46 – Society of Actuaries – 44p
      • Charles L. Trowbridge:  The Committee on Valuation and Related Problems views as its function the development of a strong theoretical base for the balance sheet of an insurance enterprise. When one takes a good look at the methods that we now use for determining assets, liabilities and their differences called surplus we recognize that some of the theory is pretty thin.
  • SOA Task Force on Mutual Recognition – 1999
  • SOA Dynamic Solvency Task Force – 1993-2, NAIC Proceedings
  • Committee on Post Retirement Needs and Risks
  • Life Insurance Specialty Guides Committee of the Society of Actuaries
    • 1997 – SOA – Universal and Variable Insurance Products, Professional Actuarial Specialty Guide, spg9707uvip – Society of Actuaries – 6p
  • Committee on Mortality under Ordinary Insurances and Annuities
  • Committee on Futurism
  • Task Force for Research on U.S. Life Insurance Insolvency Guarantees
  • Committee on agency problems
  • Committee on the Future Course of the Society
  • Special Committee on Insurance Holding Companies
  • Committee on Ordinary Insurance and Annuities 
  • Committee on Individual Life Insurance
  • Committee on Risk Classification (AAA)
  • Committee on International Relations
  • committee on demutualization
  • Special Advisory Committee on the valuation law
  • Committee on Life Insurance Financial Reporting
  • Committee on Guides to Professional Conduct
  • Committee on Nontraditional Marketing
  • Committee on Individual Life Insurance Experience Studies
  • Committee on Cost Comparisons and Related Issues
  • Committee on Illustrations
  • Academy’s Committee on State Life Insurance Issues (AAA)
  • Academy’s Professionalism Committee 
  • Academy has a committee on federal life insurance
  • American Academy of Actuaries has a sub committee on the NAIC life risk based capital working group
  • Committee on Life Insurance Research
  • Trowbridge Committee, the Society’s Committee on Valuation and Related Problems
    • “Report of the Committee on Valuation and Related Problems,” Record, 5:1, pp 256-284.
    • 1983 – SOA – Society Research Affecting the Valuation Actuary, rsa83v9n414 – Society of Actuaries – 28p
      • Progress Reports by the Committee on Valuation and Related Problems and its four task forces on C-l, C-2, C-3 and Overall Risks:
    • 1987 – SOA – Research of the Committee on Valuation and Related Areas. rsa87v13n4b11 – Society of Actuaries – 28p
      • Reports were given by the chairmen of the following Task Forces:
        o C-I Risk – Irwin Vanderhoof
        o C-2 Risk – Dan McCarthy
        o C-3 Risk – Pete Deakins
        o Combination of Risks – Mike Mateja
  • Society of Actuaries Task Force for Research on Life Insurance Sales Illustrations under the auspices of the Committee for Research on Social Concerns
    • 1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries – 142p
      • Appendix II – Illustration Examples
      • *Opinions expressed herein are those of the Task Force for Research on Life Insurance Sales illustrations and of the Committee for Research on Social Concerns. This report does not purport to represent the views of the Society of Actuaries or of its Board of Governors.
  • Joint Risk Management Section
  • SOA’s Committee on Post Retirement Needs and Risks
  • SOA Risk Management Task Force (RMTF)
  • The Combination of Risks Task Force (CORTF) was organized in the summer of 1983.
    • It reports to the Society of Actuaries Committee on Valuation and Related Problems.
  • The charge of the Task Force as set forth in the SOA Yearbook is as follows:
    • “To develop understanding and quantification of risks of loss from combination of C-l, C-2, C-3 and C-4 risks and implications on statutory reserves, contingency surplus needed on inforce business, valuation statutes, early warning tests, and corporate planning.”

1991 – SOA – V. Report of Combination of Risks Task Force, tsr9114 – Society of Actuaries – 186p

  • The Task Force also believes that manipulative patterns of COl deductions will be weeded out by their GMP test.
  • Examples have been given to the regulators that a whole life product filed in their state today that offered cash values that were equal to 1941 CSO 2.5% values would probably be approved, as long as the paid-up values were on the more current non-forfeiture basis, but a similar UL product would not be approved.

—  Philip K. Polkinghorn

1988 – SOA – Update on Universal Life Reserves and Non-Forfeiture Values, Society of Actuaries – 36p

1991 - SOA - Illustrations, rsa91v17n4a18 - Society of Actuaries - 20p

  • 1991 - SOA - Illustrations, rsa91v17n4a18 - Society of Actuaries  ---  [BonkNote]  ---  20p
    • JUDY FAUCETT: We're going to discuss the preliminary report of the Task Force for Research on Life Insurance Sales Illustrations.
    • 1991-1992 - SOA - Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries - 142p
    • Appendix II - Illustration Examples
  • James F. Reiskytl: If the contracts will not provide for coverage for life, for example, although they put the name whole life or universal life on them, some disclosure should be made.
  • Michael Roscoe: They are looking for a low premium for permanent insurance, and there are going to be some rude awakenings for the industry in the not-too-distant future.
  • Thomas L. Bakos: Anybody who believed an illustration that purported to demonstrate cost would be a foolish person.

SOA – Obituaries

  • 1981 – SOA – The Actuary – How to Help Us When a Member Has Died, Society of Actuaries, by Cynthia M. Keele – 3p-page 7
    • It is indeed helpful if we can be notified promptly of a member’s death. Far better if two people tell us than if everybody (especially when the person has retired) assumes ,that somebody else is doing this.
    • The best procedure is this:
      • 1. Do take extreme precautions to keep us from confusing the deceased with another member whose name is similar.
      • 2. The information we need is:
        • a) The deceased’s date of death, and date of birth if known.
          b) Name and address of next-of kin, to whom the President
          will send condolences.
        • c) Word on who will write the obituary for the Transactions and when we may expect it.
  • 1952
    • George Lidstone