Business Commons^™

A New Approach For Determining Claim Expense Reserves In Workers Compensation, Kay Rahardjo

Journal of Actuarial Practice (1993–2006)

This paper describes a new approach for determining a reserve for claim expenses. While the discussion focuses on workers compensation claims, the methodology is equally applicable to other lines of business. The approach also can be applied to the calculation of the reserve for all claims (including IBNR claims) and the reserve for claims reported to date (excluding IBNR claims). In addition, a methodology for pricing claims-handling services is discussed. The implications of pricing claims-handling services on a handle-to- conclusion basis versus pricing claims-handling services on a limited time handling basis are examined. Finally, the paper discusses a methodology for …

Providing Pensions For U.K. Employees With Varied Working Lives, Deborah R. Cooper

Journal of Actuarial Practice (1993–2006)

Several different working lives are investigated, including employees with breaks in employment, part-time employment, and temporary employment. The pensions that could be provided to the different employees by final salary, revalued career average, or money purchase pension schemes (plans) are calculated and compared. Some of the weaknesses in a final salary pension scheme (the treatment of deferred pensioners and cross subsidies between different groups of member) are considered. Possible alternative benefit structures are considered to address the problems.

Fuzzy Underwriting: An Application Of Fuzzy Logic To Medical Underwriting, Per-Johan Horgby, Ralf Lohse, Nicola-Alexander Sittaro

Journal of Actuarial Practice (1993–2006)

One of the most difficult issues in the medical underwriting of life insurance applicants is diabetes mellitus. Compiling the prognosticating parameters for diabetic applicants results in a complex system of mutually interacting factors. In addition, neither the prognosticating factors themselves nor their impact on the mortality risk is clear cut. We show how a fuzzy inference system can be used in underwriting diabetes mellitus. A fuzzy inference system can cope with the imprecise nature of medical parameters by converting them into fuzzy sets and aggregating them using mathematical techniques. The fuzzy underwriting system presented goes further than previous applications of …

Seeking The Profitability-Risk-Competitiveness Frontier Using A Genetic Algorithm, Ronnie Tan

Journal of Actuarial Practice (1993–2006)

Monte Carlo simulation is used to develop a flexible framework to measure the profitability, risk, and competitiveness of any insurance product. A genetic algorithm is then used to seek the optimum asset allocations that form the profitability-risk-competitiveness frontier and to examine the profitability, risk, and competitiveness trade-off's. We also show how to select the appropriate asset allocation and crediting strategy in order to position the product at the DeSired location on the profitability-risk-competitiveness spectrum.

Comments On Some Parametric Models For Mortality Tables, Kam C. Yuen

Journal of Actuarial Practice (1993–2006)

Parametric models for the entire age pattern of mortality have been suggested by Heligman and Pollard (1980) and Carriere (1992). The former is designed to fit the classical mortality pattern while the latter is supported by a statistical theory. Insights into their papers motivate us to consider a variation of the Heligman-Pollard model. We also apply these models to the 1993 Hong Kong Assured Lives Mortality Tables as well as the 1991 Hong Kong Female Life Table. This paper is not intended to construct a better parametric model for mortality tables; the main purpose is simply to provide insights into …

Accelerated Death Benefits, Viatical Settlements, And Viatical Loans: Options For The Terminally Iii, Paula Schmidt

Journal of Actuarial Practice (1993–2006)

There are three options available for terminally ill insureds who are interested in accessing all or part of the face value of their life insurance policies: through the life insurance company (accelerated death benefits), through a viatical company (a via tical settlement), or through a via tical loan company (a via tical loan). This paper explores the definitions and tax regulations, calculations, and the claims process associated with accelerated death benefits and via tical settlements and loans.

Actuarial Model Assumptions For Australian Inflation, Equity Returns, And Interest Rates, Michael Sherris

Journal of Actuarial Practice (1993–2006)

Though actuaries have developed several types of stochastic investment models for inflation, stock market returns, and interest rates, there are two commonly used in practice: autoregressive time series models with normally distributed errors, and autoregressive conditional heteroscedasticity (ARCH) models. ARCH models are particularly suited when there is heteroscedasticity in inflation and interest rate series. In such cases nonnormal residuals are found in the empirical data. This paper examines whether Australian univariate inflation and interest rate data are consistent with autoregressive time series and ARCH model assumptions.

Pricing Earthquake Exposure Using Modeling, Debra L. Werland, Joseph W. Pitts

Journal of Actuarial Practice (1993–2006)

This paper demonstrates a practical methodology for determining a statewide rate level indication for the earthquake insurance and for determining more equitable territorial relativities within a state. The methodology is based on the output from a certain commercially available earthquake modeling software package. The methodology addresses some of the complex issues involved in pricing earthquake insurance exposure and potential regulatory acceptance. The paper also features a section dealing with the net cost of reinsurance in the proposed direct rates. A final consideration is the treatment of a model's output when it is believed the modeled results art' less than fully …

Dynamic Immunization And Transaction Costs With Different Term Structure Models, Eliseo Navarro, Juan M. Nave

Journal of Actuarial Practice (1993–2006)

A bond portfolio selection model is developed in a dynamic framework using different term structures, but without transactions costs. We show that the optimal portfolios are consistent with Khang's dynamic immunization theorem, i.e., the optimal path consists of making portfolio duration equal to the investor's horizon planning period. The model is then extended to include transaction costs. The resulting optimal portfolios are no longer consistent with Khang's dynamic immunization theorem. In fact, the strategy for constructing the optimal portfolio consists of initially choosing a portfolio with a duration that is smaller than the horizon planning period.

The Right To Underwrite? An Actuarial Perspective With A Difference, Thomas A. Moultrie, Guy R. Thomas

Journal of Actuarial Practice (1993–2006)

For a long time underwriting has been a part of the actuarial canon. With increasing frequency, however, challenges are being issued against the right of insurance companies to underwrite applications for new bUSiness, arguing that certain aspects of the practice are undesirably discriminatory. We explore the role of the actuary in the underwriting process and the challenges that are being set for the profession (as opposed to the life insurance industry) as a result of this role. As the distinction between the interests of the actuarial profession and the interests of the life insurance companies has become increasingly blurred, we …

Discussion Of T.A. Moultrie And R.G. Thomas's ''The Right To Underwrite? An Actuarial Perspective With A Difference", Charles L. Trowbridge

Journal of Actuarial Practice (1993–2006)

This interesting but controversial paper studies a subject I too have seriously considered. Nearly a decade ago I was commissioned to prepare a monograph that appeared in 1989 under the auspices of the Actuarial Education and Research Fund under the title Fundamental Concepts of Actuarial Science. 1 Chapter VII of this work, "Classification, Selection, and Antiselection," claims that the cluster of ideas surrounding these three words form a fundamental actuarial concept. I have recently reviewed this monograph (hereinafter FCAS) and am struck by the dissimilarities between the two treatments. The authors of "The Right to Underwrite?" (RTU) were unaware of …

History Of The F-15 Program: A Silver Anniversary First Flight Remembrance, David R. King, Donald S. Massey

Management Faculty Research and Publications

No abstract provided.

Journal Of Actuarial Practice, Volume 5, No. 2, 1997, Colin Ramsay , Editor

Journal of Actuarial Practice (1993–2006)

Articles:

With Different Term Structure Models • Eliseo Navarro and Juan M. Nave

A New Approach for Determining Claim Expense Reserves in Workers Compensation • Kay Rahardjo

Pricing Earthquake Exposure Using Modeling • Debra L. Werland and Joseph W. Pitts

Actuarial Model Assumptions for Australian Inflation, Equity Returns, and Interest Rates • Michael Sherris

Comments on Some Parametric Models for Mortality Tables • Kam C. Yuen

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 …

Are Private Basic Telecom Project Viable In India?, Avijit Bhattacharya

IIMB Management Review

The first effects of liberalisation were felt in the Indian telecommunications sector with the privatisation of basic telecom services. With the market having opened up, foreign companies are entering the country in droves bringing with them latest technology and competitive pricing structure. Taking the Karnataka telecom experience as a model, the unfolding scenario has been examined as well as whether the astronomical license fees quoted are justified

Succeeding As A Managerical Entrepreneur, Nina Jacob

IIMB Management Review

The recent liberalisation has spawned a new breed of independent enterpreneur-managers who are prepared to break new ground in management styles. Kiran Mazumdar, founder and CEO of Biocon India, a company that has taken large strides in the field of biotechnology, discusses a number of issues such as challenges to entrepreneurs in India, especially woman entrepreneurs that prevailing business environment and the management philosophy and pragmatism responsible for the growth of Biocon.

Employee Benefit Plans Industry Developments - 1997; Audit Risk Alerts, American Institute Of Certified Public Accountants

Industry Guides (AAGs), Risk Alerts, and Checklists

No abstract provided.

High-Technology Industry Developments - 1997/98; Audit Risk Alerts, American Institute Of Certified Public Accountants

Industry Guides (AAGs), Risk Alerts, and Checklists

No abstract provided.

Master Of Accounting A Degree Program For Professionals In Accounting, Nova Southeastern University

Huizenga Undergraduate Course Catalogs

No abstract provided.

Leaving College: Why Students Withdrew From A University, Ross J. Rapaport, Sharlon L. George, Gary A. Adams, Susan E. Clarkson

Management Faculty Research and Publications

The purpose of this study was to determine the reasons why students withdrew during a semester from a mid-sized, comprehensive university located in the Midwest. Six hundred forty-five students were asked to complete the ACT "Withdrawing/Non-returning Student Survey" during the 1992-93 academic year and summer semester. Three hundred sixty-five completed surveys were returned for a 57% response rate.

Respondents indicated many different reasons for leaving which varied by year in school and whether or not the respondent was a graduate or undergraduate student. There was no typical withdrawing student and there were many reasons students withdrew over which the university …

1997 January, Morehead State University. Office Of Communications & Marketing.

MSU Clip Sheet Archives

MSU Clip Sheet newsletters published in January of 1997.

Inventory Under Consignment, John Semple, Brian Downs

Historical Working Papers

A model is presented, based on experience from a real-world warehouser, that provides insight as to how best to optimize replenishment. Further work is proposed to explore forecasting and to calculate needed storage capacities.

A Direct Approach For Managing Inventory With Lost Sales, Intermittent Demand And Resource Constraints, John Semple, Brian Downs

Historical Working Papers

A model for optimizing inventory levels and distributor income is presented. Research to explore forecasting, warehouse capacities, and the situation under other assumptions remains.

Optimal Service Design: Integrating Marketing And Operations Elements For Capacity Decisions, Madeleine E. Pullman, William Moore

Historical Working Papers

A model is presented for optimizing a service industry both with respect to customer service and profitability in order to choose the optimal product service attributes.

An Investigation Of Principled Negotiations As It Applies To Contract Negotiations In The Public Schools, Jerry L. Parker

Masters Theses

The purpose of this study was to investigate the use of principled negotiations in contract negotiations between teachers and Illinois public school district boards of education. The study examined three questions from both the union president's perspective and the superintendent's viewpoint. The first question was "If superintendents and teacher union leaders had the opportunity to become familiar with the principled negotiations model, to what extent did they perceive themselves interested in using this model for negotiations?" The second question was "Why has principled negotiations not been used as a model more often in Illinois public education contract negotiations?" The third …

Blue Cross Blue Shield Of Florida Health Options Information, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

Contains: Marketing Letter to Florida Residents, re: Advanced Renal Options program, Promotional leaflet, re: Advanced Renal Options program

Journal Of Pedagogy, Pluralism And Practice, Volume 1, Issue 2, Fall 1997 (Full Issue), Journal Staff

Journal of Pedagogy, Pluralism, and Practice

This issue of the Journal of Pedagogy, Pluralism and Practice is dedicated to the memory of Paulo Freire who died on May 2, 1997 at the age of 75. Paulo Freire is the author of Pedagogy of the Oppressed, The Politics of Education, Pedagogy of the City, Pedagogy of Hope and many other books that have created a radical discourse on liberatory education and have influenced teachers, theorists and cultural workers throughout the world. His last book, Pedagogia da Autonomia: Saberes necessários à prática educativa, is not yet translated in English, but is expected soon, possibly …

Football Media Guide 1997, Indiana State University

Intercollegiate Athletics

No abstract provided.

How Do Company Boards Contribute?, S Raghunath

IIMB Management Review

Is the board of directors the heart and soul of a company as it should be, ideally, or merely an 'old boy's club' which rubber stamps decisions taken by the CEO? Can it be a meaningful instrument of corporate governance? Various aspects such as the creation and running of an effective board, the difference between directing and managing, the interface between the board and the CEO, including the public sector perspective on the issue have been discussed by academicians and senior corporate executives.

Employee Motivation: What Works, What Doesn't, Michelle A. Koenig

Theses

Corporate America has seen a multitude of changes in the last century, but the change with the greatest impact is that of the employees. In the 'old' days, it was an employer's market. Employees felt lucky just to have a job. Companies did not spend time or money worrying about whether or not their employees were happy or motivated. The majority of jobs required manual labor and little or no education. This made replacing an unhappy or unmotivated worker much easier. In addition, there weren't as many U.S. or foreign companies competing for employees.

In today's competitive market, hiring and …

A Model Program To Develop Management Strategies And Training Skills For Fast Food Industry Employees In Taiwan, David Ruey-Lin Lai

All Graduate Projects

A model program in developing corporate personnel was designed for domestic fast food industry in Taiwan. The program emphasizes on successful business leaders' skills in the basic management function of decision making, planning, organizing, communicating, directing and controlling. Meanwhile, the successful fast food employee development have focused on training activity of customer service, personal appearance, company rules and regulations. The program concentrates on two specific areas: a management model and an employee training model. More specifically the management approach and training skills are addressed through a variety of methods and activities.