Frontmatter -- PREFACE -- CONTENTS -- THE S. S. HUEBNER FOUNDATION FOR INSURANCE EDUCATION -- INTRODUCTION. THE DEVELOPING NEED FOR HIGHER EDUCATION IN LIFE INSURANCE -- INSURANCE SUPERVISION -- A PHILOSOPHICAL VIEW OF LIFE INSURANCE -- LIFE INSURANCE COMPANY INVESTMENTS -- THE SIGNIFICANCE OF...

Compounded Increasing Whole Life Insurance Policies (CIWLIPs) have underpricing and underreserving problems, which are aggravated by mortality improvements. This paper illustrates these problems by analyzing the accumulated surplus, and subsequently, applying the Lee-Carter model to quantify the...

This study examines annuity planning using an optimization framework. An optimization problem is formulated with the objective of maximizing the lifetime utility of consumption and bequestable wealth, and benchmark cases for Korean households are applied. We extend the optimization model...

This paper proposes and calibrates a consistent multi-factor affine term structure mortality model for longevity risk applications. We show that this model is appropriate for fitting historical mortality rates. Without traded mortality instruments the choice of risk-neutral measure is not unique...

This textbook presents the fundamental economic dimensions of insurance companies and links them to managerial issues. Combining academic rigour and a strongly practice-oriented approach, it addresses both the competitive environment and the management of the insurance business. Further, it...

Part I: Fundamentals of insurance business The origins and role of insurance in society -- The notion of risk and probability -- The insurance undertaking -- Regulation of the insurance industry -- Supervision and other Authorities -- The insurance business -- The insurance contract -- Life...