Section 1: Understanding The Feasibility Step of New Product Development and How It Drives Design

Transcription

1 ii TABLE OF CONTENTS Section 1: Understanding The Feasibility Step of New Product Development and How It Drives Design Marino, Chapter 1, The History of Life Insurance Policy Taxation 1-1 to 1-8 Marino, Chapter 3, Taxation of Life Insurance Policies, Dispositions and Selected Valuation Issues 1-9 to 1-14 Marino, Chapter 14, Taxation of Annuity Contracts 1-15 to 1-20 Marino, Chapter 15, Deferred Annuities 1-21 to 1-24 Desrochers, Chapter 2, The Requirements for Qualification as Life Insurance under the Internal Revenue Code 1-25 to 1-32 Desrochers, Chapter 3, Computing the Sections 7702 and 7702A Limitations - Interest, Mortality and Expense Assumptions 1-33 to 1-38 Desrochers, Chapter 4, Computing the Sections 7702 and 7702A Limitations - Future Benefits, Death Benefits and Qualified Additional Benefits 1-39 to 1-43 Desrochers, Chapter 6, Specific Product Issues 1-45 to 1-50 Desrochers, 2008 Supplement to Life Insurance and Modified Endowments Under IRC 7702 and 7702A, Pages 3-33, 40-56, 71-81, Appendices A-C 1-51 to 1-58 Atkinson & Dallas, Chapter 2, Product Development 1-59 to 1-70 SN LP , Life Insurance and Annuity Non-forfeiture Practices 1-71 to 1-76 SN LP , NAIC Standard Non-forfeiture Law for Life Insurance: Sections 1-4, 5c, to 1-84 SN LP , NAIC Standard Non-forfeiture Law for Individual Deferred Annuities 1-85 to 1-88

2 iii Section 2: Understanding the Design and Purpose of various Product Types, Benefits and Features Hardy, Chapter 1, Investment Guarantees 2-1 to 2-6 SN LP , Equity Indexed Annuities: Product Design and Pricing Consideration 2-7 to 2-12 SN LP , Life and Annuity Products and Features 2-13 to 2-56 SN LP , Variable Annuities, Kalberer and Ravindran, Chapters 5, 9, 10, to 2-64 SN LP , Pricing Critical Illness Insurance in Canada 2-65 to 2-68 SN LP , Product Design of Critical Illness Insurance in Canada 2-69 to 2-72 SN LP , Deconstructing Long-Term Care Insurance 2-73 to 2-74 What s Backing Your Life Insurance Guarantee?, February to 2-78 Term Mortality and Lapses, August to 2-80 ASOP #2, Non-guaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts, March 2004, Updated May 1, to 2-82 Quantification of the Natural Hedge Characteristics of Combination Life or Annuity Products Linked to Long-Term Care Insurance, March to 2-86 Is This Correction Good For Life Insurance? 2-87 to 2-88 Life Insurance Acceleration Riders, Reinsurance News, July 2013, (pp ) 2-89 to 2-89 Interesting Challenges for Insurers, Product Matters, June 2012 (pp ) 2-91 to 2-92 Section 3: Understanding the Relationship Between the Product Features, Their Inherent Risks and the Selection of Appropriate Pricing Assumptions, Profit Measures and Modeling Approaches. Bennett & Zultowski, Chapter to 3-4 Bennett & Zultowski, Chapter to 3-6 Bennett & Zultowski, Chapter to 3-8 Bennett & Zultowski, Chapter to 3-10

3 iv Bennett & Zultowski, Chapter to 3-12 Atkinson & Dallas, Chapter 10, Required Capital 3-13 to 3-20 Atkinson & Dallas, Chapter 11, Profit Measurement and Analysis 3-21 to 3-26 Atkinson & Dallas, Chapter 13, Annuity and Investment Products 3-27 to 3-38 Hardy, Chapter 1, Investment Guarantees (ref. Section 2) 2-1 to 2-6 Hardy, Chapter 2, Modeling Long-Term Stock Returns 3-39 to 3-46 Hardy, Chapter 6, Modeling the Guarantee Liability 3-47 to 3-52 Hardy, Chapter 7, A Review of Option Pricing Theory 3-53 to 3-56 Hardy, Chapter 8, Dynamic Hedging for Separate Account Guarantees 3-57 to 3-60 Hardy, Chapter 12, Guaranteed Annuity Options 3-61 to 3-64 Hardy, Chapter 13, Equity-Indexed Annuities 3-65 to 3-70 Stochastic Modeling, Introduction 3-71 to 3-72 Stochastic Modeling, Chapter I, General Methodology, Sections I.A I.B.2 and I.E 3-73 to 3-78 Stochastic Modeling, Chapter II, General Applications, Sections II.A II.A to 3-84 Stochastic Modeling, Chapter III, Evaluating and Discussing Results 3-85 to 3-88 Stochastic Modeling, Chapter IV, Case Studies, pages 1-27, Development and Management of a Variable Annuity Product 3-89 to 3-96 SN LP , Equity Indexed Annuities: Product Design and Pricing Consideration (ref. Section 2) 2-7 to 2-12 SN LP , Experience Assumptions for Individual Life Insurance and Annuities 3-97 to SN LP , Policyholder Dividends to SN LP , Swiss Re, Economics of Insurance: How Insurers Create Value for Shareholders to SN LP , CIA Research Paper, Life Insurance Costing and Risk Analysis, June to 3-140

4 v SN LP , Securization New Opportunities for Insurers and Investors, (pp. 1-16, 24-26, 29-36) to SN LP , Life Insurance Underwriting in the United States Yesterday, and Tomorrow, Ch. 1, 2, 4, 5, 6, Klein to SN LP , Lapse-Based Insurance to SN LP , Digital Distribution in Insurance: A Quiet Revolution to SN LP , Laporte, Chapter IV, Traditional Distribution Systems to Report on the Lapse and Mortality Experience of Post-Level Premium Period Term Plans, (Pages 3-98) to ASOP #2, Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts (Ref. Section 2) 2-79 to 2-80 Ending the Mortality Table, Living to 100 Symposium, Edwin C. Hustead, The Hay Group to The Response of Life Insurance Pricing to Life Settlements, Sept to Mortality Table Slope The Discussion Goes On, July to Pricing in a Return on Equity Environment, TSA XXXIX, to Risk Based Pricing Risk Management at Point of Sale, June to Predictive Modeling for Life Insurance by Deloitte, April to Level Term Lapse Rates Lessons Learned Here and in Canada to Term Conversions A Reinsurer s Perspective, Product Matters, June 2012, (pp. 1, 5-6) to CIA, Best Estimates Assumptions for Expenses to CIA, Lapse Experience Study for 10-Year Term Insurance to CIA, Lapse Experience Under Universal Life Level Cost of Insurance Policies to SOA & Milliman, Report on Premium Persistency Assumptions Study of to Flexible Premium Universal Life Products SOA, Modelling of Policyholder Behavior for Life and Annuity Products to SOA, Understanding the Volatility of Experience and Pricing Assumptions to In Long-Term Care Insurance SOA & Deloitte, Automated Life Underwriting: Phase to Relationship of IRR to ROI on a Level Term Insurance Policy to 3-216

5 vi Section 4: Understanding Actuarial Requirements of Product Implementation and the Monitoring of Experience Versus Product Assumptions. SN LP , Experience Assumptions for Individual Life Insurance and Annuities (ref. Section 3) 3-97 to SN LP , Policyholder Dividends (ref. Section 3) to SN LP , Role of the Actuary in Product Roll-out 4-1 to 4-4 SN LP , NAIC Life Insurance Illustrations Model Regulation 4-5 to 4-12 SN LP , Guideline G6: Illustrations, CLHIA 4-13 to 4-16 SN LP , Update on the Interstate Insurance Compact 4-17 to 4-18 Lapse Experience Under Lapse Supported Products, Product Matters, December to 4-20 CIA Ed.-Note: Expected Mortality: Fully Underwritten Canadian Individual Life Insurance Policies, July 2002 (excl. Appendices) 4-21 to 4-26 Experience Data Quality: How to Clean and Validate Your Data, Exclude Appendices 4-27 to 4-28 ASOP #2, Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts (Ref. Section 2) 2-79 to 2-80 ASOP # 23, Data Quality: Standard of Practice on Data Quality, Excluding Transmittal Memo and Appendices 4-29 to 4-30 The Interstate Compact, Product Matters, Feb. 2013, (pp. 8-11) 4-31 to 4-32