Premiums and benefi ts associated with traditional life insurance contracts are usually specifi ed as fi xed amounts in policy conditions. However, reserve-dependent surrender values and reserve-dependent expenses are common in insurance practice. The famous Cantelli theorem in life insurance...

The premium is a deterministic function to compensate for losses due to random events, and a crucial element for the operation of the standard insurance company. This paper focuses on the practice of family takāful and considers properties of the contract in determining the premiums...

Alan Greenspan’s paper (March 2010) presents his retrospective view of the crisis. His theme has several parts. First, the housing price bubble, its subsequent collapse and the financial crisis were not predicted either by the market, the FED, the IMF or the regulators in the years leading to...