Browse Research
Viewing 5326 to 5350 of 7690 results
1988
Between 1985 and 1987, the professional actuarial bodies in Australia, Canada, United Kingdom and USA have issued or updated guidance notes on actuarial work in property-casualty insurance. The paper reviews the status and authority of the guidance notes. They do not attempt to lay down standards to be followed but describe principles which it is expected the actuary will follow other than in exceptional circumstances.
1988
Financial income play a big part for the calculation of the minimum premium and maximum premium of a sliding scale for non-proportional treaties. The aggregate loss for the XL is supposed to be a compound Poisson process. It is computed by Panjer's Algorithm. Some numerical results are shown for different values of the claims number and the interest rate.
Keywords Rating of XL treaties, sliding scale, financial income
1988
The premium deficiency reserve is a subject which has not received due attention in the literature of the Casualty Actuarial Society. This reserve is required of certain insurance companies reporting on a basis consistent with Generally Accepted Accounting Principles (GAAP).
1988
It is shown how the upper bounds for stop-loss premiums (and approximations to tail probabilities) obtained by replacing the individual model for a portfolio of risks by the collective model can be improved upon at the cost of only slightly more computer time. The method used is simply to keep a restricted number of large risks as they are instead of approximating them by a compound Poisson distribution.
1988
This article summarizes some main results in modern portfolio theory. First, the Markowitz approach is presented. Then the capital asset pricing model is derived and its empirical testability is discussed. Afterwards Neumann-Morgenstern utility theory is applied to the portfolio problem.
1988
The compound binomial model is a discrete time analogue (or approximation) of the compound Poisson model of classical risk theory. In this paper, several results are derived for the probability of ruin as well as for the joint distribution of the surpluses immediately before and at ruin.
1988
This paper will attempt to formulate some of the concepts a casualty actuary should consider when deciding whether or not to certify loss and loss expense reserves. The approach will be from the perspective of what considerations and thought processes the actuary should go through.
There is presently little or no literature available in helping the practicing casualty actuary decide whether or not he/she can certify a company's reserves.
1988
The estimation of ultimate losses for a particular year is consistently one of the most formidable tasks facing the actuary. Rather than focusing on and manipulating the data reported by the loss process, this paper presents a model of the loss process itself. Changes in claim counts, average values, and incurred losses are viewed as manifestations of changes in underlying characteristics of a book of business.
1988
This paper discusses the need to provide specific liabilities in certain situations where the writer of claims-made policies has guaranteed that an extended reporting endorsement will be available to the claims-made insured at some future date.
1988
This paper gives a concise exposition of the option approach for an actuarial audience. A useful bibliography is attached.
1988
In the interest of resurrecting classic documents, this issue of the Actuarial Forum reprints the script from a play presented in 1974 entitled "How To Succeed As An Actuary." We hope that you enjoy this light-hearted look at the world of the "big time" corporate actuary. With the 1989 anniversary meeting coming up, perhaps someone would have the talent and interest to adapt another play to an actuarial setting.
1988
It is widely acknowledge that there has been a major breakthrough in the mathematical theory of option trading. This breakthrough, which is usually summarized by the Black-Scholes formula, has generated a lot of excitement and a certain mystique.
1988
Traditionally, loss reserves have been discounted by calculating the net present value of a series of projected future payments at some "suitable" interest rate. What constitutes a suitable rate is the subject of much debate and has no simple answer.
1988
The paper describes how a study group, appointed by the Belgian Professional Union of Insurance Companies, designed a new tariff structure In motor third party liability. Particular emphasis was given to the construction of a more efficient bonus-malus system
Keywords Automobile insurance, bonus-malus systems.
1988
General design and analysis of computer algorithms. Sample algorithms are particularly clear.
1988
LOB-Commercial Multiple Peril
1988
The property-liability insurance industry has traditionally segregated operating divisions and returns into two components, underwriting and investments. The concentration of most insurance textbooks, allocation of personnel and management attention has been on the underwriting side of operations. In many cases this emphasis on underwriting has led to neglect of investment operations.
1988
Chapter from Foundations of Casualty Actuarial Science textbook.
This chapter will deal with the basic actuarial methods and assumptions underlying the development of manual rates.
1988
In his introduction, Berry provides a three-question quiz to pique the interest of the reader as to the myths and realities concerning asset/liability mismatch. He describes mismatch as when the timing of the cash flows needed to settle liabilities is not equal to the timing of the cash flows generated by the assets backing those liabilities.
1988
This article studies random variables whose stop-loss rank falls between a certain risk (assumed to be inter-valued and non-negative, but not necessarily of life insurance type) and the compound Poisson approximation to this risk. They consist of a compound Poisson part to which some independent Bernoulli-type variables are added.
1988
The intent of this paper is to present an introduction to Collective Risk Theory for the first time reader and considerations in applying that theory to estimate variability in loss reserves. It begins with a brief introduction to the basic concepts of Collective Risk Theory along with a survey of some of the techniques developed to date to estimate the aggregate distribution of losses.
1988
We model loss development by starting with percent of ultimate curves which explicitly depend on the underlying pattern of exposure accumulation. We express such curves in general as a convolution of a "generating" function with an "exposure" density function.
1988
Adjusting Incurred Loss for Simultaneous Shifts in Payment Patterns and Case Reserve Adequacy Levels
This paper presents how l) changes in payment patterns affect both the incurred development projection and the paid development projection, 2) how changes in payment patterns can mask or falsely imply changes in case reserve adequacy levels, and 3) how to test, analyze and correct for these changes.
1988
From the period between 1980 thru 1984, the insurance industry in the United States was in the midst of a period of extreme price competition. This competition, was fueled by unusually high interest rates which suggested that market share and cash flow would more than overcome any statutory price inadequacies.
