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Saving in life insurance — terminological notes regarding performance and success of life insurance companies.
Abstracts and Reviews MOO: GENERAL
AND MISCELLANEOUS
063001 (MOO, BlO) Unitised with profits - Gamaliel’s
advice.
Terra Nova Insurance, London, UK, Journal of the Institute of Actuaries, Vol. 120, Part III, 1993, pp. 415-469. The paper deals with the development of unitised with-profits business in the United Kingdom. The authors trace the recent history of these products and comment on the main reasons for their development. They also deal with corporate issues, including implications for policyholders and shareholders of different fund structures and different types of life office. Pricing and product development issues are also covered. Reserving issues including the range of valuation methods, statutory requirements and policyholders’ reasonable expectations are explored. Finally the paper considers the actuary’s contribution to the management of unitised with-profits policyholders’ expectations. (Authors) Keywords: Unitised With Profits, Product Design, Policyholders’ Reasonable Expectations, Valuation. O’Neill
J.E., Froggatt
H.W.,
063002 (MOO, BlO) Identities
for present values of life insurance
benefits.
R., Scandinavian Actuarial Journal, nr. 2, 1993, pp. 100-106. The rule of integration by parts produces useful formulas for the present value of a payment stream. Applied to life insurance, utilizing the counting process nature of the development of the policy, the rule induces three classes of identities, some generalizing certain classical relationships between life annuities and assurances and some not hitherto encountered in the litera(Author) ture. Insurance, Keywords: Life Payment Streams, Discounting, Counting Process. Norberg
71
able to absorb ever-increasing numbers and amounts of losses. They are already now exposed to the limits of their abilities. In property damage insurance, agreeing on adequate deductibles could help to concentrate the limited funds on the coverage of major losses. Third party liability insurers, who are far from having overcome the American asbestosis disaster, are threatened by an immense new potential of damage to the environment. If it is intended to back up the capacity of insurance markets by additional sources of coverage, for instance by governmental aids, these should be established in the form of reinsurance in conformity with existing market mechanisms. (Author) Keywords: Sources of Coverage, Reinsurance, Indemnity Insurance, Third Party Liability.
063004 (MOO, BlO) Sparen in der Lebensversicherung?
Terminologische Anmerkungen zu Leistung und Erfolg von Lebensversicherungsunternehmen(Saving in life insurance terminological notes regarding performance and success of life insurance companies). Schiiler W., Bielefield, Zeitschrifr fiir die gesamte Versicherungswissenschaft, Vol. 81. 1992, pp. 235-248. The paper discusses some production theoretical aspects of life insurance. It is emphasized that a life insurer maintains processes of risk protection by combining individual risks into a collective. This process differs essentially from the savings process offered by a bank - despite of the actuarial term of a savings premium and despite of (in some features) perhaps comparable results. As one of the consequences, the total premium is indeed - in contrast to the deposit in a savings institute - to be considered as the firm’s revenue. The paper also pleads for a clear distinction between positions of real expense and those of profit utilization which is not given in the present profit and loss accounting scheme for German insurers. (Author) Keywords: Saving, Life Insurance.
063003 (MOO, B41, B90) Deckungsmodelle und GroR-und Kumulrisiken
Regulierungskonzepte fir in der Schadenversicherung
(Coverage models and regulation concepts for major and cumulative risks in indemnity insurance). Schmidt G., Hannover, Zeitschrifr ftir die gesamte Versicherungswissenschaft, Vol. 81, 1992, pp. 191-203. The international insurance markets are no longer
MOZ: MODELLING
GENERAL
063005 (MOl) An open group long-term care model. Jones B.L., Willmit G.E., Scandinavian
Journal, nr. 2, 1993, pp. 161-I 72.
Actuarial
AND MISCELLANEOUS
063001 (MOO, BlO) Unitised with profits - Gamaliel’s
advice.
Terra Nova Insurance, London, UK, Journal of the Institute of Actuaries, Vol. 120, Part III, 1993, pp. 415-469. The paper deals with the development of unitised with-profits business in the United Kingdom. The authors trace the recent history of these products and comment on the main reasons for their development. They also deal with corporate issues, including implications for policyholders and shareholders of different fund structures and different types of life office. Pricing and product development issues are also covered. Reserving issues including the range of valuation methods, statutory requirements and policyholders’ reasonable expectations are explored. Finally the paper considers the actuary’s contribution to the management of unitised with-profits policyholders’ expectations. (Authors) Keywords: Unitised With Profits, Product Design, Policyholders’ Reasonable Expectations, Valuation. O’Neill
J.E., Froggatt
H.W.,
063002 (MOO, BlO) Identities
for present values of life insurance
benefits.
R., Scandinavian Actuarial Journal, nr. 2, 1993, pp. 100-106. The rule of integration by parts produces useful formulas for the present value of a payment stream. Applied to life insurance, utilizing the counting process nature of the development of the policy, the rule induces three classes of identities, some generalizing certain classical relationships between life annuities and assurances and some not hitherto encountered in the litera(Author) ture. Insurance, Keywords: Life Payment Streams, Discounting, Counting Process. Norberg
71
able to absorb ever-increasing numbers and amounts of losses. They are already now exposed to the limits of their abilities. In property damage insurance, agreeing on adequate deductibles could help to concentrate the limited funds on the coverage of major losses. Third party liability insurers, who are far from having overcome the American asbestosis disaster, are threatened by an immense new potential of damage to the environment. If it is intended to back up the capacity of insurance markets by additional sources of coverage, for instance by governmental aids, these should be established in the form of reinsurance in conformity with existing market mechanisms. (Author) Keywords: Sources of Coverage, Reinsurance, Indemnity Insurance, Third Party Liability.
063004 (MOO, BlO) Sparen in der Lebensversicherung?
Terminologische Anmerkungen zu Leistung und Erfolg von Lebensversicherungsunternehmen(Saving in life insurance terminological notes regarding performance and success of life insurance companies). Schiiler W., Bielefield, Zeitschrifr fiir die gesamte Versicherungswissenschaft, Vol. 81. 1992, pp. 235-248. The paper discusses some production theoretical aspects of life insurance. It is emphasized that a life insurer maintains processes of risk protection by combining individual risks into a collective. This process differs essentially from the savings process offered by a bank - despite of the actuarial term of a savings premium and despite of (in some features) perhaps comparable results. As one of the consequences, the total premium is indeed - in contrast to the deposit in a savings institute - to be considered as the firm’s revenue. The paper also pleads for a clear distinction between positions of real expense and those of profit utilization which is not given in the present profit and loss accounting scheme for German insurers. (Author) Keywords: Saving, Life Insurance.
063003 (MOO, B41, B90) Deckungsmodelle und GroR-und Kumulrisiken
Regulierungskonzepte fir in der Schadenversicherung
(Coverage models and regulation concepts for major and cumulative risks in indemnity insurance). Schmidt G., Hannover, Zeitschrifr ftir die gesamte Versicherungswissenschaft, Vol. 81, 1992, pp. 191-203. The international insurance markets are no longer
MOZ: MODELLING
GENERAL
063005 (MOl) An open group long-term care model. Jones B.L., Willmit G.E., Scandinavian
Journal, nr. 2, 1993, pp. 161-I 72.
Actuarial