bluuebunny/crossref_metadata_2025_split huggingface dataset:
Longevity Risk and Life Annuities
Authors: Milevsky Moshe A. 
Published: September 2008

AbstractLongevity risk is faced by individuals, corporations, as well as society and their governments. This brief article reviews the various dimensions and aspects of longevity risk as they relate to the market for life annuities and mortality‐contingent claims. The main argument used is that regardless of one's perspective on longevity risk, this field will continue to provide fertile ground for advanced research for many, albeit uncertain, years to come.
Nonlife Loss Reserving
Authors: De Alba Enrique , Hernández Diego 
Published: September 2008

Abstract
This article presents a brief description of nonlife claims reserving methods. Nonlife claims reserves are financial resources, set aside from all other insurance operations, as a provision for claims not completely settled at a specific time. Since these provisions constitute the largest liabilities carried by nonlife insurers, their determination affects many aspects of the business, such as ratemaking and the assessment of the insurer's net worth. From the actuarial point of view, reserving is a problem of estimation, or more precisely, forecasting. As a consequence, reserving methods range from very simple deterministic techniques to some very sophisticated ones, based on stochastic models for claim settlement. We present, in a structured way, the main approaches in the field, and provide the interested reader with references for further study.
Ordering of Insurance Risk
Authors: Rüschendorf Ludger 
Published: September 2008

Abstract
Ordering of risks is a basic tool for analyzing risks and their premiums. It is an extension of the classical mean‐variance approach of Markovitz. We introduce some of the basic orderings as stochastic order and stop loss order and present some applications for the comparison of individual and collective risk models, to the diversification of risks and to reinsurance contracts. In particular, we demonstrate the dramatic influence of positive dependence in a risk portfolio on the total risk. Obtaining sharp bounds on the influence of positive dependence in a portfolio on the total risk is an actual active research area.
Reinsurance
Authors: Simões Onofre , De Lourdes Centeno Maria 
Published: September 2008

Abstract
We start by giving an overview of the importance of reinsurance for the management of direct insurers and introduce most of the reinsurance concepts, namely, by presenting the different forms that reinsurance contracts can assume and how they affect the retained business of the insurers. We also explain how reinsurance can be placed and finish with some considerations about designing reinsurance programmes.
Risk Classification in Nonlife Insurance
Authors: Antonio Katrien , Beirlant Jan 
Published: September 2008

AbstractWithin the actuarial profession, a major challenge can be found in the construction of a fair tariff structure. We discuss botha priorianda posteriorirating systems in light of the statistical techniques that are involved. The article introduces basic concepts, illustrates them with real‐life actuarial data and summarizes references to complementary literature. Examples of likelihood‐based as well as Bayesian estimation are included.
Stochastic Control for Insurance Companies
Authors: Schmidli Hanspeter 
Published: September 2008

Abstract
We consider some (simple) optimization problems in insurance. In particular, we want to minimize the ruin probability by dynamic decisions, maximize the value of future dividends, and keep the contribution rate and the size of a pension fund close to some predefined values. The method is stochastic control theory. We illustrate how a Hamilton–Jacobi–Bellman equation can be obtained. We also show how to solve the equation and how the optimal strategies can be obtained.
From Basel
II
to Solvency
II
—Risk Management in the Insurance Sector
Authors: Rudolf Markus , Frenkel Michael 
Published: September 2008

Abstract
Basel II has not only changed the risk‐management standards in the banking system dramatically, it has also affected the competitive positions of different banking systems. This is due to the fact, that Basel II has shifted banking closer toward capital markets and away from banking institutions. Consequently, we did observe an increased significance of the Anglo‐Saxon banking sector and less significance of the banking systems in Japan and Germany. In the insurance sector, a regulatory framework called Solvency II was launched in 2002. Solvency II is comparable to Basel II with regard to many aspects. The view which is advocated here is therefore, that developments similar to those which have been observed in the banking system might apply to the global insurance industry in the next decade.
Professional Organizations in Risk Management
Authors: Apostolik Richard 
Published: September 2008

Abstract
The role of professional organizations in risk management is not a new concept. Many have been around for 50 or more years meeting the specialized needs of their members. What is new is the increasingly important role these organizations are now playing in assisting in the ongoing personal education of financial professionals and the development of the global regulatory environment within the financial services industry. This article explores the rationale behind the proliferation of professional organizations in the field of financial risk management, their historical role, what financial risk‐management professionals expect from these organizations, what the organizations can be reasonably expected to deliver, and the future role of professional risk‐management organizations of which the rapidly growing global discipline of financial risk management is a part.
Two basic issues need to be addressed before dealing with the expectations for and the delivery of products and services from a professional risk‐management association. These issues present somewhat of a “chicken‐and‐egg” problem. The first involves defining financial risk management, and the second relates to simply being able to define the organization's role in attempting to realistically meet the expectations of an increasingly broad number of varied constituencies in which probably the most dynamic discipline is the financial services industry.
Integration of Risk Types
Authors: Overbeck Ludger 
Published: September 2008

Abstract

To obtain an accurate estimation of the total risk, it is necessary that the different risk categories are integrated in a consistent way. Usually, the three most important risks are market (
see
Risk Measures and Economic Capital for (Re)insurers; Default Correlation; Statistical Arbitrage), credit (
see
Options and Guarantees in Life Insurance; Mathematical Models of Credit Risk), and operational risk (
see
Solvency; Simulation in Risk Management; Extreme Value Theory in Finance; Recurrent Event Data). Since all risk measures are functions of a random variable describing the potential loss, or more accurately the potential change in value of positions and transactions the financial institution holds, the integration should take place at the level of random variables. We assume that the same fixed horizon, usually 1 year, is used in the risk measurement process for all risk types. On the basis of the conceptual similarity in the model approach for risk types, they can be integrated at the level of their risk factors. At this level, integration means that the joint distribution of all risk factors should be specified. The integrated risk can then be calculated either on single transaction level, which is very challenging, or on the loss distribution in each risk type. The latter calculation can easily be achieved if the loss distribution in each risk type is a function of the underlying factors. If the financial institutions cannot identify the risk factors or their multivariate distribution, an even more robust method for integration that is based on the copula (
see
Copulas and Other Measures of Dependency) approach is applied to the loss distribution for each risk type.
Risk‐Neutral Pricing: Importance and Relevance
Authors: Basak Gopal K. , Mukherjee Diganta 
Published: September 2008

AbstractThis paper discusses the concept ofrisk neutralityin a general setting. Starting from the discrete‐time binomial model, it outlines the transition to a continuous‐time stochastic differential equation that epitomizes the continuous‐time asset pricing theories. Underno‐arbitrage principleand using Itô's lemma it gives a risk‐neutral derivation of the famous Black–Scholes–Merton equation. It then introduces theequivalent martingale measurethat results fromrisk neutralityand finally, briefly discusses thestochastic volatilitymodels.
Credit Migration Matrices
Authors: Schuermann Til 
Published: September 2008

Abstract

This article provides a brief overview of credit migration or transition matrices, which characterize past changes in credit quality of obligors (typically firms). They are cardinal inputs to many risk management applications, including portfolio risk assessment, the pricing of bonds and credit derivatives, and the assessment of regulatory capital as is the case for the New Basel Accord. I address questions of how to estimate these matrices, how to make inference and compare them, and provide two examples of their use: the pricing of a derivative called a
yield spread option
, and the calculation of the value distribution for a portfolio of credit assets. The latter is especially useful for risk management of credit portfolios.
What are Hazardous Materials?
Authors: Khalili Nasrin R. 
Published: September 2008

Abstract

A hazardous material is any biological, chemical, or physical element or compound with a potential to cause harm either by itself or through interaction with other factors. The threat to human health and the environment is due to the toxic, corrosive, ignitable, explosive, or chemically reactive nature of the material categorized as hazardous. Hazardous materials can be characterized as a carcinogen, developmental hazard, acute toxicant, chronic toxicant, and/or radioactive depending on the regulatory body involved. Depending on the dose and the route and duration of exposure, a hazardous material is capable of inducing reactions in tissues causing cell damage, sickness, or death. The quantitative likelihood that an exposure will produce damage is called a
risk
, that is, a conditional probability of experiencing harm, its likelihoods, and severity of the harm. Risk assessments can estimate the probability and magnitude of a specific hazard for specific conditions for both humans and the organisms (fish, birds, and other living things) in the environment.
Environmental Risks
Authors: Samet Jonathan M. , White Ronald H. 
Published: September 2008

Abstract

The term
environment
can be defined based on spatial factors that range from the individual to the global levels, as well as temporal and activity factors. Risks to human health from environmental agents can result in an increased risk of disease or injury
via
various biological or physiological processes or of premature death. Environmental pollutants are typically categorized according to media‐specific pathways that are biologically relevant, and for regulatory purposes (e.g., air, water, and foods). Pollutants are regulated through limits on acceptable levels in these media, or through limits on the emissions from sources of these pollutants
via
these media into the environment. Humans are exposed to environmental contaminants from diverse sources through various pathways including air, water, food, and soil contact. The contaminants can be transferred from the exterior to the interior of the exposed person or organism through several possible routes of exposure: inhalation (
via
air); ingestion (
via
water or food consumption); or dermal absorption (
via
water or soil contact). Health risks from environmental pollutants can be characterized at the individual and population levels. For individuals, either absolute or relative risk indicators may be applied. For populations, estimates of the proportion of the total burden of disease attributable to the environmental agent can be developed.
Occupational Risks
Authors: Gaffney Shannon H. , Roberts Jennifer D. 
Published: September 2008

Abstract
Occupational risk deals with the probability of injury or illness occurring as a result of hazards within the workplace. Occupational hazards can be generally categorized into six types: safety, chemical, biological, physical, ergonomic, and psychosocial. Although many of these hazards have been recognized for centuries, the modern U.S. state and federal legislation regarding workplace safety and health was initiated owing to harsh occupational conditions or catastrophes. Today, occupational hazards are anticipated, recognized, evaluated, and controlled by trained professionals using engineering controls, administrative controls, and personal protection. Occupational exposure limits are designed to minimize the risk of adverse health effects that may be caused by occupational exposure. To continue to adequately protect workers as a country continues to grow and develop economically, it is important to acknowledge the ever‐changing work environment so that occupational risks can be minimized and prevented.
Lead
Authors: Latshaw Megan Weil , Schwartz Brian S. 
Published: September 2008

Abstract
Perhaps more than any other chemical, the toxicity of lead has been extensively studied. As a result, there are several unique features that provide considerable advantages to a lead risk assessment. First, there are well‐validated biomarkers of lead exposure. Both blood lead levels and bone lead levels are markers of internal dose; the former represents recent dose, while the latter, if measured in tibia bone, represents cumulative dose. This is important since doses acquired over differing time periods can have different adverse effects. Second, a great deal of evidence has been collected on the relationship between external lead levels and internal dose in humans, so much of the uncertainty normally present in a risk assessment is less of a concern for lead. Additionally, there is less need to extrapolate data since lead has been studied at very low doses in humans. Finally, there are several surveillance programs in the United States that eliminate the need to estimate the size of the population at risk for lead poisoning. Despite the large amount of evidence, risk management of lead is a controversial topic. The standards for occupational exposure to lead have not changed in almost three decades, despite new technologies and new evidence that adverse effects occur at levels below those currently deemed acceptable.
Methylmercury
Authors: Bellinger David C. 
Published: September 2008

Abstract
Methylmercury (MeHg) is a heavy metal that is dispersed into the environment as the result of both natural and anthropogenic processes. The primary pathway of human exposure is the consumption of seafood from contaminated waters. Because of biomagnification and bioaccumulation as MeHg ascends the aquatic food chain, MeHg levels are highest in the muscles of long‐lived predatory fish. MeHg is actively transported to the brain and across the placenta. The devastating effects of high‐dose MeHg exposures were revealed by poisoning episodes in Japan and Iraq. These episodes resulted in the recognition that fetal exposure is particularly deleterious. They also provided motivation for the conduct of many epidemiological studies seeking to determine whether adverse effects result from chronic low‐dose MeHg exposure as the result of frequent consumption of seafood. For risk assessment purposes, the most important of these studies, some of which are ongoing, were conducted in New Zealand, the Faroe Islands, and the Seychelles Islands. The findings have been mixed, and different governmental agencies have made different choices in selecting the data on which to base MeHg risk assessments. The benchmark dose modeling approach used by the US Environmental Protection Agency to establish a MeHg reference dose (RfD) is described. The sensitivity of the RfD to the underlying assumptions is illustrated. All MeHg risk assessments are complicated by the fact that the consumption of seafood also provides beneficial nutrients whose health effects can be antagonistic to those of MeHg.
Asbestos
Authors: Pierce Jennifer S. , Paustenbach Dennis J. 
Published: September 2008

AbstractAsbestos has been of interest to occupational health professionals for hundreds of years, and it has been a chemical that has undergone intense study for much of the past century. Owing to its resistance to combustion, it has been frequently used in high temperature applications. Inhalation of asbestos is the route of exposure which can result in an increased risk of several diseases if dose and duration are sufficient. Research has shown that there is a significant difference in potency between chrysotile and the amphiboles for increasing the risk of lung cancer and mesothelioma. This chapter reviews the chemistry of asbestos fibers, the evolution in our understanding of the toxicology and epidemiology, of asbestos some occupations that have been at historical risk, and yet unresolved aspects in the risk assessment of the various fiber types.
Radon Risk
Authors: Samet Jonathan M. 
Published: September 2008

AbstractRadon is an inert gas, produced naturally from decay of radium in the decay series of uranium. It is the greatest source of population radiation exposure in the United States and it was the first environmental respiratory carcinogen identified. Many epidemiologic studies of underground miners of uranium and other ores have established exposure to radon daughters as a cause of lung cancer. Beginning in the 1970s, radon was found to be ubiquitous in the air of homes, at high levels in some, and concern quickly arose as to the associated lung cancer risk to the general population. Biological understanding supports a linear dose–response relationship without threshold at typical indoor exposures. The burden of lung cancer associated with indoor radon has been estimated by using the distribution of indoor radon concentrations from surveys and the exposure–response relationship estimated from the miner studies. Estimates show that approximately 15 000–20 000 lung cancer deaths per year in the United States are caused by radon. A substantial proportion of these premature deaths could be avoided through the use of testing programs that identify homes with unacceptably high concentrations.
Benzene
Authors: Beatty Patrick 
Published: September 2008

Abstract

Physical/Chemical Properties

Evolution of the Understanding of Benzene Toxicity

Animal Data

Metabolism

Regulatory History

OSHA

USEPA

IARC

ACGIH

in the 1990s

Europe and Other Nations

Unresolved Issues

Cell Type

Dose–Response and Threshold

Biomonitoring—Breath Benzene, Phenol, S‐Phenylmercapturic Acid (
SPMA
)

Summary

Related Articles
Radioactive Chemicals/Radioactive Compounds
Authors: Widner Thomas E. 
Published: September 2008

Abstract

Some atoms have unstable nuclei that spontaneously transform to more stable forms, often with the emission of particles and energy that are called
radiation
. Over 60 radionuclides are found in nature, and hundreds more can be made by man in devices such as reactors or accelerators. Terrestrial radionuclides are found in the earth's crust, and have been there since the earth was created. Cosmogenic radionuclides are generated when cosmic rays from space interact with the earth's atmosphere and crust. Anthropogenic radioactivity comes from human activities such as nuclear weapon tests and use, reactor operation and accidents, and use of particle accelerators. Health effects from exposure to radiation fall into two categories. Deterministic effects occur only when a minimum dose or threshold is exceeded, and get more severe as the dose increases further. Examples include reddening of the skin (erythema) and formation of cataracts. With stochastic effects (such as cancer and genetic effects), the
probability
rather than the severity of the effect increases with dose. The degree of health risk from a radioactive compound varies with factors that include the concentration and strength of the radionuclide in the material, the types of radiation that are emitted, the route by which exposure occurs, how the material behaves in the human body, and the chemical toxicity of the material. Much research has been conducted in humans and animals to describe how radioactive materials are retained and transported in the human body and to describe the kinetics of transport, retention, and excretion. Detailed mathematical models have been developed to support prediction and/or reconstruction of concentrations of radionuclides in the different body tissues over time so that doses to specific organs can be estimated and health risks evaluated.
Burn‐in Testing: Its Quantification and Applications
Authors: Kececioglu Dimitri B. , Chen Xiaofang 
Published: September 2008

Abstract
Early life failures are usually attributed to problems in the manufacturing, packaging, and assembling phases. After making improvements to the greatest possible extent in these phases, the only way to improve the product's reliability is to eliminate defective units before they reach customers. A common approach used to weed out defective and weak parts before shipping the products to customers is burn‐in testing. Burn‐in testing has become a frequently used procedure in many industries, especially the semiconductor industry. In this article, an overview of burn‐in testing is presented and its applications are explained. Burn‐in methods are related to a variety of failure mechanisms and the conditions under which the tests are run are specified. Finally, the burn‐in time is determined through a reliability bathtub curve model to be the time after which the failure rate remains constant.
Accelerated Life Testing
Authors: Donahoe Daniel , Zhao Ke , Murray Steven , Ray Rose M. 
Published: September 2008

Abstract
Accelerated testing is a set of methods that attempts to replicate and predict the quantitative effect on product life of what are assumed to be the most important degradation mechanisms determining product life in actual service. In all accelerated testing approaches, one or more physical degradation methods are applied to promote failure. The history and limitations of accelerated testing and mathematical tools for modeling product lifetime as a function of acceleration mechanisms are discussed.
Multistate Systems
Authors: Levitin Gregory 
Published: September 2008

Abstract
This article presents a general model of multistate system that can function at different levels of performances. The measures of risk associated with undesirable system behavior are defined on the basis of an acceptability function that represents the required relation between the system performance and a demand. A reliability block diagram method based on a universal generating function technique is presented as an efficient tool for evaluating the risk measures for complex multistate series–parallel systems. The risk associated with combination of internal failures and external attack is considered and a defense strategy methodology is discussed.