Browse Research
Viewing 2701 to 2725 of 7695 results
2004
Recent problems with multiple employer welfare arrangements led the federal government to increase the reporting requirements for these entities. This unique study of these new reporting requirements not only provides information on reporting problems, it also suggests improvements in the reporting system that will enable state regulators to better protect employers and employees that have to deal with these entities.
2004
Professors Cooper and Dorfman provide some insights into the European method of financial services regulation and make suggestions to include some aspects of the European Union model into the emerging U.S. regulatory paradigm.
2004
We examine the Laplace transform of the distribution of the shot noise process using the martingale. Applying the piecewise deterministic Markov processes theory and using the relationship between the shot noise process and the accumulated/discounted aggregate claims process, the Laplace transform of the distribution of the accumulated aggregate claims is obtained.
2004
Reinsurance reduces the risk but it also reduces the potential profit. The aim of the paper is to derive optimal, from the cedent's point of view, reinsurance arrangements balancing the risk measured by variance and expected profits under various mean-variance premium principles of the reinsurer.
2004
In January 2004, the Missouri Department of Insurance released a report on the impact of credit scores on minority and low-income populations. This article is condensed from that study which examines whether, and to what extent, those credit scores are correlated with specific demographic characteristics by ZIP Code.
2004
In January 2004, the Missouri Department of Insurance released a report on the impact of credit scores on minority and low-income populations. This article is condensed from that study which examines whether, and to what extent, those credit scores are correlated with specific demographic characteristics by ZIP Code.
2004
This article examines the importance of legal rights and enforcement in influencing property-casualty insurance (PCI) consumption. We extend the existing literature by examining the role of legal factors in determining insurance density across countries. Also, measures of risk aversion, loss probability, and price, which overcome limitations of proxies used in the existing literature on insurance demand, are analyzed.
2004
Microeconomic theory shows that only under certain conditions higher background risk increases the propensity to insure against independent marketable risks. We provide empirical evidence for the case of labor income risk and car insurance in the UK. The main result is that households with higher labor income risk spend more on insurance. This finding is consistent with microeconomic theory if the utility function is of the HARA type.
2004
This paper will present a practical method of integrating Actuarial and Underwriting objectives, with an emphasis on achieving correct rates, correct pricing, and correct reflection of individual risk characteristics in the final premium. It will discuss how implementing these in an insurance operation can improve synergy between the underwriting, actuarial, claims, and marketing functions of the company.
2004
Incentives for Managing Accounting Information: Property-Liability Insurer Stock-Charter Conversions
Incentives to manage accounting information are examined within 63 property-liability insurance company conversions from mutual ownership to common stock charter. In the conversion process, policyholders' embedded equity claims must be valued. Since mutuals have no separately traded equity, accounting numbers are a critical input in this valuation.
2004
The German flood disaster of summer 2002 highlighted a dilemma concerning insurance against damages caused by natural forces. On the one hand, mindful of the rising incidence of natural disasters, private insurance companies are increasingly withdrawing coverage against natural catastrophes such as wind storms and floods.
2004
This article is devoted to the phenomenon of insurance fraud. We start by surveying the various forms of insurance fraud as well as its extent and cost. We proceed to analyse the problem as the product of motivation and opportunity, and address the complexities of fraud control. Finally, we provide a high-level overview of current anti-fraud activity.
2004
Insurance rate filings involving hurricane perils are generally based on complex, numerical models that regulators often find difficult to adequately evaluate. This article outlines a process for developing a spectrum of plausible rates that can be used to evaluate hurricane rate filings in disaster prone states. Actual results from this process as used in Florida and North Carolina are included.
2004
We consider a filtered probability space with a standard Brownian motion W, a simple Poisson process N with constant intensity ƒÉ>0, and we consider the process Y such that Y0¸R and dYt=atdt+ƒÐtdWt+ƒÁtdNt,t>0, where a, ƒÐ are predictable bounded stochastic processes, and ƒÁ is a predictable process which is bounded away from zero. A discrete record of n+1 observations {Y0, Yt1, c, Ytn−1, Ytn} is available, with ti=ih.
2004
In this paper, we present and discuss the dynamic time varying version of trend estimation. These models often underlie the analytical functions that are used in practice by actuaries and economists. We also show how one of the most frequently used softwares (the SAS systems) by practitioners and researchers can be used to fit the dynamics to data. An alternate formulation of the Ordinary Least Squares (OLS) is also given.
2004
The Black-Scholes deflator and bivariate decrement copulas for the joint modeling of the time of death and time of withdrawal are used to determine the fair price of unit-linked endowment insurance contracts without or with a rising-floor guarantee. The fair fee income covers exactly the present value of the product guarantees and the expenses.
2004
As part of pricing, many reinsurers would like to know the incremental impact that adding a new contract or canceling an existing contract might have on the capital needed to support the entire portfolio of business. Typically, catastrophe models take hours or days to run, ruling out a straightforward approach.
2004
Grade-risk provides a powerful ally in establishing relevance between course content and the lives of students. As used in this article, grade-risk refers to the potential for the loss of points on examinations, quizzes, etc. This article describes the rationale and feasibility associated with the introduction of a student-centered grade insurance project that provides some measure of protection against grade-risk.
2004
During the year 2002, the State of Florida's 600,000 public employees were given the choice of converting their traditional defined benefit (DB) pension plan into an individual-account defined contribution (DC) plan with full control over asset allocation and investment decisions.
2004
To be effective, flood insurance appears to require a partnership between the insurers and government: interdependence rather than independence. Relations between government and the insurance industry appear to lie on a continuum from the "parasitic" to the "symbiotic". Changing circumstances appear to be pushing insurers and government apart, including the competition regulations that outlaw standard products.
2004
The Risk Premium Project was organized in the Summer of 1999 to address the question of the equilibrium valuation of property and liability insurance risks as posed by the CAS's Committee on the Theory of Risk (COTOR). Phases I and II of the project were completed in April 2000 with a follow-up empirical Phase III.
2004
This paper presents a loss development model in which exposure period dependence is fundamental to the structure of the model. The basic idea is that an exposure period, such as an accident year or policy year, gives rise to a particular distribution of accident date lags, where the accident date lag is the time elapsed from the start of the exposure period till the accident date.
2004
Credibility ratemaking is a technique used in pricing health care, property and casualty, workers' compensation, and group life coverages. It has been a part of actuarial practice since the time of Mowbray's (1914) contribution. In earlier work, we showed how many types of credibility models could be expressed as special cases of mixed linear models.
2004
When we consider random couples (X1, Y1) and (X2, y2), both elements of R(Fx,Fy), relative riskiness of the sums Si= Xi+Yi results from dependency structure between the summands. In this paper we investigated the relation between a measure of risk for sums of random variable derived from distortion functions and traditional measures of dependencies like Pearson’s r, Spearman’s p and Kendall’s t.
2004
This article examines several hypotheses about the structure and level of compensation for 103 property-liability chief executive officers (CEOs) from 1995 through 1997. The greater the level of firm risk and the larger the firm, the greater the use of incentive compensation. Insurers subject to more regulatory attention and those whose CEOs have greater stock ownership make less use of incentive compensation.
