|
|
|
The Widening Scope of Actuarial Theory and Practice |
|
|
3 | (20) |
|
|
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) |
|
|
19 | (4) |
|
|
20 | (3) |
|
Investments and Valuation |
|
|
23 | (42) |
|
|
23 | (1) |
|
|
23 | (2) |
|
|
23 | (1) |
|
Specific Cash Instruments and Valuation Issues |
|
|
24 | (1) |
|
|
25 | (1) |
|
General Characteristics of Conventional Bonds |
|
|
25 | (9) |
|
|
26 | (1) |
|
|
27 | (1) |
|
|
27 | (2) |
|
|
29 | (4) |
|
|
33 | (1) |
|
General Characteristics of Index-Linked Bonds |
|
|
34 | (7) |
|
Index-Linked Bond Valuation |
|
|
35 | (1) |
|
|
36 | (1) |
|
|
37 | (1) |
|
Estimating Market Expectations of Inflation Using Market Information |
|
|
38 | (3) |
|
General Characteristics of Foreign Currency Bonds |
|
|
41 | (2) |
|
|
41 | (1) |
|
|
41 | (1) |
|
|
42 | (1) |
|
General Characteristics of Equity Investment |
|
|
43 | (6) |
|
|
44 | (3) |
|
|
47 | (1) |
|
|
48 | (1) |
|
|
49 | (5) |
|
|
50 | (2) |
|
|
52 | (1) |
|
|
53 | (1) |
|
International Equity Investment |
|
|
54 | (2) |
|
International Equity Valuation |
|
|
54 | (1) |
|
|
54 | (1) |
|
|
55 | (1) |
|
|
56 | (9) |
|
|
56 | (2) |
|
|
58 | (2) |
|
|
60 | (1) |
|
|
61 | (4) |
|
General Principles of Asset Allocation |
|
|
65 | (62) |
|
|
65 | (1) |
|
|
66 | (8) |
|
Matching Asset and Liability Characteristics |
|
|
66 | (2) |
|
Matching Asset and Liability Terms |
|
|
68 | (1) |
|
|
68 | (1) |
|
|
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) |
|
|
74 | (1) |
|
|
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) |
|
|
83 | (2) |
|
Relative Value of Index-Linked and Conventional Bonds |
|
|
85 | (2) |
|
|
87 | (2) |
|
Comparing Other Investment Categories |
|
|
89 | (1) |
|
Institutional and Governmental Influences and Constraints |
|
|
89 | (4) |
|
Marketability, Liquidity, and Transaction Costs |
|
|
89 | (1) |
|
|
90 | (1) |
|
|
91 | (1) |
|
|
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) |
|
|
101 | (1) |
|
Marketability and Liquidity |
|
|
101 | (1) |
|
Summary of Considerations |
|
|
102 | (1) |
|
International Differences |
|
|
102 | (1) |
|
|
103 | (9) |
|
|
104 | (2) |
|
|
106 | (1) |
|
|
107 | (1) |
|
|
107 | (1) |
|
|
108 | (1) |
|
Professional Guidance to the Actuary |
|
|
109 | (1) |
|
|
110 | (1) |
|
Marketability and Liquidity |
|
|
110 | (1) |
|
Summary of Considerations |
|
|
111 | (1) |
|
International Differences |
|
|
112 | (1) |
|
Nonlife Insurance Companies |
|
|
112 | (6) |
|
|
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) |
|
|
116 | (1) |
|
|
117 | (1) |
|
Marketability and Liquidity |
|
|
117 | (1) |
|
Expected Investment Returns |
|
|
117 | (1) |
|
Summary of Considerations |
|
|
118 | (1) |
|
|
118 | (5) |
|
Unit Trusts and Investment Funds |
|
|
118 | (3) |
|
|
121 | (2) |
|
|
123 | (4) |
|
|
123 | (4) |
|
|
127 | (16) |
|
|
127 | (1) |
|
Utility Theory and Risk Measures |
|
|
127 | (5) |
|
Relating Utility Functions to Risk Aversion and the Risk Premium |
|
|
130 | (2) |
|
|
132 | (5) |
|
Standard Deviation of Returns |
|
|
132 | (1) |
|
Downside/Shortfall Risk Measures |
|
|
133 | (2) |
|
|
135 | (1) |
|
Practical Issues when Calculating VaR |
|
|
136 | (1) |
|
|
137 | (1) |
|
Combining Risk and Return Measures |
|
|
137 | (1) |
|
|
138 | (1) |
|
The Use of Shortfall Constraints |
|
|
139 | (1) |
|
|
140 | (3) |
|
|
141 | (2) |
|
Portfolio Selection Techniques and Investment Modeling |
|
|
143 | (54) |
|
|
143 | (1) |
|
|
143 | (5) |
|
|
143 | (3) |
|
Observations on the Theory of Immunization |
|
|
146 | (1) |
|
The Usefulness of Immunization in Practice |
|
|
147 | (1) |
|
|
148 | (9) |
|
Portfolio Diversification |
|
|
148 | (3) |
|
|
151 | (1) |
|
|
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) |
|
|
178 | (4) |
|
|
182 | (15) |
|
Appendix A. The Wilkie Model: A Case Study |
|
|
182 | (10) |
|
|
192 | (5) |
|
|
|
Fundamental Features of Life Insurance |
|
|
197 | (22) |
|
|
197 | (1) |
|
Basic Contract Structures |
|
|
198 | (2) |
|
Term, Term-Life or Temporary Assurance |
|
|
198 | (1) |
|
|
198 | (1) |
|
|
199 | (1) |
|
|
199 | (1) |
|
|
200 | (3) |
|
|
201 | (2) |
|
|
203 | (1) |
|
Taxation of Long-Term Business |
|
|
203 | (1) |
|
Supervision and Regulation |
|
|
203 | (4) |
|
|
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) |
|
|
207 | (1) |
|
Long-Term Insurance Risk Management |
|
|
207 | (12) |
|
|
207 | (1) |
|
|
208 | (1) |
|
Managing Insurance Risk: Risk Pooling |
|
|
209 | (3) |
|
The Influence of Modern Product Designs on Life Insurance Company Risk |
|
|
212 | (5) |
|
|
217 | (1) |
|
|
218 | (1) |
|
Nonparticipating Life Insurance |
|
|
219 | (34) |
|
Conventional Nonparticipating Contracts |
|
|
219 | (12) |
|
|
219 | (4) |
|
Reserving and Profit Recognition: Realistic Basis |
|
|
223 | (6) |
|
Reserving on the Premium Basis |
|
|
229 | (1) |
|
|
230 | (1) |
|
Linked Accumulating Nonparticipating Contracts |
|
|
231 | (20) |
|
|
232 | (8) |
|
Reserving for Unit-Linked Business |
|
|
240 | (4) |
|
|
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) |
|
|
252 | (1) |
|
Participating Life Insurance |
|
|
253 | (28) |
|
Different Distribution Methods |
|
|
253 | (6) |
|
|
254 | (1) |
|
Uniform Reversionary Bonus Method |
|
|
255 | (1) |
|
|
256 | (2) |
|
Accumulating with Profits |
|
|
258 | (1) |
|
Profit Distribution Strategies |
|
|
259 | (3) |
|
|
259 | (1) |
|
|
260 | (1) |
|
|
260 | (2) |
|
Discontinuance Terms for With-Profits Policies |
|
|
262 | (1) |
|
Overall Operation of a With-Profits Fund |
|
|
263 | (2) |
|
|
263 | (2) |
|
Determining Dividends or Bonus Rates |
|
|
265 | (8) |
|
|
265 | (1) |
|
|
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) |
|
|
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) |
|
|
285 | (1) |
|
The Valuation of the Liabilities |
|
|
285 | (5) |
|
|
285 | (4) |
|
The Valuation Assumptions |
|
|
289 | (1) |
|
The Effects of the Statutory Solvency Requirements on Life Office Operation |
|
|
290 | (13) |
|
|
290 | (5) |
|
Conventional With-Profits Business |
|
|
295 | (4) |
|
Other Types of With-Profits Business |
|
|
299 | (1) |
|
|
300 | (1) |
|
|
301 | (2) |
|
Life Office Risks and Risk Management |
|
|
303 | (36) |
|
|
303 | (2) |
|
|
303 | (2) |
|
|
305 | (1) |
|
|
305 | (1) |
|
|
305 | (2) |
|
|
307 | (1) |
|
|
308 | (11) |
|
Underwriting and Risk Classification |
|
|
309 | (4) |
|
|
313 | (1) |
|
|
314 | (5) |
|
|
319 | (20) |
|
|
320 | (5) |
|
|
325 | (2) |
|
New-Business (Valuation Strain) Risk |
|
|
327 | (5) |
|
|
332 | (1) |
|
|
333 | (2) |
|
Risks From Policyholder Options and Guarantees |
|
|
335 | (1) |
|
|
335 | (1) |
|
|
336 | (1) |
|
|
337 | (2) |
|
The Actuarial Role in Life Office Management |
|
|
339 | (30) |
|
|
339 | (1) |
|
|
340 | (12) |
|
|
340 | (5) |
|
|
345 | (1) |
|
|
346 | (2) |
|
|
348 | (3) |
|
Use of the Model Office in Pricing |
|
|
351 | (1) |
|
|
352 | (2) |
|
Monitoring and Updating the Assumptions in the Control Cycle |
|
|
354 | (1) |
|
Further Uses of Model Offices in Actuarial Management |
|
|
355 | (9) |
|
|
355 | (3) |
|
To Investigate Profit Distribution Policy |
|
|
358 | (2) |
|
To Investigate Investment Policy |
|
|
360 | (1) |
|
To Investigate Business Risks |
|
|
360 | (3) |
|
|
363 | (1) |
|
To Estimate Risk-Based Capital |
|
|
363 | (1) |
|
Choice of Stochastic Model |
|
|
364 | (1) |
|
|
364 | (5) |
|
|
365 | (4) |
|
Part III: General Insurance |
|
|
|
Introduction to General Insurance |
|
|
369 | (20) |
|
|
369 | (3) |
|
|
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) |
|
|
375 | (2) |
|
Reinsurance: Insurance for Insurers |
|
|
377 | (1) |
|
Management of General Insurance |
|
|
378 | (1) |
|
|
379 | (4) |
|
|
380 | (1) |
|
|
381 | (1) |
|
|
382 | (1) |
|
|
382 | (1) |
|
The Insurance Environment and the Provision of Capital |
|
|
383 | (2) |
|
|
385 | (4) |
|
|
385 | (2) |
|
|
387 | (2) |
|
General Insurance Accounts |
|
|
389 | (14) |
|
|
389 | (3) |
|
|
392 | (7) |
|
|
393 | (1) |
|
|
394 | (2) |
|
The Profit and Loss Account |
|
|
396 | (1) |
|
Some Key Analytical Statistics |
|
|
397 | (2) |
|
|
399 | (4) |
|
|
400 | (2) |
|
|
402 | (1) |
|
|
403 | (46) |
|
Introduction and Basic Ideas |
|
|
403 | (3) |
|
|
406 | (6) |
|
|
408 | (1) |
|
|
409 | (3) |
|
|
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) |
|
|
421 | (4) |
|
|
425 | (6) |
|
|
431 | (2) |
|
|
433 | (3) |
|
|
435 | (1) |
|
|
436 | (1) |
|
|
436 | (4) |
|
Experience Rating by Claim Number |
|
|
437 | (1) |
|
Experience Rating by Claim Cost |
|
|
438 | (2) |
|
|
440 | (4) |
|
|
442 | (2) |
|
|
444 | (5) |
|
|
444 | (2) |
|
|
446 | (1) |
|
|
447 | (2) |
|
|
449 | (42) |
|
|
449 | (7) |
|
|
449 | (3) |
|
|
452 | (4) |
|
Contractual Relationships: A Comparison of Co-Insurance and Reinsurance |
|
|
456 | (2) |
|
|
458 | (2) |
|
Descriptions of Each Type of Reinsurance |
|
|
460 | (17) |
|
|
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) |
|
|
487 | (4) |
|
|
487 | (2) |
|
|
489 | (2) |
|
|
491 | (68) |
|
|
491 | (1) |
|
|
492 | (17) |
|
Reserves in Respect of Unexpired or Unearned Exposure |
|
|
493 | (5) |
|
|
498 | (4) |
|
Reserves in Respect of Earned Exposure |
|
|
502 | (5) |
|
Reserving Exercise: The Basic Steps |
|
|
507 | (2) |
|
|
509 | (7) |
|
The Choice of Year of Origin or Claim Cohort |
|
|
516 | (4) |
|
|
516 | (1) |
|
|
517 | (1) |
|
Underwriting Period or Policy Period |
|
|
518 | (2) |
|
|
520 | (34) |
|
The Basic Chain Ladder Method |
|
|
520 | (8) |
|
Inflation-Adjusted Chain Ladder Method |
|
|
528 | (5) |
|
|
533 | (3) |
|
|
536 | (4) |
|
The Loss Ratio and Bornheutter--Ferguson Method |
|
|
540 | (2) |
|
|
542 | (2) |
|
|
544 | (3) |
|
Distribution-Free Approach |
|
|
547 | (2) |
|
Approaches to Reserving Using Formal Statistical Models |
|
|
549 | (4) |
|
Summary of Reserve Calculations |
|
|
553 | (1) |
|
|
554 | (5) |
|
|
554 | (5) |
|
|
|
|
559 | (20) |
|
|
559 | (4) |
|
|
559 | (1) |
|
|
560 | (1) |
|
|
561 | (1) |
|
|
562 | (1) |
|
|
563 | (6) |
|
|
563 | (1) |
|
|
563 | (2) |
|
|
565 | (1) |
|
|
566 | (1) |
|
|
567 | (1) |
|
|
567 | (1) |
|
Cash Benefits on Retirement |
|
|
568 | (1) |
|
|
568 | (1) |
|
|
568 | (1) |
|
Defined Contribution Plans |
|
|
569 | (4) |
|
Types of Contribution Formula |
|
|
569 | (1) |
|
|
570 | (2) |
|
|
572 | (1) |
|
|
573 | (6) |
|
|
574 | (1) |
|
|
574 | (1) |
|
|
575 | (1) |
|
|
576 | (3) |
|
Actuarial Modeling of Defined-Benefit Plans |
|
|
579 | (56) |
|
|
579 | (10) |
|
|
579 | (1) |
|
Projection of Benefit Outgo |
|
|
580 | (2) |
|
|
582 | (1) |
|
|
583 | (2) |
|
Example of Cash-Flow Calculations |
|
|
585 | (4) |
|
Practical Value of Cash-Flow Projections |
|
|
589 | (1) |
|
|
589 | (35) |
|
Objectives of Actuarial Valuation |
|
|
590 | (1) |
|
|
591 | (1) |
|
|
592 | (5) |
|
Actuarial Funding Methods |
|
|
597 | (6) |
|
Example Illustrating Different Funding Methods |
|
|
603 | (2) |
|
|
605 | (7) |
|
Example Illustrating Alternative Asset Valuation Methods |
|
|
612 | (4) |
|
|
616 | (4) |
|
Example of Analysis of Surplus |
|
|
620 | (4) |
|
Actuarial Benefit Calculations |
|
|
624 | (4) |
|
|
624 | (2) |
|
Voluntary Early Retirement |
|
|
626 | (1) |
|
|
627 | (1) |
|
|
628 | (7) |
|
|
628 | (1) |
|
|
629 | (1) |
|
|
630 | (1) |
|
|
630 | (1) |
|
|
631 | (1) |
|
The Future of Unfunded Social Security Plans |
|
|
632 | (1) |
|
|
632 | (3) |
|
Investment Strategies for Defined-Benefit Plans |
|
|
635 | (28) |
|
|
635 | (1) |
|
Characteristics of Different Assets |
|
|
636 | (2) |
|
|
636 | (1) |
|
|
636 | (1) |
|
|
637 | (1) |
|
Real Estate and Related Assets |
|
|
637 | (1) |
|
|
638 | (1) |
|
Objectives of Investment Strategy |
|
|
638 | (6) |
|
Maximizing Expected Returns |
|
|
638 | (1) |
|
|
639 | (3) |
|
Portfolio Diversification |
|
|
642 | (1) |
|
|
643 | (1) |
|
Stochastic Asset/Liability Modeling |
|
|
644 | (13) |
|
|
645 | (1) |
|
|
646 | (4) |
|
A Simple Example Based on Mean-Variance Analysis |
|
|
650 | (5) |
|
Combining Funding and Investment Decisions |
|
|
655 | (2) |
|
|
657 | (6) |
|
Who Controls the Investment Policy? |
|
|
657 | (1) |
|
|
658 | (1) |
|
|
658 | (1) |
|
Legal Constraints on Investment Policy |
|
|
659 | (2) |
|
|
661 | (2) |
|
Individual Pension Choices |
|
|
663 | (32) |
|
|
663 | (1) |
|
Projection of Money-Purchase Benefits |
|
|
664 | (10) |
|
Deterministic Projections |
|
|
665 | (4) |
|
Examples of Deterministic Benefit Projections |
|
|
669 | (2) |
|
|
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) |
|
|
679 | (2) |
|
Example Illustrating Stochastic Approach |
|
|
681 | (1) |
|
Utility-Maximization Models |
|
|
682 | (13) |
|
|
682 | (1) |
|
Utility of Lifetime Consumption |
|
|
683 | (2) |
|
Utility of Retirement Wealth |
|
|
685 | (1) |
|
Example Based on Utility of Retirement Wealth |
|
|
686 | (5) |
|
|
691 | (4) |
|
|
|
An Introduction to Health Insurance |
|
|
695 | (10) |
|
|
695 | (1) |
|
|
695 | (1) |
|
Basic Contract Structures of Health Insurance Products |
|
|
696 | (1) |
|
Income Protection Insurance |
|
|
696 | (1) |
|
Critical Illness Insurance |
|
|
697 | (1) |
|
|
697 | (1) |
|
Private Medical Insurance |
|
|
697 | (1) |
|
Comparison between Life and Health Insurance |
|
|
697 | (1) |
|
External Factors Affecting Health Insurance |
|
|
698 | (1) |
|
|
698 | (1) |
|
|
698 | (1) |
|
State Provision of Health Care and Services |
|
|
699 | (1) |
|
Features of Health Insurance |
|
|
699 | (2) |
|
|
699 | (1) |
|
Guaranteed and Reviewable Premiums |
|
|
700 | (1) |
|
|
700 | (1) |
|
|
701 | (1) |
|
|
701 | (1) |
|
|
701 | (1) |
|
Mismatch of Claim Definitions |
|
|
702 | (1) |
|
|
702 | (1) |
|
|
702 | (3) |
|
|
703 | (2) |
|
Income Protection Insurance |
|
|
705 | (22) |
|
|
705 | (1) |
|
|
706 | (1) |
|
Changing Attitude to Disability |
|
|
706 | (1) |
|
|
706 | (1) |
|
The Evolution of the Product |
|
|
706 | (2) |
|
|
708 | (4) |
|
|
708 | (1) |
|
Definitions of Disability |
|
|
709 | (2) |
|
|
711 | (1) |
|
|
712 | (1) |
|
|
712 | (7) |
|
|
713 | (1) |
|
|
714 | (1) |
|
|
715 | (1) |
|
|
715 | (1) |
|
|
715 | (1) |
|
|
716 | (3) |
|
|
719 | (2) |
|
|
719 | (2) |
|
|
721 | (1) |
|
|
721 | (2) |
|
Reserves in Respect of Active Lives |
|
|
722 | (1) |
|
Reserves in Respect of Claimants |
|
|
722 | (1) |
|
|
723 | (1) |
|
|
723 | (4) |
|
Appendix A: Inception Rate and Disabled Annuity Method |
|
|
723 | (1) |
|
Appendix B: Manchester Unity Method |
|
|
724 | (1) |
|
|
725 | (2) |
|
|
727 | (20) |
|
|
727 | (1) |
|
|
728 | (2) |
|
|
728 | (1) |
|
|
728 | (1) |
|
Other Types of Critical Illness Product |
|
|
729 | (1) |
|
|
730 | (3) |
|
|
730 | (1) |
|
|
731 | (1) |
|
Standardization of Policy Wording: The U.K. Example |
|
|
732 | (1) |
|
Underwriting Critical Illness Policies |
|
|
733 | (1) |
|
|
734 | (8) |
|
|
734 | (2) |
|
Data Sources and Difficulties |
|
|
736 | (2) |
|
|
738 | (1) |
|
|
738 | (1) |
|
Variations in Claims Experience |
|
|
738 | (1) |
|
|
738 | (4) |
|
|
742 | (1) |
|
|
742 | (1) |
|
|
742 | (1) |
|
|
742 | (1) |
|
|
743 | (4) |
|
|
744 | (1) |
|
|
745 | (2) |
|
|
747 | (18) |
|
|
747 | (1) |
|
|
748 | (2) |
|
|
748 | (1) |
|
Brief International Overview of Long-Term Care Funding |
|
|
748 | (2) |
|
Pre-Funded Long-Term Care Insurance Products |
|
|
750 | (8) |
|
|
750 | (1) |
|
Stand-Alone Insurance Products |
|
|
751 | (1) |
|
Long-Term Care Insurance as a Rider Benefit |
|
|
752 | (1) |
|
|
752 | (1) |
|
|
753 | (3) |
|
|
756 | (1) |
|
|
756 | (2) |
|
|
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) |
|
|
761 | (4) |
|
|
762 | (3) |
|
Private Medical Insurance |
|
|
765 | (20) |
|
|
765 | (1) |
|
|
766 | (4) |
|
General Design Principles |
|
|
766 | (1) |
|
Private Medical Insurance Products: The U.K. Example |
|
|
767 | (3) |
|
|
770 | (1) |
|
|
771 | (2) |
|
|
772 | (1) |
|
|
772 | (1) |
|
|
772 | (1) |
|
|
773 | (6) |
|
|
773 | (1) |
|
|
774 | (1) |
|
Medical Expense Inflation |
|
|
775 | (2) |
|
|
777 | (1) |
|
|
778 | (1) |
|
|
779 | (1) |
|
|
779 | (2) |
|
|
779 | (1) |
|
|
779 | (1) |
|
|
780 | (1) |
|
|
781 | (1) |
|
Claims Reported but Not Settled |
|
|
781 | (1) |
|
Claims Incurred but Not Reported |
|
|
782 | (1) |
|
|
782 | (1) |
|
|
782 | (1) |
|
|
782 | (1) |
|
|
782 | (3) |
|
|
783 | (2) |
Index |
|
785 | |