bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Treatment of a Deficiency Disclosed by the Valuation of a Friendly Society
Authors: Brodie Robert Raynal 
Published: July 2016

SynopsisAlthough the average degree of solvency among friendly societies has been steadily rising in recent years, valuations in a considerable number of cases still disclose a deficiency. Some of the large affiliated orders have methods of their own for assisting branches in difficulties, but in the case of many societies no such help is available, and other means have to be found for improving the financial position. The object of the paper is to consider some of the methods by which the degree of solvency may be raised, more particularly with reference to such aspects of the problem as (1) negative values, (2) the relative shares of the extinguished deficiency borne by members of different ages, and (3) the effect of different age distributions.
The Mortality Experience of Scotland in the Years 1930–32
Authors: Kyd James Gray , Brown Peter Gordon 
Published: July 2016

SynopsisThe authors review the Life Tables published in connection with the 1931 Census of Scotland.They discuss the suitability of the enumerated population as a reliable index of the mean population to which deaths in the three calendar years nearest to the census date should be related, and explain the steps which were taken to obtain a more satisfactory representation of the true exposed to risk at periods of life when the census population was obviously unsuitable.The methods used for the graduation of the crude data are explained. Comparisons are made of the mortality of the two sexes and in regard to varying marital status. Further figures are given showing the relation between the mortality shown by the more recent tables and that exhibited by earlier investigations. The mortality in various parts of Scotland is exhibited and the death-rates in the country as a whole are compared with those found in other parts of the United Kingdom.The question of the most suitable function for use in comparing national life tables is considered and the popular misconception of the true meaning of the “expectation of life” is discussed.
Life Assurance – Past and Present
Authors: Laing J. Murray 
Published: July 2016

SynopsisThe author reviews the progress of the past fifty years from various angles, touching upon changes brought about by the development of mechanical aids and improved valuation methods as affecting work in a life office; the growth of the business in force; changes in the character of the risks underwritten; the trend from With to Without profit Tables and the movement in premium rates.Investment problems; rate of interest and income tax; mortality; extra rating and policy conditions are also discussed.The review of the foregoing has reference to ordinary life assurance, but the author concludes his paper with brief references to industrial assurance and national insurance.
Superannuation Funds: a Brief Survey, and Notes on Some Current Problems, with Special Reference to the Funds of Local Authorities
Authors: Porteous D. A. 
Published: July 2016

Nearly twenty-five years have passed since Sir George Epps read his important paper at the Institute of Actuaries on the post-war problems affecting superannuation funds.In the interval there have been many changes, great developments in the establishment of funds and another world war. Our victory in the war is now assured and although, at the time of writing, its concluding date is not known, it seems not inappropriate to invite actuaries to review the position of superannuation funds, and while I am very conscious of the inadequacy of the notes which I am privileged to submit to this meeting, I am confident that the ensuing discussion will not fail to be of profit to the profession.
The Role of Statistics in the Furtherance of Medical Research
Authors: Crew F. A. E. 
Published: July 2016

SynopsisThe wartime development of Army medical statistics has yielded a new vision of how statistics can serve and advance medicine in the interests of society as a whole.The abundant and unique opportunities which the Army has provided have served to emphasise a function of medical statistics which though fully recognised by the actuarial profession has hitherto been largely disregarded by the medical. Statistics should clarify our views about what aspects of health and disease have the most pressing claims on national expenditure for research or preventive policy.Army experience has suggested a new approach to the problems of civilian health statistics. It can provide an answer to the question as to which is the greater need: (a) a more widespread recognition of how statistical techniques can advance medical knowledge; or (b) a vigorous attack on the problem of making more informative and reliable data available for statistical interpretation by creating appropriate administrative machinery.This theme is thereafter developed and suggestions are made as to methods which might be adopted to create the necessary machinery through collaboration between organisations already in existence.
Mortality Options in Life Assurance
Authors: Elderton William P. 
Published: July 2016

SynopsisThe paper gives an attempt at studying the effect of options under convertible Term Assurances by sub-dividing the assumed mortality into sections, some of which will have a light and others a heavy mortality, and seeing what would be the effect if the sections with the heavier mortality convert the assurances to a greater extent than those with a light mortality. (cf. Frank L. Griffin, jnr., in The Record (American Institute of Actuaries), vol. xxxi. pp. 374 et seq.)A similar method is also used to examine the option to surrender a whole life assurance and the option to continue a child's deferred assurance.
Insurance Against Inflation
Authors: Recknell G. H. 
Published: July 2016

SynopsisThe object of the paper is to draw attention, for the first time at an actuarial meeting, to the effects of continuing inflation on the proceeds of life policies and to discuss the possibility of devising some means of amelioration.The course of commodity prices is examined from the beginning of the nineteenth century to the present time, and examples are given of the effects of inflation on policies effected in 1904 and maturing for payment in 1924. Reference is made to the experience of Germany and Austria during the currency debacle of 1922 and 1923.
Pension Funds: Some Practical Points
Authors: Heywood G. , Marples W. F. 
Published: July 2016

SynopsisThe object of the paper is to consider a number of practical points with which the authors have to deal in their day-to-day work in giving advice on Pension Funds.Among the problems discussed are the construction and use of salary scales together with a development of the theory of salary scales which adds greater flexibility to current practice. The mortality of pensioners and the effect of geographical distribution on such mortality is examined and a practical method of dealing with the mortality of ill-health pensioners is given. Reference is also made to the valuation of returns on death after retirement and some practical aspects of Stationary Funds.Throughout the paper emphasis is placed on simplicity, both in theoretical treatment and in the practical application.
Summation and Some Other Methods of Graduation – the Foundations of Theory
Authors: Elphinstone M. D. W. 
Published: July 2016

SynopsisSeveral methods of graduation depend on linear operators–that is, operators of the type …+λ−nE−n+‥+λ0+…+λnEn+… Few attempts have been made to compare these methods, and there is no general theory. There is need for such a theory, for it is easy to show that unless some relation is assumed to hold between neighbouring graduated rates, there is no justification for graduating at all. Any such theory must explain this relation, which cannot be of the simple type that leads to curve fitting.The paper has two objects : to compare and judge these methods, and to devise a general theory applying to them all.The first approach is by the classical method–separate examination of fidelity and smoothness.
An Actuary in Commerce
Authors: Turner N. C. 
Published: July 2016

SynopsisThe Paper reviews the growth of the number of actuaries in Great Britain, with particular reference to the last fifty years, and analyses the development in the scope of their employment, both inside and outside the insurance world. Reference is made to the natural hopes and ambitions of the newly qualified actuary, following completion of his long and arduous period of training, and to the responsibilities of a professional organisation.Consideration is given to the growth of the employment of actuaries in England in industry and commerce, and reasons are suggested for their success in those spheres. Opportunity is taken to bring up to date certain tables first quoted by F. A. A. Menzler in J.I.A Vol. 57 and comment is made on subsequent references in actuarial literature to the problems of expansion in the scope of professional employment.The second (and greater) part of the Paper includes a series of examples in which a detailed explanation is given of problems which have faced the author in the business with which he is connected–food distribution through a multiple shop organisation–and of the methods by which they have been solved. Whilst the solution in some cases depends upon the direct application of actuarial or statistical technique, emphasis is laid on the value of the form of mental process inculcated by actuarial training rather than on the direct use of technique.
Occupation Mortalities
Authors: Dunlop James Craufurd 
Published: July 2016

Mr. President,—It is in response to your invitation that I venture to submit to this Faculty a paper on the Influence of Occupation on Mortality. I have no fresh statistical observations to lay before you, but the task I have set myself is to elaborate the observations set out in the Supplement to the Registrar-General of England and Wales' Sixty-fifth Report, part II., a report which was published early this year. That report may rightly be described as the most important contribution to our knowledge of the subject which has yet been published, and it is thanks to the excellent tabulation of facts in it that I am able to deal further with them.Before asking your attention to the subject proper of my paper, an examination of the results of the recent English study, I desire briefly to describe previous statistical observations on the subject, to indicate to you some of the difficulties and limitations in drawing satisfactory conclusions from these studies, and to explain the methods which have previously been used to overcome these difficulties, and methods which I now use for the first time.
Corporate Executors and Trustees
Authors: Anderson Thomas Frederic 
Published: July 2016

Insurance offices are so largely interested in Trust Estates, and so many Companies are now transacting the business of Executor and Trustee, that I feel no apology is required for these notes, even though the subject may be somewhat outside the range usually covered by papers read before the Faculty.Up to the present this class of business has developed almost entirely in England, although a certain amount has been transacted in Ireland, and a small number of settlements made in Scotland have been passed over to Companies. This must be my excuse for having dealt almost entirely with English Law. There are, however, some notes as to the corresponding practice in Scotland, For these I have to thank my friend Mr. David W. Marwick, W.S., for whose assistance and advice I am most grateful.
Research in Life Assurance
Authors: Orr Lewis P. 
Published: July 2016

The paper which I have the honour of submitting to the Faculty may be briefly described as a plea for Research in Life Assurance, with the object of throwing light on many of the problems which arise in connection with the practical work of our business.As the most satisfactory way of obtaining successful results it advocates the establishment of a Bureau of Research—preferably of a permanent nature.
The Expectation of Life in Scotland in the Year 1911
Authors: Dunlop James Craufurd , Hunter Robert Marshall 
Published: July 2016

The Life Tables which we have prepared and have now the honour of submitting to the Faculty, are based on the Male and Female Populations of Scotland as ascertained by the Census taken on 2nd April 1911, and on the average of the deaths registered in Scotland during the years 1910, 1911, and 1912.In having used the censal population for the purpose of this study, and not a middle year estimate of the population, we lay ourselves open to some criticism, as a middle year estimate is more generally approved of for this purpose.
Report by the Council, 1916
Authors: Low Geo M. 
Published: July 2016

The Council have pleasure in submitting their Annual Report.At the last General Meeting certain changes were made in the Rules and Regulations regarding Examinations, but in November the circumstances occasioned by the War were such that the Council decided to abandon the Examinations which would in ordinary course have been held in April 1916. On this account it may be necessary before resuming the Examinations to make certain alterations in the dates mentioned in Bye-Law No. 5.
Some Aspects of Withdrawals in Ordinary Life Business
Authors: Patrick F. D. , Scobbie A. 
Published: July 2016

SynopsisThe increasing competition from other forms of savings media which emphasise a favourable return on termination makes it desirable to reconsider the existing attitudes of the Life Offices to withdrawals. The aim of the paper is to discuss the current level of withdrawal rates and associated benefits for ordinary life assurance contracts.In Section I a method of determining crude withdrawal rates is demonstrated and in Section II some of the factors which influence these rates are discussed.The effect on immunization theory of the introduction of the concept of “contractual” withdrawal benefits is considered in Section III and in Section IV the current levels of withdrawal benefits and the margin for contingencies and profits are examined.
Actuarial Programming Methods
Authors: Robertson E. S. , Wilkie A. D. 
Published: July 2016

SynopsisLittle has been written about the ways in which computers can be used to deal with specifically actuarial problems, as opposed to data processing ones. The development of “higher-level” computer languages has enabled algorithms to be written in the form of programs which are reasonably intelligible, and with the use of one such language, Algol, the paper sets out to show how a variety of actuarial problems can be tackled.Section 2 describes Algol in sufficient detail for the programs shown in the paper to be understood. Numerical Analysis is discussed in Section 3, which gives algorithms for some problems in Finite Differences, and Section 4 suggests the kind of program subroutines that may be required for statistical work. Part of the present Faculty Part II syllabus is dealt with in Sections 5 and 6 while Section 7 discusses the use that could be made of modern mathematical techniques, with the aid of the computer, in the problem of curve-fitting. Section 8 deals with the question of up-to-date actuarial notation and in Section 9 reference is made to two special column-processing computer languages, specially written for actuarial work, which are in use at the present time.
Allocation of Surplus in a Mutual Life Office
Authors: Calder A. N. , Shedden A. D. 
Published: July 2016

SynopsisThis paper sets out to demonstrate a set of principles for the allocation of surplus in a mutual life office.Surplus is defined as a capital item and the principles governing its measurement and allocation are developed without regard to the method by which surplus may be distributed in the form of cash or additional guaranteed benefits. Particular attention is paid to the special problems arising where there is substantial investment in equities or where a substantial portion of surplus comes from the profits of without profits business.
Mortality Models and Their Uses in Demography
Authors: Brass W. 
Published: July 2016

SynopsisThe search for functions which describe how mortality varies with age is an old one. Over the past two decades demographers have developed model life tables based on the structure of relations among mortalities in different populations rather than explicit expressions of age. The earlier work was analytic and empirical using techniques of statistical regression but more recently functional models have been constructed. These developments are described with particular concentration on the logit relation families of curves.Some uses of the model life tables in demography are examined such as mortality projections, the dynamics of age structure and estimation from the limited data of developing countries. The implications of the logit system for certain of the “classic” speculations are considered—the span of life, whether a generation carries its own mortality with it and the accumulation of the unhealthy at older ages with saving of life at the younger.
Recent Mortality Trends: Some International Comparisons
Authors: Giles P. , Wilkie A. D. 
Published: July 2016

SynopsisThis paper continues the work presented by Gwilt to the Centenary gathering of the Faculty in 1956 and extended by Anderson & Whitehead at the Sixteenth International Congress of Actuaries in 1960. For twenty-two countries death rates for each sex are given for quinquennial age groups between 15 and 84. Five periods centred on equidistant points in the interval 1950 to 1970 have been employed to permit ratios to be tabulated showing the improvement or worsening in mortality in each age group for any part of this period of twenty years. At some ages mortality has clearly worsened over the period, especially for males between 60 and 75.A graphical method of examining the trend of mortality at each age over the last 150 years is illustrated; this is based on a model system of calendar year life tables.A comparison with some assured lives mortality shows a greater improvement among assured lives than for the male population as a whole. Comparison of each country with the average for all countries and comparisons of mortality sex ratios bring out some points of interest which confirm the general trend.An analysis by age, sex and cause of death covers all twenty-two countries in or around 1965, and four of them in 1955 in order to continue the figures given by Gwilt for 1936 and 1950. This analysis picks out the major reasons for the changes in over-all mortality and highlights the differences between sexes by giving ratios for each sub-group. The increases in certain countries in mortality from lung cancer, heart disease and motor vehicle accidents are noted.The paper finishes by considering the effect of worsening mortality rates on endowment assurance premium rates.
Scottish Bankers' Mortality and Marriage Experience, 1903–1923
Authors: Fraser Alexander 
Published: July 2016

Synopsis of PaperInvestigation into experience from 1903 to 1923 of five Scottish Banks' Widows' Funds; Bachelors, Married Men + Widowers, Wives and Widows, dealt with separately for mortality (total exposed to risk 99,354, 1305 deaths); Bachelors and Widowers separately for marriage experience (757 marriages).Description pf methods of obtaining Exposed to Risk, etc., with special reference to exclusion of War period for younger male lives.Males:—Low mortality at younger ages ; same improvement not maintained at older ages ; Bachelor mortality much higher than for Married Men at all ages. Females :—Exceptionally light mortality at younger ages ; improvement continued to some extent to oldest ages. Comparisons made with Hewat's 1893 experience.Marriage:—Rates for Bachelors less than Hewat's at early ages, higher at principal marrying ages, and then again lower. Rates for Widowers much higher than for Bachelors. Difference between ages of husband and wife at marriage of Bachelors three years less than by Hewat.Comparisons of Monetary Values—Whole Life Annuities and Annuities to Widows by first and second Marriages of Bachelors, etc.—with values by Hewat and Huie.Valuation of Fund by new tables compared with valuation by Hewat and Huie ; reserves very similar for old-established Fund ; liabilities for young Bachelor entrants lighter.Collective method, based on deaths in period. Liability in Valuation substantially lower than by Reversionary Annuity method; examination of difference, traced mainly to effects of War on marriage status. Discussion of the two methods, with references to Schjoll's alternative Collective method, based on living at end of period.Tables at 3, 3½, and 4 per cent.; all tables given by Hewat and Huie relating to payments on marriage and to widows' annuities. Collective Method ; tables at 3½ per cent.
The Mortality Aspect of Population Projections
Authors: Tutt L. W. G. 
Published: July 2016

SynopsisThe paper takes as its basis the mortality aspect of population projections with particular reference to this aspect of the report by the Royal Commission on Population (Cmd. 7695), and the Reports and Selected Papers of the Statistics Committee published as Volume II of the Papers of the Royal Commission.The alternative assumptions regarding future mortality adopted by the Statistics Committee for use in their published population projections and the effects of the assumptions on those projections are discussed. The paper considers also the generation approach, the ultimate irreducible level of mortality approach, and remarks are made on the analysis of mortality according to cause of death. Further, general consideration is given to a number of factors the precise extent of the influence of which on future mortality is unknown, to demonstrate the insufficiency of a single forecast of mortality when dealing with the problem of population projections.The conclusion is arrived at that neither of the mortality assumptions adopted by the Statistics Committee was at the time an extreme assumption, but that from considerations of the mortality aspect alone this Committee extended their projections too far into the future. The opinion is reached also that a method which makes some allowance for a generational influence would have been a suitable alternative to the declining mortality method adopted, for obtaining a not extremely light estimate of future mortality. The ultimate irreducible level of mortality approach is concluded to be impracticable at the present time, although the view is formed that the results of analyses of deaths according to cause of death should be of value when considering future population mortality.
Some Actuarial Aspects of a Benevolent Fund
Authors: Baker A. C. 
Published: July 2016

SynopsisThe author refers to two types of insurance cover which may be obtained to meet the heavy expenses incurred in serious illness—firstly, the income maintenance cover provided by friendly societies and by the permanent sickness and accident policies of insurance companies, and secondly, the indemnity provided against certain specific expenses of illness which is provided by a number of private non-profit-making associations. A description is given of the benefits generally provided by these latter associations, and a number of restrictions which may govern the payment of benefits are enumerated.The author proceeds to give details of the Benevolent Fund of a large company which provides sickness benefits similar to those provided by the private associations but subject to none of their limitations.The sickness experience of the Fund is investigated for each of the last three quinquenniums covering the period 1934–48 and also for the period 1949–51, and mention is made of problems arising in the collection and setting out of the data.