This text covers basic principles of statutory life insurance and annuity valuation with primary emphasis on U.S. practice and secondary emphasis on Canadian practice. This book is a concise treatment of valuation for practicing valuation actuaries and those considering a career change into valuation. It also provides important information required for certain American Academy of Actuaries qualification.
The Fourth Edition features a new author. It has been thoroughly updated to reflect all regulatory changes over the past ten years and expands the tie-in to the US Annual Statement.
Author: Louis J. Lombardi, FSA, MAAA Louis J. Lombardi, FSA, MAAA is a principal and actuary in the Actuarial and Insurance Management Solutions (AIMS) Practice of PricewaterhouseCoopers. He has thirty years of experience in the life insurance industry with extensive knowledge of actuarial education, financial reporting, hedging, product development, software development, and surplus management.
He is a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries and has a Masters Degree in Mathematics from Tufts University.
Table Of Contents:
Chapter 1 ..............Overview of Valuation Requirements
Chapter 2 ..............NAIC Annual Statement
Chapter 3 ..............The Valuation Process
Chapter 4 ..............Valuation Assumptions
Chapter 5 ..............Valuation Methodologies and Approximations
Chapter 6 ..............Whole Life
Chapter 7 ..............Term Life Insurance
Chapter 8 ..............Universal Life Insurance
Chapter 9 ..............Variable Life Insurance
Chapter 10.............Deferred Annuities
Chapter 11.............Immediate Annuities
Chapter 12.............Miscellaneous Reserves
Chapter 13.............Cash Flow Testing
Chapter 14.............The Valuation Actuary in the United States
Chapter 15.............The Valuation Actuary in Canada
Chapter 16.............Risk - Based Capital
Appendices
Index