bluuebunny/crossref_metadata_2025_split huggingface dataset:
Actuarial note on Duhamel's Integral.
Authors: Grossman Eli A. 
Published: August 2016

In this note, we consider a problem and its implication. The problem is the control of the flow of new business in a portfolio in a certain type of policy. Supposing we know in advance what the investment implications of a certain trend of reserves will be so that we can decide a programme of development of the fund purely from investment consideration. If the flow of new business is ‘controllable’, e.g. by the amount of advertising, commission, and reward to the selling staff allowed from time to time, what volume of new business is required in order to build up to a predetermined reserve pattern? In solving this problem, we will use a mathematical integral employed in electricity, physics, chemistry and other fields. This is so fundamental in other fields that perhaps it will solve many more of our problems.
In this note, emphasis is given to the amount of insurance in force because that is customarily done in the United States.
The Calculation of Premiums for Profit-Sharing Group Death Benefit Policies.
Authors: Green P. J. H. 
Published: August 2016

The type of contract which will be considered is a renewable oneyear term assurance on a group of lives which provides, in addition to a capital sum on the death of any life, that if at the end of the year the total claims in the year are less than some fraction,k, of the premiums paid, then a fraction,l, of the difference will be refunded.Suppose thatPis the net andP′the office premium fornlives assured for a sum of 1 each and thatq(r)is the probability that exactlyrdeaths will occur during the year, then,wherecis the integral part ofkP′. Sinceequals the expected deaths,μsay, the equation may be written,whereand.
A Life Interest Formula
Authors: Wallas G. E. 
Published: August 2016

Lidstone has shown that the solution to the theoretical problem of valuing a life interest is essentially indeterminate. For a uniform life interest this is generally avoided by requiring of the formula that at the end of any policy-year the purchaser will have received sufficient income to discharge all premiums to date on the supporting policy, and to provide the predetermined interest on his total outlay.Consider a life interest to be valued of 1 per annum, and letPbe the office rate of premium on the whole-life non-profit policy required to return to the purchaser his initial outlay. In the evolution of a formula three unknown quantities are involved:G, the gross purchase price (including expenses);T, the total initial outlay;S, the sum assured.
A Further Table of Binomial Coefficients.
Authors: Bizley M. T. L. 
Published: August 2016

A table of for m = 1 (1) 20 and t = 1 (1) m was supplied by the writer in J.S.S. x (facing p. 64). The present table gives values of for m = 21 (1) 52 and t = 1 (1) n, where n = ½m if m is even, or ½(m — 1) if m is odd. By virtue of the identity I , it is unnecessary to tabulate the argument for higher values of t.
The table was constructed by means of the relation

,
and each column was checked by casting and using the relation

.
A Discussion of Economic and Stock Market Trends, and an Approach to Forecasting.
Authors: Jenkins P. T. 
Published: August 2016

The aim of this paper is to illustrate in some detail a practical approach to the process of forming a judgment of the investment scene as it is likely to be presented to the U.K. investor. It falls into four parts, namely:1. Theoretical base.2. Survey of type of variations in stock markets and the factors affecting them.3. Methods of diagnosing trends.4. An approach to forecasting.The last part occupies only a small proportion of the space since the formation of a judgment in investment work, as in most other fields, is only ‘10% inspiration’.
The Future Progress of a Fund—Approximate Forecasts
Authors: Francis P. R. 
Published: August 2016

The technique described by Miss Merriman in the preceding note can be applied, with suitable alterations, to many different types of life assurance and annuity funds as well as to pension funds. By the use of approximate methods it is possible to abbreviate the working within a comparatively small compass, whilst retaining sufficient accuracy to afford a guide for investment policy. This note describes a particular application of these methods.The Management Committee of a large Widows' and Orphans' Fund sought the Actuary's advice on the probable future progress of the Fund. The Fund was established many years ago, but the membership has been expanding and both contributions and benefits have been increased from time to time. It was clear on general grounds that, if sufficient new entrants were admitted to maintain the present membership without limit of time, financial maturity would not be reached for many years. On these assumptions the Fund would eventually reach stability, but it would never decrease, so that from this point of view irredeemable investments could be purchased in the belief that they would never have to be sold. The adoption of this theory, however, would be tantamount to making the future surplus or deficiency of the Fund in some way contingent upon the future flow of new entrants.
Three R's of Insurance—Risk, Retention and Reinsurance.
Authors: Beard R. E. 
Published: August 2016

Just over four years ago I had the pleasure of presenting a paper to the Students' Society on some aspects of non-life insurance (J.S.S.13, 139) and I would first like to thank the Society for again giving me an opportunity of putting on paper some further ideas which have largely flowed from my interests in the non-life field. Frankly this paper is of an exploratory nature and suffers from all the defects of reporting continuing experimental work. I hope therefore that the many obvious loose ends will be viewed in this light and that members will be able to sense the excitement of this relatively undeveloped field.The purpose of this paper is not to provide a guide through the various papers that have appeared relating to the three related topics of retention, reinsurance and risk but rather to provide an elementary approach to these problems with the object of stimulating interest in some aspects of actuarial practice which are largely regarded as lying in the realm of ‘experience judgment’ but which are capable of precise formulation against a background of mathematical statistics.
The Finance Act 1956 and the switching of Pension Schemes
Authors: Macharg J. M. 
Published: August 2016

The word ‘switch’ has come to be used to describe a variety of operations in connexion with pension schemes. A scheme may be ‘switched’ from one life office to another; a scheme may be ‘switched’ from without-profits to with-profits; or the two operations may be combined. This paper attempts to deal, however, with an operation which is the direct result of the Finance Act 1956—the switching of a scheme approved under Section 388(1) of the Income Tax Act 1952 to a scheme approved under Section 379 of the same Act—and it is assumed that the operation takes place within the one life office.The operation in question has its origin in the somewhat detached view of life taken by our legislators and by the administrators whose duty it is to advise them.
Stock Exchange Options.
Authors: Day J. G. 
Published: August 2016

The best known and most common type of option is that where an investor pays money (option money) for the call—that is for the right to buy shares at the current price in 3 months time.This is best explained by an example. Suppose shareAstands at 50s. (market price 49s. 10½d.–50s. 1½d.) and the option rate is 4s.Then the investor pays:Option money 4s.Commission (as for buying a share at 50s. 1½d.)This payment gives him the right to buy the share at the ‘striking price’ on any ‘declaration day’ within the term of the option.
The Application of Computers to Life Assurance.
Authors: Boss T. B. , Allen K. H. , Baker A. C. , Brackfield D. W. , Colbran R. B. , Finch H. J. , Gates C. A. , Masters R. F. , Macleod J. M. , Sharman P. W. , Smith E. M. , Sutton R. L. , Wicken J. W. 
Published: August 2016

This report summarizes the conclusions reached and difficulties encountered by Group E in the discussions held over the past 4 years. It is thus an amplification and extention of the report made to a meeting of the various computer Study Groups held on 27 May 1957.The Group consists mainly of actuaries employed by ordinary life assurance offices (some composite and some purely life). The Chairman is a member of the Mathematics Division of the National Physical Laboratory, Teddington. The Group has been joined from time to time by representatives of computer manufacturers and other visitors.
Open Market Value: Estate and Stamp Duties on Reversions and Life Interests
Authors: Dicken H. , Bradley J. R. 
Published: August 2016

An essential part of the work carried out by the actuarial profession is the valuation of reversionary interests or life interests for the purpose of calculating either estate duty or stamp duty. The number of actuaries who are engaged in this work regularly is very small, but most actuaries are probably asked to undertake such valuations at some time or other. The object of this paper is to discuss some of the principles upon which these valuations are based and to illustrate the application of these principles by means of examples drawn from the authors' own experiences.Under the Finance Act 1894, Estate Duty is payable on the principal value of a property. This is defined in Section 7 (5) of the same Act as follows:‘The principal value of any property shall be estimated to be the price which, in the opinion of the Commissioners, such property would fetch if sold in the open market at the time of the death of the deceased.’
Writing a Report
Authors: Bradley J. R. 
Published: August 2016

The most difficult problem which faces the young actuary is undoubtedly that of explaining to his non-actuarial friends and relatives exactly how he earns his living. This problem is one small part of the more general problem of communication between the actuarial profession and the outside world. A further specific aspect of the problem arises, for example, when a valuation has been completed and its results have to be expressed in the form of a report to be read by a group of non-technical people.The purpose of this paper is to discuss some of the principles which should be followed when writing such a report. There is more than one such possible set of principles and other actuaries may have rather different views on the preparation and presentation of reports. The basic approach which gives rise to the principles is, however, fundamental to report writing and this is the need for communication between the actuary and his client.
With-Profit Pensions
Authors: Parrack N. S. 
Published: August 2016

It is first necessary to consider why with-profit pensions schemes have been introduced. Three reasons emerge. The first is protection for the office; the second is a desire to be equitable to the policyholder, and the third is competition—from other offices and from private funds.These reasons are now amplified.Pension schemes are the longest form of liability undertaken by the office; further, existing benefits can be purchased by level premiums guaranteed to pension age (as in individual contracts) with an underlying rate of interest of the order of 4¼%. It is therefore desirable to have protection against both improvements in mortality and against the office's not earning an average of 4¼% on the premiums and interest which it has to invest each year.
Notes on Formula Graduation of South African 56/58 Ultimate Mortality.
Authors: Lloyd R. C. 
Published: August 2016

1. The S.A. 56/58 Ultimate data (seeJ.I.A.Vol.87, p. 371) was originally graduated by summation formula and arising out of the discussions it was decided to attempt to fit a mathematical formula of the Perks type.2. To start with, data below age 30 were excluded.3. The generalized Perks formulawas chosen—the thought being that if some of the parameters were not needed the process of curve fitting would result in these parameters assuming small values.
Assurances Linked to Unit Trusts.
Authors: Ford A. 
Published: August 2016

1. The object of this paper is to look at the two principal types of unit-linked contracts that are now being offered with reference to the actuarial problems that they raise. In particular the calculation of premium rates, valuation, analysis of surplus and investment problems are discussed.2. In looking at the policies that are currently offered in the unit-linked field there are two broad groupings into which most fall. These are the ‘Decreasing Term Assurance’ group and the ‘Endowment Assurance’ group. There are of course variations within each group. The main difference between the groups is that there is virtually no investment risk to the office in the Decreasing Term Assurance group but there is an investment risk in the Endowment Assurance group.3. Because these two groups of contracts are very different and raise different actuarial problems, it is convenient to sub-divide this Paper and deal with the two groups separately.
VI Non-Cancellable Disability Insurance
Authors: Hamilton-Jones J. 
Published: August 2016

There are two methods of dealing with the actuarial features of sickness insurance—the collective method and the reversionary method.Unfortunately, perhaps the two methods have developed quite independently of each other, for historical reasons.The collective method was used in Great Britain to investigate Friendly Society experience. The pattern for all subsequent investigations was set in the 1820s and brought to its culmination of refinement in Watson's Manchester Unity Experience still in the Institute's examination syllabus, 66 years after publication. No investigation of insured lives has yet been made in Great Britain. In the rest of this note the term ‘Manchester Unity method’ will be used to describe the collective method.
Industrial Branch Life Assurance in Europe
Authors: Wych A. H. 
Published: August 2016

Does Industrial Branch life assurance exist on the mainland of Europe? It is probably true to say that the average insurance man in the U.K. knows more about life assurance in North America, Australasia and South Africa than in France or Germany. This is particularly true when one considers Industrial Branch business. Certainly in my own case knowledge of European I.B. was limited to a vague idea that it did exist in a minor way in one or two countries such as France, Belgium and, possibly, Italy.In fact, Industrial Branch life assurance exists in most Western European countries and the following is an attempt to summarize some of the features encountered during a tour which included visits to nine I.B. offices in France, Belgium, the Netherlands, West Germany, Austria and Italy. It does not pretend to be a technical actuarial treatise nor can it claim to be wholly representative of I.B. in these countries; rather it is a series of impressions.
An Application of Linear Programming to Loan Plans and Bonus Funding
Authors: Ford P. E. B. 
Published: August 2016

The first four sections of this note discuss loan plans and bonus funding generally, and some simple examples are shown. Section V and the appendix describe a more powerful method of solution using linear programming techniques, and the final section draws some practical conclusions.No attempt has been made to describe the basic theories of linear programming. I am indebted for the slight knowledge of the subject I possess to the text-book mentioned in Section V; the object of this note is to demonstrate that linear programming methods can be applied in a somewhat unusual context to solve loan plan and bonus funding problems. Any errors in the technical content of this note are due to my misapplication of the text-book methods rather than to the methods themselves.
Composition of the F.T.-Actuaries Share Indices.
Authors: Short Eric , Brumwell John C. H. 
Published: August 2016

1.1. The FT-Actuaries share indices have now been published for about 11 years and calculated for a rather longer period. They have become accepted as one of the standard measures of equity share price movements. They represent a valuable contribution by actuaries in the field of investment analysis, indeed Heywood (1) states that he considered them to be the best public relations exercise of the Institute. (We assume here that he meant profession).
1.2. Yet, there are a considerable number of actuaries and actuarial students who have no more than a vague knowledge of its working, while most laymen are completely baffled by the mathematics involved. Haycocks and Plymen (2), in an extremely comprehensive and often very elegant paper, described the basic construction of the indices. But because they were actuaries addressing other actuaries they naturally used algebraic formulae. This, in itself, automatically ensures that most laymen in the investment field do not read beyond page 1.
The Bajocian (Jurassic) ammonite fauna of Oaxaca, Mexico
Authors: Sandoval Jose , Westermann Gerd E. G. 
Published: August 2016

The marine Bajocian Taberna Formation of west-central Oaxaca consists mainly of shale, intercalated siltstone, and frequent iron concretions with ammonites. This formation overlies the continental Zorrillo Formation and is overlain by the continental to subcontinental Simon and Otatera formations. The best outcrops are in the area of Mixtepec and Diquiyú-Yutatio.Two new ammonite biozones are distinguished: Duashnoceras floresi Range Zone (≃ upper Humphriesianum-lower Subfurcatum standard zones), and Parastrenoceras zapotecum Assemblage Zone (≃ Subfurcatum Standard Zone). The biogeographic affinities are principally with the Mediterranean Province, and also with both the East-Pacific Andean and North Cordilleran provinces. A high percentage of species is endemic. The Stephanoceratinae, mainly Duashnoceras, are dominant in the D. floresi Zone, which also includes Subcollina lucretia, Strigoceras (Liroxyites), Stephanoceras, Phaulostephanus, Stephanosphinctes, and Oppelia. Parastrenoceras and Leptosphinctes are dominant in the P. zapotecum Zone, whereas Oppelia and Strigoceras are less abundant.Stephanosphinctes n. gen., type species S. buitroni n. sp., is intermediate between the Stephanoceratinae and Leptosphinctinae. The species Phaulostephanus burckhardti is also new.
Trace fossils and depositional sequences in a clastic shelf setting, Upper Cretaceous of Utah
Authors: Frey Robert W. , Howard James D. 
Published: August 2016

In Coal Creek Canyon, Utah, the Spring Canyon Member of the Blackhawk Formation is divisible into four regressive hemicycles of deposition, each representing the downdip part of a nearshore-to-offshore sequence. The first and fourth hemicycles are best developed. Individual bedding units span middle-shoreface to lower-offshore lithofacies, the latter corresponding to a thin intertongue of Mancos Shale.Trace fossil assemblages include ~22 ichnospecies and 17 ichnogenera: Ancorichnus, Aulichnites, Chondrites, Cylindrichnus, Ophiomorpha, Palaeophycus, Phoebichnus, Planolites, Rosselia, Schaubcylindrichnus, Scolicia, Skolithos, Taenidium, Teichichnus, Terebellina, Thalassinoides, and Uchirites. Diversity and abundance of ichnospecies are greater in nearshore than in offshore lithofacies. Distal deposits are typified by obscure bioturbate textures: Cylindrichnus concentricus, Palaeophycus heberti, and Rosselia socialis are prevalent through the remainder of the lithofacies suite. Ophiomorpha irregulaire and Schaubcylindrichnus coronus are most common in middle-shoreface beds and Chondrites ichnosp. in upper-offshore beds; Ophiomorpha nodosa and O. annulata also are common in this part of the sequence.
Popenoeum, a new pseudolivine gastropod genus: widespread and most diversified during the Paleocene
Authors: Squires Richard L. , Zinsmeister William J. , Paredes-Mejia Luis M. 
Published: August 2016

A new genus, Popenoeum, is proposed for a clade of Upper Cretaceous through lower Eocene pseudolivine gastropods found in North and South America, West Greenland, western Europe, and southern India. Popenoeum n. gen. is characterized by tabulate whorls with a prominent subsutural canal, collabral costae that terminate as tubercles on the body whorl shoulder, and closely spaced fine to strong spiral cords.The type species, Popenoeum maritimus n. sp., is from the lower Paleocene (Danian) portion of the San Francisquito Formation, southern California, and from the upper Paleocene (Thanetian) Sepultura Formation, Baja California. Popenoeum maritimus bajaensis n. subsp. is also present in the Sepultura Formation.Other species and subspecies in the clade include Popenoeum sp. (Toulmin) and P. scalina Heilprin from Alabama; P. mutabilis mutabilis (Woods) and P. mutabilis woodsi (Olsson) from northwestern Peru; P. aff. P. maritimus from West Greenland; P. brevis (Doncieux) and P. prima (Defiance) from France; P. chavani (Glibert), P. robusta (Briart and Cornet) and P. briarti (Vincent) from Belgium; and P. subcostata (Stoliczka) from southern India. The earliest species is P. subcostata, and it is the only Cretaceous species. The youngest form is P. mutabilis woodsi, and it is the only Eocene species. The new genus reached its peak during the Paleocene.
Pteropods (Mollusca: Gastropoda) from Tertiary formations of Washington and Oregon
Authors: Squires Richard L. 
Published: August 2016

Praehyalocylis cretacea (Blanckenhorn, 1889), a pteropod previously known only from upper Eocene to middle Miocene strata in Europe and Turkey, is reported for the first time in similar age rocks in the northwestern United States. Of the 238 specimens, most occur as molds and casts in concretions in deep-water deposits from the Keasey Formation in Oregon, and from the Quimper Sandstone, Blakeley Formation, Pysht Formation, and Astoria Formation of Washington. Praehyalocylis has not been reported previously from the Western Hemisphere.Clio berglundi n. sp. and C. goederti n. sp. are reported from upper Oligocene to lower Miocene rocks in Washington. Eleven specimens were found mostly as internal molds in concretions in deep-water deposits of the Lincoln Creek, Pysht, and Astoria Formations of Washington. Cenozoic species of Clio have not been reported previously from the West Coast of the United States.