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E-raamat: Modern Actuarial Theory and Practice

(Actuarial Education Company, Worcs, UK), (City University, London, UK), (City University, London, UK), (James, Brennan & Associates, London, UK), (City University, London), (City University, London, UK), (City University, London, UK)
  • Formaat: 840 pages
  • Ilmumisaeg: 16-Dec-2020
  • Kirjastus: Chapman & Hall/CRC
  • ISBN-13: 9781000384789
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  • Formaat: 840 pages
  • Ilmumisaeg: 16-Dec-2020
  • Kirjastus: Chapman & Hall/CRC
  • ISBN-13: 9781000384789
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Booth (business, City University, London, UK) describes the traditional areas of actuarial activity in a manner which highlights the fundamental principles of actuarial theory and practice, as well as their economic, financial, and statistical foundations. This second edition reflects changes in actuarial thinking, technique, and application over the last five years, especially the integration of ideas from the field of financial economics. The book is specifically aimed at final-year undergraduates, M.Sc. students, research students preparing for an M.Phil. or Ph.D. degree, and student actuaries preparing for examinations of various professional bodies. Annotation ©2004 Book News, Inc., Portland, OR (booknews.com)

In the years since the publication of the best-selling first edition, the incorporation of ideas and theories from the rapidly growing field of financial economics has precipitated considerable development of thinking in the actuarial profession. Modern Actuarial Theory and Practice, Second Edition integrates those changes and presents an up-to-date, comprehensive overview of UK and international actuarial theory, practice and modeling. It describes all of the traditional areas of actuarial activity, but in a manner that highlights the fundamental principles of actuarial theory and practice as well as their economic, financial, and statistical foundations.

Arvustused

"The authors have updated the first edition of the book to reflect developments in the actuarial profession since the publication of the first edition in 1998, [ and] to integrate theories and applications in the rapidly growing field of financial economics . Another major development of the new edition is the introduction of a new section on actuarial applications in health insurance. it can serve as important study material for actuarial students, as well as a desk reference for actuarial professionals in respect to practical actuarial issues." -The Journal of Risk and Insurance

"The scope of this book is extensive, covering much of actuarial practice. It should probably be in the library of a university with an extensive actuarial science program." -MAA Review

"The publication of the first edition of Modern Actuarial Theory and Practice in 1998 marked an important step in the emergence of new actuarial textbooks in the English language providing an introduction to the practical applications of modern development in actuarial science across a range of practice areas The new edition of Modern Actuarial Theory and Practice will offer valuable additional study material to those preparing for the Core Applications examination of the UK actuarial profession, and similar-level studies in other countries, as well as being a convenient general textbook for every qualified actuary to have on their bookshelf. I congratulate the authors on bringing the material together for this book and hope that it will be widely used by students and by qualified actuaries around the world." -From the Foreword by Chris Daykin, CB, MA, FIA, Chairman, Education Committee of the Groupe Consultatif

Part I: Investment
The Widening Scope of Actuarial Theory and Practice
3(20)
Introduction
3(2)
Financial Intermediaries: Their Role in Resolving the ``Constitutional Weakness''
5(1)
Functional Approach to the Analysis of Intermediaries
6(2)
Intermediating Functions of Banks
8(1)
Intermediating Functions of Insurers
9(1)
Intermediating Functions of Unit Trusts and Mutual Funds
9(1)
Banks, Insurance Companies and Pension Funds: Fundamental Similarities and Differences
10(1)
Bank Loans, Credit Risk and Insurance
11(2)
The Evolving Relationship Banking and Insurance
13(3)
Some Examples of the Evolving Product Links between Banks and Non-banks
16(3)
Conclusion
19(4)
References
20(3)
Investments and Valuation
23(42)
Introduction
23(1)
Cash Instruments
23(2)
General Characteristics
23(1)
Specific Cash Instruments and Valuation Issues
24(1)
Risk Characteristics
25(1)
General Characteristics of Conventional Bonds
25(9)
Government Bonds
26(1)
Corporate Bonds
27(1)
Bond Valuation
27(2)
Economic Analysis
29(4)
Risk Characteristics
33(1)
General Characteristics of Index-Linked Bonds
34(7)
Index-Linked Bond Valuation
35(1)
Economic Analysis
36(1)
Risk Characteristics
37(1)
Estimating Market Expectations of Inflation Using Market Information
38(3)
General Characteristics of Foreign Currency Bonds
41(2)
Valuation
41(1)
Economic Analysis
41(1)
Risk Characteristics
42(1)
General Characteristics of Equity Investment
43(6)
Equity Valuation
44(3)
Economic Analysis
47(1)
Risk Analysis
48(1)
Real-Estate Investment
49(5)
Valuation
50(2)
Economic Analysis
52(1)
Risk Analysis
53(1)
International Equity Investment
54(2)
International Equity Valuation
54(1)
Economic Analysis
54(1)
Risk Analysis
55(1)
Derivatives
56(9)
General Characteristics
56(2)
Valuation
58(2)
Risk Characteristics
60(1)
References
61(4)
General Principles of Asset Allocation
65(62)
Introduction
65(1)
Investment Risk
66(8)
Matching Asset and Liability Characteristics
66(2)
Matching Asset and Liability Terms
68(1)
Matching by Currency
68(1)
Diversification
69(1)
Short-Term Volatility Risk
70(2)
Risk of Long-Term Underperformance
72(1)
Equity Volatility in the Short Term and the Long Term
73(1)
Default Risk
74(1)
Prospective Returns
74(15)
Relationship between Risk and Return
74(2)
Returns from Bonds and Cash Instruments
76(5)
Returns from Equity and Real-Estate Investments
81(1)
Prospective Rates of Return and Investment Decision-Making
82(1)
The Real Yield Gap
83(2)
Relative Value of Index-Linked and Conventional Bonds
85(2)
The Yield Gap
87(2)
Comparing Other Investment Categories
89(1)
Institutional and Governmental Influences and Constraints
89(4)
Marketability, Liquidity, and Transaction Costs
89(1)
Legal Constraints
90(1)
Taxation
91(1)
Policyholder Preferences
92(1)
The Use of Derivative Instruments
92(1)
Asset Allocation Principles Applied to Pension Funds
93(10)
Mechanism for Taking Investment Decisions
93(1)
Liability and Other Financial Considerations
93(6)
Legislation and Taxation Considerations
99(1)
Expected Investment Returns
100(1)
Size of Fund
101(1)
Marketability and Liquidity
101(1)
Summary of Considerations
102(1)
International Differences
102(1)
Life Insurance Companies
103(9)
Liability Considerations
104(2)
Options and Guarantees
106(1)
Free Reserves
107(1)
Expected Returns
107(1)
Legislation
108(1)
Professional Guidance to the Actuary
109(1)
Taxation
110(1)
Marketability and Liquidity
110(1)
Summary of Considerations
111(1)
International Differences
112(1)
Nonlife Insurance Companies
112(6)
Liability Considerations
113(1)
The Place of Equities, Real Estate and Index-Linked Government Bonds in a Nonlife Portfolio: The Role of the Solvency Margin
114(2)
Foreign Currency Investment
116(1)
Legislation
116(1)
Taxation Considerations
117(1)
Marketability and Liquidity
117(1)
Expected Investment Returns
117(1)
Summary of Considerations
118(1)
Personal Investments
118(5)
Unit Trusts and Investment Funds
118(3)
Personal Pensions
121(2)
Conclusion
123(4)
References
123(4)
Investment Risk
127(16)
Introduction
127(1)
Utility Theory and Risk Measures
127(5)
Relating Utility Functions to Risk Aversion and the Risk Premium
130(2)
Summary Risk Measures
132(5)
Standard Deviation of Returns
132(1)
Downside/Shortfall Risk Measures
133(2)
Value at Risk
135(1)
Practical Issues when Calculating VaR
136(1)
Tail Loss
137(1)
Combining Risk and Return Measures
137(1)
Coherent Risk Measures
138(1)
The Use of Shortfall Constraints
139(1)
Conclusion
140(3)
References
141(2)
Portfolio Selection Techniques and Investment Modeling
143(54)
Introduction
143(1)
Immunization
143(5)
Derivation of Conditions
143(3)
Observations on the Theory of Immunization
146(1)
The Usefulness of Immunization in Practice
147(1)
Modern Portfolio Theory
148(9)
Portfolio Diversification
148(3)
Efficient Portfolios
151(1)
Capital Market Line
152(3)
The Capital Asset Pricing Model
155(1)
Modern Portfolio Theory: Insights and Limitations
155(2)
Extension of Portfolio Theory to Include Actuarial Liabilities
157(7)
Portfolio Optimization in the Presence of Liabilities
157(2)
Connections Between Redington and the Wise--Wilkie Approach
159(1)
Generalization of Portfolio Optimization in the Presence of Liabilities
159(3)
Portfolio Selection in an Asset/Liability Framework Using a Generalized Approach to Risk
162(2)
Stochastic Investment Models
164(14)
Economic Investment Models
165(2)
Statistical Investment Models
167(3)
Statistical Models with Shocks
170(1)
The Wilkie Stochastic Investment Model
171(7)
Asset Liability Modeling
178(4)
Conclusion
182(15)
Appendix A. The Wilkie Model: A Case Study
182(10)
References
192(5)
Part II: Life Insurance
Fundamental Features of Life Insurance
197(22)
Introduction
197(1)
Basic Contract Structures
198(2)
Term, Term-Life or Temporary Assurance
198(1)
Whole Life Assurance
198(1)
Endowment Assurance
199(1)
Annuity
199(1)
Life Insurance Products
200(3)
Product Distribution
201(2)
Who Initiates the Sale?
203(1)
Taxation of Long-Term Business
203(1)
Supervision and Regulation
203(4)
Solvency Regulation
204(1)
Regulation of Selling Practices
204(1)
Other Areas of Regulation
205(1)
The Influence of Professional and Ethical Practice
205(1)
Provision of Compensation
206(1)
Life Office Ownership
207(1)
Long-Term Insurance Risk Management
207(12)
Personal Risk Management
207(1)
Insurance Company Risk
208(1)
Managing Insurance Risk: Risk Pooling
209(3)
The Influence of Modern Product Designs on Life Insurance Company Risk
212(5)
Managing the office
217(1)
References
218(1)
Nonparticipating Life Insurance
219(34)
Conventional Nonparticipating Contracts
219(12)
Operation of the Fund
219(4)
Reserving and Profit Recognition: Realistic Basis
223(6)
Reserving on the Premium Basis
229(1)
Cash Values
230(1)
Linked Accumulating Nonparticipating Contracts
231(20)
Operation of the Fund
232(8)
Reserving for Unit-Linked Business
240(4)
Actuarial Funding
244(4)
Unit-Linked Business with Level Initial Expense Charges
248(2)
Discontinuance Terms for Unit-Linked Policies
250(1)
Nonlinked Accumulating Nonparticipating Contracts
251(2)
References
252(1)
Participating Life Insurance
253(28)
Different Distribution Methods
253(6)
Contribution Method
254(1)
Uniform Reversionary Bonus Method
255(1)
Revalorization Methods
256(2)
Accumulating with Profits
258(1)
Profit Distribution Strategies
259(3)
History
259(1)
Profit Deferral
260(1)
Profit Smoothing
260(2)
Discontinuance Terms for With-Profits Policies
262(1)
Overall Operation of a With-Profits Fund
263(2)
Numerical Example
263(2)
Determining Dividends or Bonus Rates
265(8)
Contribution Method
265(1)
Revalorization Methods
266(1)
Reversionary Bonus Method
266(4)
Accumulating With-Profits Method
270(3)
Reserving for With-Profits: Earned Profit Reserves
273(5)
Example: Reversionary Bonus Method
273(3)
Example: Accumulating With-Profits Method
276(2)
Distribution of Shareholders' Profits
278(1)
A Comment on Meeting Consumer Needs
279(2)
References
279(2)
The Regulation of Solvency and its Effect on the Emergence of Profit
281(22)
The Statutory Solvency Assessment
281(4)
Statutory Reserving Requirements
282(2)
Breaching the Supervisory Solvency Regulations
284(1)
Dynamic Solvency Testing
285(1)
The Valuation of the Liabilities
285(5)
The Valuation Method
285(4)
The Valuation Assumptions
289(1)
The Effects of the Statutory Solvency Requirements on Life Office Operation
290(13)
Non-Profit Business
290(5)
Conventional With-Profits Business
295(4)
Other Types of With-Profits Business
299(1)
Unit-Linked Business
300(1)
References
301(2)
Life Office Risks and Risk Management
303(36)
The Interested Parties
303(2)
Policyholders' Interests
303(2)
Shareholders' Interests
305(1)
Regulators' Interests
305(1)
The Nature of the Risks
305(2)
Risk Control
307(1)
Insurance Risk
308(11)
Underwriting and Risk Classification
309(4)
Financial Underwriting
313(1)
Reinsurance
314(5)
Business Risk
319(20)
Expense Risk
320(5)
Discontinuance Risk
325(2)
New-Business (Valuation Strain) Risk
327(5)
Other New Business Risks
332(1)
Distribution Risk
333(2)
Risks From Policyholder Options and Guarantees
335(1)
Data Risks
335(1)
Taxation Risk
336(1)
References
337(2)
The Actuarial Role in Life Office Management
339(30)
Introduction
339(1)
Product Pricing
340(12)
The Control Cycle
340(5)
Profit Testing
345(1)
Whole-Office Pricing
346(2)
The Model Office
348(3)
Use of the Model Office in Pricing
351(1)
Analysis of Surplus
352(2)
Monitoring and Updating the Assumptions in the Control Cycle
354(1)
Further Uses of Model Offices in Actuarial Management
355(9)
To Assess Solvency
355(3)
To Investigate Profit Distribution Policy
358(2)
To Investigate Investment Policy
360(1)
To Investigate Business Risks
360(3)
To Estimate Reserves
363(1)
To Estimate Risk-Based Capital
363(1)
Choice of Stochastic Model
364(1)
Modeling Risk
364(5)
References
365(4)
Part III: General Insurance
Introduction to General Insurance
369(20)
Background
369(3)
Exposure Measurement
370(1)
The Evaluation and Identification of Factors Influencing the Degree of Risk
371(1)
The Range of Events Giving Rise to a Liability under the Contract
371(1)
Risks and Their Management
372(3)
The Contract
375(2)
Reinsurance: Insurance for Insurers
377(1)
Management of General Insurance
378(1)
Providers of Insurance
379(4)
The Direct Market
380(1)
London Market
381(1)
Other Providers
382(1)
The Insurance Broker
382(1)
The Insurance Environment and the Provision of Capital
383(2)
Conclusions
385(4)
Appendix A
385(2)
References
387(2)
General Insurance Accounts
389(14)
The Purpose of Accounts
389(3)
The Accounting Framework
392(7)
The Balance Sheet
393(1)
The Revenue Account
394(2)
The Profit and Loss Account
396(1)
Some Key Analytical Statistics
397(2)
Conclusions
399(4)
Appendix A
400(2)
References
402(1)
Premium Rating
403(46)
Introduction and Basic Ideas
403(3)
Basic Premium Formula
406(6)
Insurance Levies
408(1)
Contingency Loading
409(3)
Acquisition Costs
412(1)
Estimating the Office Premium
412(21)
The Risk Premium, and Approaches to Calculating the Expected Claims
412(2)
Risk Factors and Rating Factors
414(4)
Exposure Measurement and Analyzing Past Exposure
418(3)
Statistical Modeling
421(4)
Claims Data
425(6)
Deriving Expected Claims
431(2)
Measuring Expenses
433(3)
Direct Expenses
435(1)
Indirect Expenses
436(1)
Experience Rating
436(4)
Experience Rating by Claim Number
437(1)
Experience Rating by Claim Cost
438(2)
Business Planning
440(4)
Monitoring Experience
442(2)
Conclusions
444(5)
Appendix A
444(2)
Appendix B
446(1)
References
447(2)
Reinsurance
449(42)
Introduction
449(7)
Why Buy Reinsurance?
449(3)
Some Background
452(4)
Contractual Relationships: A Comparison of Co-Insurance and Reinsurance
456(2)
Reinsurance Arrangements
458(2)
Descriptions of Each Type of Reinsurance
460(17)
Proportional Reinsurance
460(3)
Nonproportional Reinsurance
463(11)
Order of Application of Reinsurances
474(3)
Practical Considerations of Reinsurance Program Design
477(10)
Past Practice and the Structure of the Existing Program
478(1)
Underwriting Guidelines, Maximum Line Sizes and Exposures and Changes in the Guidelines
478(1)
Changes in the Basis on Which Cover Has Been Written
479(1)
Expected Business Volumes and New Business Areas
479(1)
The Availability of Reinsurance Cover, the Cost of Reinsurance, and the Market Cycle
479(1)
Desire to Develop Relationships with Certain Reinsurers or Cedants and Reciprocation Opportunities
480(1)
Operational and Financial Considerations
480(1)
Relationships with the Reinsurance Broker
481(1)
Changes in Management Structure
481(1)
Alternatives to Reinsurance
482(3)
Practical Issues in Managing the Reinsurance Asset
485(2)
Conclusions
487(4)
Appendix A
487(2)
References
489(2)
Reserving
491(68)
Introduction
491(1)
Reserves Carried
492(17)
Reserves in Respect of Unexpired or Unearned Exposure
493(5)
Contingent Reserves
498(4)
Reserves in Respect of Earned Exposure
502(5)
Reserving Exercise: The Basic Steps
507(2)
Form of the Data
509(7)
The Choice of Year of Origin or Claim Cohort
516(4)
Reporting Period
516(1)
Accident Period
517(1)
Underwriting Period or Policy Period
518(2)
Reserving Methods
520(34)
The Basic Chain Ladder Method
520(8)
Inflation-Adjusted Chain Ladder Method
528(5)
Separation Technique
533(3)
Average Cost per Claim
536(4)
The Loss Ratio and Bornheutter--Ferguson Method
540(2)
Operational Time Model
542(2)
The Bootstrap Method
544(3)
Distribution-Free Approach
547(2)
Approaches to Reserving Using Formal Statistical Models
549(4)
Summary of Reserve Calculations
553(1)
Conclusions
554(5)
References
554(5)
Part IV: Pensions
Types of Pension Plan
559(20)
Classification of Plans
559(4)
Introduction
559(1)
Single-Member Plans
560(1)
Group Pension Plans
561(1)
State Pension Plans
562(1)
Defined-Benefit Plans
563(6)
Benefit Formulae
563(1)
Salary-Linked Benefits
563(2)
Retirement Benefits
565(1)
Death Benefits
566(1)
Withdrawal Benefits
567(1)
Pension Increases
567(1)
Cash Benefits on Retirement
568(1)
Member Contributions
568(1)
State Pension Benefits
568(1)
Defined Contribution Plans
569(4)
Types of Contribution Formula
569(1)
Money Purchase Principle
570(2)
Member's Pension Choices
572(1)
Hybrid Plans
573(6)
Benefit Underpins
574(1)
Cash-Balance Plans
574(1)
With-Profits Fund
575(1)
References
576(3)
Actuarial Modeling of Defined-Benefit Plans
579(56)
Cash-Flow Projections
579(10)
A Simple Model Plan
579(1)
Projection of Benefit Outgo
580(2)
Cash-Flow Equation
582(1)
Stationary Fund Equation
583(2)
Example of Cash-Flow Calculations
585(4)
Practical Value of Cash-Flow Projections
589(1)
The Actuarial Valuation
589(35)
Objectives of Actuarial Valuation
590(1)
Valuation Assumptions
591(1)
Valuation Formulae
592(5)
Actuarial Funding Methods
597(6)
Example Illustrating Different Funding Methods
603(2)
Valuation of Assets
605(7)
Example Illustrating Alternative Asset Valuation Methods
612(4)
Analysis of Surplus
616(4)
Example of Analysis of Surplus
620(4)
Actuarial Benefit Calculations
624(4)
Transfer Values
624(2)
Voluntary Early Retirement
626(1)
Commutation
627(1)
Unfunded Plans
628(7)
Pay-As-You-Go Principle
628(1)
Dependency Ratio
629(1)
Demographic Factors
630(1)
Economic Factors
630(1)
Methods of Cost Control
631(1)
The Future of Unfunded Social Security Plans
632(1)
References
632(3)
Investment Strategies for Defined-Benefit Plans
635(28)
Introduction
635(1)
Characteristics of Different Assets
636(2)
Equities
636(1)
Government Bonds
636(1)
Corporate Bonds
637(1)
Real Estate and Related Assets
637(1)
Cash
638(1)
Objectives of Investment Strategy
638(6)
Maximizing Expected Returns
638(1)
Matching Liabilities
639(3)
Portfolio Diversification
642(1)
Liquidity
643(1)
Stochastic Asset/Liability Modeling
644(13)
Performance Measures
645(1)
Modeling Tools
646(4)
A Simple Example Based on Mean-Variance Analysis
650(5)
Combining Funding and Investment Decisions
655(2)
Practical Issues
657(6)
Who Controls the Investment Policy?
657(1)
Who Owns the Surplus?
658(1)
Tax Considerations
658(1)
Legal Constraints on Investment Policy
659(2)
References
661(2)
Individual Pension Choices
663(32)
Introduction
663(1)
Projection of Money-Purchase Benefits
664(10)
Deterministic Projections
665(4)
Examples of Deterministic Benefit Projections
669(2)
Stochastic Projections
671(1)
Example Illustrating Stochastic Benefit Projections
672(2)
Annuity Choices for Pensioners
674(8)
Whether and When to Buy an Annuity
674(2)
Example Illustrating Calculation of Break-Even Return
676(1)
Level or Increasing Annuity
677(1)
Example Illustrating Calculation of Break-Even Lifespan
678(1)
Stochastic Approaches
679(2)
Example Illustrating Stochastic Approach
681(1)
Utility-Maximization Models
682(13)
Expected Utility Theory
682(1)
Utility of Lifetime Consumption
683(2)
Utility of Retirement Wealth
685(1)
Example Based on Utility of Retirement Wealth
686(5)
References
691(4)
Part V: Health Insurance
An Introduction to Health Insurance
695(10)
Background
695(1)
Actuarial Control Cycle
695(1)
Basic Contract Structures of Health Insurance Products
696(1)
Income Protection Insurance
696(1)
Critical Illness Insurance
697(1)
Long-Term Care Insurance
697(1)
Private Medical Insurance
697(1)
Comparison between Life and Health Insurance
697(1)
External Factors Affecting Health Insurance
698(1)
Demography
698(1)
Economic Climate
698(1)
State Provision of Health Care and Services
699(1)
Features of Health Insurance
699(2)
Deferred Period
699(1)
Guaranteed and Reviewable Premiums
700(1)
Claims Management
700(1)
Risks to the Insurer
701(1)
Adverse Selection
701(1)
Moral Hazard
701(1)
Mismatch of Claim Definitions
702(1)
Medical Advances
702(1)
Reinsurance
702(3)
References
703(2)
Income Protection Insurance
705(22)
Introduction
705(1)
Changing Demography
706(1)
Changing Attitude to Disability
706(1)
The Nature of Disability
706(1)
The Evolution of the Product
706(2)
Product Design
708(4)
Benefit Types
708(1)
Definitions of Disability
709(2)
Group Business
711(1)
Underwriting
712(1)
Pricing
712(7)
Risk Factors
713(1)
Data Sources
714(1)
Trends
715(1)
Guarantees
715(1)
Variations
715(1)
Pricing Methodology
716(3)
Claims
719(2)
Claims Management
719(2)
Claims Data
721(1)
Reserving
721(2)
Reserves in Respect of Active Lives
722(1)
Reserves in Respect of Claimants
722(1)
Contingency Reserves
723(1)
Conclusion
723(4)
Appendix A: Inception Rate and Disabled Annuity Method
723(1)
Appendix B: Manchester Unity Method
724(1)
References
725(2)
Critical Illness
727(20)
Introduction
727(1)
Product Structure
728(2)
Acceleration Benefit
728(1)
Stand-Alone Benefit
728(1)
Other Types of Critical Illness Product
729(1)
Policy Content
730(3)
Conditions Covered
730(1)
Defining the Conditions
731(1)
Standardization of Policy Wording: The U.K. Example
732(1)
Underwriting Critical Illness Policies
733(1)
Pricing the Risk
734(8)
Risk Factors
734(2)
Data Sources and Difficulties
736(2)
Trends
738(1)
Guarantees
738(1)
Variations in Claims Experience
738(1)
Pricing Methodology
738(4)
Claims
742(1)
Claims Management
742(1)
Causes of Claim
742(1)
Reserving
742(1)
Conclusion
743(4)
Appendix A
744(1)
References
745(2)
Long-Term Care
747(18)
Introduction
747(1)
Funding Long-Term Care
748(2)
Background
748(1)
Brief International Overview of Long-Term Care Funding
748(2)
Pre-Funded Long-Term Care Insurance Products
750(8)
Claim Triggers
750(1)
Stand-Alone Insurance Products
751(1)
Long-Term Care Insurance as a Rider Benefit
752(1)
Underwriting
752(1)
Pricing the Risk
753(3)
Sales and Marketing
756(1)
Claims
756(2)
Reserving
758(1)
Alternatives to Pre-Funded Insurance Products
758(3)
Noninstitutionalized Settings for Long-Term Care
758(1)
Use of Equity in Property to Fund Long Term Care: The U.K. Example
759(2)
Conclusion
761(4)
References
762(3)
Private Medical Insurance
765(20)
Introduction
765(1)
Product Design
766(4)
General Design Principles
766(1)
Private Medical Insurance Products: The U.K. Example
767(3)
Group Business
770(1)
Underwriting
771(2)
Declared Medical History
772(1)
Moratorium
772(1)
Premium Loadings
772(1)
Pricing
773(6)
Data Sources
773(1)
Pricing Methodology
774(1)
Medical Expense Inflation
775(2)
Risk Factors
777(1)
Guarantees
778(1)
No-Claims Discount
779(1)
Claims
779(2)
The Nature of the Claim
779(1)
Claims Control
779(1)
Claims Procedures
780(1)
Reserving
781(1)
Claims Reported but Not Settled
781(1)
Claims Incurred but Not Reported
782(1)
Unearned Premium Reserve
782(1)
Unexpired Risk Reserve
782(1)
Policy Specific Reserves
782(1)
Conclusion
782(3)
References
783(2)
Index 785


Philip Booth (City University, London, UK) (Author) , Robert Chadburn (Actuarial Education Company, Worcs, UK) (Author) , Steven Haberman (City University, London, UK) (Author) , Dewi James (James, Brennan & Associates, London, UK) (Author) , Zaki Khorasanee (City University, London, UK) (Author) , Robert H. Plumb (City University, London, UK) (Author) , Ben Rickayzen (City University, London, UK) (Author)