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1996

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Full-Text Articles in Insurance

Profile Vol: 45 No: 7 December 27, 1996, Blue Cross And Blue Shield Of Florida, Inc. Dec 1996

Profile Vol: 45 No: 7 December 27, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

December 27, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Box: 8 Folder: 61


Profile Vol: 45 No: 6 December 19, 1996, Blue Cross And Blue Shield Of Florida, Inc. Dec 1996

Profile Vol: 45 No: 6 December 19, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

December 19, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Box: 8 Folder: 61


Profile Vol: 45 No: 5 December 2, 1996, Blue Cross And Blue Shield Of Florida, Inc. Dec 1996

Profile Vol: 45 No: 5 December 2, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

December 2, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Box: 8 Folder: 61


Profile Vol: 45 No: 4 October 14, 1996, Blue Cross And Blue Shield Of Florida, Inc. Oct 1996

Profile Vol: 45 No: 4 October 14, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

October 14, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Special Issue – United Way. Box: 8 Folder: 61


Profile Vol: 45 No: 3 October 4, 1996, Blue Cross And Blue Shield Of Florida, Inc. Oct 1996

Profile Vol: 45 No: 3 October 4, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

October 4, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Box: 8 Folder: 61


Profile Vol: 45 No: 2 July 17, 1996, Blue Cross And Blue Shield Of Florida, Inc. Jul 1996

Profile Vol: 45 No: 2 July 17, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

July 17, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Box: 8 Folder: 61


Reengineering Forum Vol: 2 No. 3 July 1996, Blue Cross And Blue Shield Of Florida, Inc. Jul 1996

Reengineering Forum Vol: 2 No. 3 July 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

July 1996 quarterly newsletter published to educate employees of Blue Cross and Blue Shield of Florida about the reengineering methodology, efforts and effects. Box: 10 Folder: 90


Profile Vol: 45 No: 1 May 29, 1996, Blue Cross And Blue Shield Of Florida, Inc. May 1996

Profile Vol: 45 No: 1 May 29, 1996, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

May 29, 1996 employee newsletter published by the Public Relations Department to educate, inform and recognize the employees of Blue Cross and Blue Shield of Florida. Box: 8 Folder: 61


Managed Care, Medicaid & The Elderly, An Overview Of Five State Case Studies, Robert L. Mollica, Trish Riley, Ltc Resource Center, University Of Minnesota May 1996

Managed Care, Medicaid & The Elderly, An Overview Of Five State Case Studies, Robert L. Mollica, Trish Riley, Ltc Resource Center, University Of Minnesota

All U.S. Government Documents (Utah Regional Depository)

This publication contains a series of five state case studies of Medicaid managed care programs enrolling elderly care programs enrolling elderly Medicaid recipients. The case studies were prepared by University of Minnesota National Long Term Care Resource Center's two partners: the National Academy for State Health Policy (NASHP) in Portland, Maine and the Institute for Health Services Research, School of Public Health at the University of Minnesota in Minneapolis, Minnesota. These case studies have been conducted under the leadership of Trish Riley and Robert Mollica at NASHP.

The project was undertaken to examine the experience of elders in managed ...


Estimating The Costs Of Mpci Under The 1994 Crop Insurance Reform Act, Chad E. Hart, Darnell B. Smith Mar 1996

Estimating The Costs Of Mpci Under The 1994 Crop Insurance Reform Act, Chad E. Hart, Darnell B. Smith

CARD Working Papers

The 1994 Crop Insurance Reform Act addressed two major problems of MPCI (multiple peril crop insurance): low participation and additional disaster assistance. In this study, total government costs for the FCIC (Federal Crop Insurance Corporation) and MPCI are estimated to be more than $2 billion, on average, from 1996 to 2003, with half of this amount being in the form of premium subsidies paid by the government.


Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral Jan 1996

Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral

Journal of Actuarial Practice 1993-2006

This paper shows data that illustrate the substantial variation among nonmedical schedules and the dramatic increase in their amount limits from 1972 through 1992. Coefficients of variation are analyzed for several data subsets. We find that the variation of schedules in the sample of all firms has increased throughout the 1972-1992 period for issue ages up to 30, but has declined for issue ages beyond 30 during the 1982-1992 period. For the non-New York and stock companies our statistical tests indicate an increase in the variability of schedules over the full period 1972 to 1992.


Participating Gics: Performance Attribution Analysis, Alec Stais, John P. Toohey Iii Jan 1996

Participating Gics: Performance Attribution Analysis, Alec Stais, John P. Toohey Iii

Journal of Actuarial Practice 1993-2006

The increasing popularity of participating GICs has created a need for an objective understanding of their performance. The fixed income attribution techniques are not adequate for measuring participating GIC performance because they typically restrict performance measurement to concepts such as duration management, sector rotation, and issue selection. We develop an attribution technique based on four components or effects that are helpful in explaining the changes in credited rates. They are the constant duration effect, the reinvestment effect, the cash flow effect, and the investment effect. The underlying mathematical approach to calculating these effects is presented along with examples.


Journal Of Actuarial Practice, Volume 4, No.1, 1996, Colin Ramsay , Editor Jan 1996

Journal Of Actuarial Practice, Volume 4, No.1, 1996, Colin Ramsay , Editor

Journal of Actuarial Practice 1993-2006

ARTICLES

An Approach to Estimating Market Value and Duration of Interest-Sensitive Whole Life Contracts Thomas J. Merfeld

Participating GICs: Performance Attribution Analysis Alec Stais and John P. Toohey III

Asset Allocation in Investing to Meet Liabilities Anthony Dardis and Vinh Loi Huynh

A Possibilistic Linear Programming Method for Asset Allocation Lijia Guo and Zhen Huang

Nonmedical Limits in Individual Life Insurance James B. Ross and Shalini Perumpral

A Proposed New System of Financing Health Care in Singapore Robert Keng Heong Lian and Loi Soh Loi

Concentration in American Property-Casualty Companies Edward Nissan

Bias of Excluding High and Low Data for ...


Asset Allocation In Investing To Meet Liabilities, Anthony Dardis, Vinh Loi Huynh Jan 1996

Asset Allocation In Investing To Meet Liabilities, Anthony Dardis, Vinh Loi Huynh

Journal of Actuarial Practice 1993-2006

We present some rudimentary concepts on asset/liability management and describe an approach to asset allocation modeling for institutions that invest to meet liabilities. The traditional risk/reward framework of financial economics is used as a starting pOint. The definitions of risk and reward are then refined with regard to the institution under consideration. A simple model of a U.S. life office is examined. We assume that the only investments available are domestic stocks and long-dated government bonds. Stochastic simulation is used to create a large number of future investment scenarios using historical total return data for these asset ...


Discussion Of Theodore Konshak's "Disclosure And Confidentiality Requirements Of Corporate Pension Plan Actuaries", Richard Daskais, Brian A. Jones Jan 1996

Discussion Of Theodore Konshak's "Disclosure And Confidentiality Requirements Of Corporate Pension Plan Actuaries", Richard Daskais, Brian A. Jones

Journal of Actuarial Practice 1993-2006

No abstract provided.


Constrained Forecasting Of The Number Of Ibnr Claims, Louis G. Doray Jan 1996

Constrained Forecasting Of The Number Of Ibnr Claims, Louis G. Doray

Journal of Actuarial Practice 1993-2006

We consider the problem of forecasting the number of claims incurred. After subtracting the number of claims reported to date, the number of claims incurred but not reported (IBNR) can be forecasted. The basic model assumes that the number of claims per accident period follows an autoregressive moving average time series process. Instead of assuming the data are available in the usual claim run-off triangle format, we assume that the only data available are the number of claims reported at the valuation date for each accident interval of an observation period. Box-Jenkins methods are used to forecast the ultimate number ...


What We Say In The Naic Annual Statement Blank Actuarial Opinion, Kenneth W. Faig Jr. Jan 1996

What We Say In The Naic Annual Statement Blank Actuarial Opinion, Kenneth W. Faig Jr.

Journal of Actuarial Practice 1993-2006

The new language adopted for the actuarial opinion in the National Association of Insurance Commissioners' model actuarial opinion and memorandum regulation has been weakened at the same time the responsibilities of the opining actuary have been increased. The restoration of stronger language to the actuarial opinion would enhance the professional image of the actuary. If the legal environment for professional liability inhibits such a change, the opinion should be changed to describe more precisely the work performed and the conclusion reached by the actuary.


A Possibilistic Linear Programming Method For Asset Allocation, Lijia Guo, Zhen Huang Jan 1996

A Possibilistic Linear Programming Method For Asset Allocation, Lijia Guo, Zhen Huang

Journal of Actuarial Practice 1993-2006

The mean-variance method has been one of the popular methods used by most financial institutions in making the decision of asset allocation since the 1950s. This paper presents an alternative method for asset allocation. Instead of minimizing risk for a given expected return or maximizing expected return for a fixed level of risk, our approach considers simultaneously maximizing the rate of return of portfolio, minimizing the risk of obtaining lower return, and maximizing the possibility of reaching higher return. By using a triangular possibilistic distribution to describe the uncertainty of the return, we introduce a possibilistic linear programming model which ...


Third Party Administrator (Tpa) Service Pricing And Incentive Contracts, Hou-Wen Jeng Jan 1996

Third Party Administrator (Tpa) Service Pricing And Incentive Contracts, Hou-Wen Jeng

Journal of Actuarial Practice 1993-2006

This paper addresses a few of the most important pricing issues faced by a third party administrator (TPA) whose main responsibility is claims handling for self·insured employers and self·insured groups. Such pricing issues include the development of service fees using claim closure information, the selection of service durations, and the design of incentive (either activity-based or financially-based) service contracts. Formulas for pricing new and open claims are provided.


Annuity Choices For Pensioners, Zaki M. Khorasanee Jan 1996

Annuity Choices For Pensioners, Zaki M. Khorasanee

Journal of Actuarial Practice 1993-2006

We consider two ways for a retiree to obtain a pension from a retirement fund: through the purchase of a whole life annuity providing a level monetary income; and through the withdrawal of income from a fund invested in equities. Deterministic and stochastic models are used to assess the risks and benefits associated with each approach. In each case the projected cash flows are compared with those from a whole life annuity providing an income linked to price inflation. We conclude that, although each of the two options conSidered involves significant risks, each method may be attractive to certain groups ...


Disclosure And Confidentiality Requirements Of Corporate Pension Plan Actuaries, Theodore Konshak Jan 1996

Disclosure And Confidentiality Requirements Of Corporate Pension Plan Actuaries, Theodore Konshak

Journal of Actuarial Practice 1993-2006

Corporate pension plan actuaries are subject to the standards of the Joint Board for the Enrollment of Actuaries. The Joint Board is empowered to establish such standards under the provisions of the Employee Retirement Income Security Act of 1974, a federal law. In consideration of these statutory standards, this article will discuss whether standards published by professional actuarial organizations have any applicability. The contrast between the disclosure requirements of federal law and the confidentiality standards of the Society of Actuaries will be highlighted.


A Proposal For Improving The System Of Financing Health Care In Singapore, Robert Keng Heong Lian, Loi Soh Loi Jan 1996

A Proposal For Improving The System Of Financing Health Care In Singapore, Robert Keng Heong Lian, Loi Soh Loi

Journal of Actuarial Practice 1993-2006

Like many other countries, including the United States, Singapore faces the dual problems of rising health care costs and an aging population. To cope with these problems, the Singapore government introduced the Medishield scheme in 1989 that provides low cost catastrophic medical insurance coverage. The scheme suffers from a serious deficiency, however: coverage ceases at age 70. This deficiency is exacerbated by Medishield's premium payment structure which is akin to the premium structure of a one year renewable term policy so no reserves are developed. As a result, coverage beyond age 70 requires exorbitant premiums that are beyond the ...


An Approach To Estimating Market Value And Duration Of Interest-Sensitive Whole Life Contracts, Thomas J. Merfeld Jan 1996

An Approach To Estimating Market Value And Duration Of Interest-Sensitive Whole Life Contracts, Thomas J. Merfeld

Journal of Actuarial Practice 1993-2006

A fixed premium interest·sensitive whole life contract is analyzed in order to estimate its market value. In addition, using various definitions of duration, we determine the duration of the contract for each definition. The results of this analysis have implications for market value accounting of life insurance liabilities and for life company portfolio management.


Concentration In American Property-Casualty Companies, Edward Nissan Jan 1996

Concentration In American Property-Casualty Companies, Edward Nissan

Journal of Actuarial Practice 1993-2006

A Theil's entropy index utilizing premiums written as units is employed to measure trends in concentration of the largest 200 property-casualty companies in the United States between 1985 and 1993 based on Best's Insurance Report data. Each of the indexes confirms that concentration trends experienced no increase for the whole period for all 200 firms, the top 20, and subsets of lower ranked companies. Significant differences are observed, however, between groups of companies for the same period.


Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral Jan 1996

Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral

Journal of Actuarial Practice 1993-2006

This paper shows data that illustrate the substantial variation among nonmedical schedules and the dramatic increase in their amount limits from 1972 through 1992. Coefficients of variation are analyzed for several data subsets. We find that the variation of schedules in the sample of all firms has increased throughout the 1972-1992 period for issue ages up to 30, but has declined for issue ages beyond 30 during the 1982-1992 period. For the non-New York and stock companies our statistical tests indicate an increase in the variability of schedules over the full period 1972 to 1992.


Pension Funding By Normal Costs Or Amortization Of Unfunded Liabilities, Keith P. Sharp Jan 1996

Pension Funding By Normal Costs Or Amortization Of Unfunded Liabilities, Keith P. Sharp

Journal of Actuarial Practice 1993-2006

We discuss the extent of the actuary's freedom in choosing the funding method for defined benefit pension plans. In particular, we look at funding through a combination of normal costs, amortization of an unfunded liabilities, and fund of assets. The IRS constraint on "reasonable funding methods" is considered, with particular mention of the aggregate entry age normal method. In addition, an algebraic development is performed of year-to-year changes in the status of a plan's funding.


Methodologies For Determining Reserve Liabilities In The Workers Compensation High Deductible Program, Jerome J. Siewert Jan 1996

Methodologies For Determining Reserve Liabilities In The Workers Compensation High Deductible Program, Jerome J. Siewert

Journal of Actuarial Practice 1993-2006

In this paper I describe several approaches for estimating liabilities under a high deductible program, including a proposal for a more sophisticated approach relying upon a loss distribution model. The discussion addresses several related issues dealing with deductible size and mix, absence of longterm histories, and the determination of consistent loss development factors among deductible limits. In addition, I propose several approaches for estimating aggregate loss limit charges, if any, and the asset value for associated servicing revenue.


Bias Of Excluding High And Low Data For Long-Tailed Distributions, Cheng-Sheng Peter Wu Jan 1996

Bias Of Excluding High And Low Data For Long-Tailed Distributions, Cheng-Sheng Peter Wu

Journal of Actuarial Practice 1993-2006

Property and casualty actuaries frequently employ a technique of averaging (called high-low averages) that excludes the same amount of data at both ends. For example, (0 in selecting loss development factors, the middle three of the latest five years or the middle eight of latest 12 quarters sometimes are used, or (ii) in calculating average expense ratios, the largest expense ratios and the smallest expense ratios may be removed from the sample. Although highlow averages can reduce the impact of influential data on analyzed results, the averages will result in downward bias when they are applied to pricing or reserving ...


Journal Of Actuarial Practice, Volume 4, No. 2, 1996, Colin Ramsay , Editor Jan 1996

Journal Of Actuarial Practice, Volume 4, No. 2, 1996, Colin Ramsay , Editor

Journal of Actuarial Practice 1993-2006

ARTICLES

Methodologies for Determining Reserve Liabilities in the Workers Compensation High Deductible Program Jerome J. Siewert

Third Party Administrator (TPA) Service Pricing and Incentive Contracts Hou-Wen Jeng

Annuity Choices for Pensioners M. Zaki Khoransee

Pension Funding by Normal Costs or Amortization of Unfunded Liabilities Keith P. Sharp

What We Say in the NAIC Annual Statement Blank Actuarial Opinion Kenneth W. Faig, Jr.

Constrained Forecasting of the Number of IBNR Claims Louis G. Doray

Editor - Colin Ramsay, University of Nebraska. Associate Editors: Robert Brown, University of Waterloo ○ Cecil Bykerk, Mutual of Omaha ○ Ruy Cardoso, Actuarial Frameworks ○ Samuel Cox, Georgia State University ...


Selected Problems Involving The Probability Of Ruin For An Insurance Company, Andrew J. Schafer Jan 1996

Selected Problems Involving The Probability Of Ruin For An Insurance Company, Andrew J. Schafer

Presidential Scholars Theses (1990 – 2006)

In the actuarial science literature, an insurance company is said to be ruined if, at some time t > 0, the aggregate claims up to time t exceed the sum of the initial surplus and the total premium collected up to time t. The calculation and/or estimation of the probability of ruin is of fundamental importance. In this paper we use computer simulation to estimate the probabilities of ruin over a finite horizon of time when the aggregate claims process is Compound Poisson and the distribution of the claim sizes is: (i) Weibull, and (ii) exponential with a random parameter ...