bluuebunny/crossref_metadata_2025_split huggingface dataset:
Thermal Stability Testing of Refractory Specimen
Authors: Volkov Husović T 
Published: September 2006

Abstract
The most important properties usually measured for refractories are working temperature and thermal stability. Thermal stability of the alumina based samples was measured using standard laboratory procedure, water quench test (JUS.B.D.8.319). The ImagePro Plus program was used for image analysis of deterioration monitoring of the samples before, during, and after water quench test. Mechanical characteristics were considered such as strength, dynamic modulus of elasticity resulting from resonance frequency measurements, as well as ultrasonic velocity. In this work correlation between deterioration, ultrasonic vtelosity, and strength on thermal stability of the samples were investigated. The results were used for validation of the model for the thermal stability behavior prediction of the refractory.
Using Bacteriophages to Prevent Furunculosis Caused by Aeromonas salmonicida in Farmed Brook Trout
Authors: Imbeault Sandra , Parent Serge , Lagacé Michel , Uhland Carl F. , Blais Jean-François 
Published: September 2006

Abstract
Fish aquaculture faces important losses as a result of bacterial resistance to antibiotics. Bacteriophages have proven a useful alternative therapy in other domains, but remain to be tested with fish. The interaction between Aeromonas salmonicida HER 1107, bacteriophage HER 110, and brook trout Salvelinus fontinalis was studied in 70-L aquariums maintained at 9°C. Populations of A. salmonicida (108 colony-forming units per milliliter) declined by six log units (base 10) in 3 d when bacteriophage HER 110 was introduced in a multiplicity of infection factor of 1. Concentrations of bacteriophages and bacteria in the open water of the aquariums were 2–3 log units lower than those in gravel interstitial water. However, the relative drop in bacterial populations with time was the same in both environments. Addition of the bacteriophage HER 110 delayed by 7 d the onset of furunculosis in brook trout. Further addition of A. salmonicida HER 1107 showed that bacteriophages remained in the aquariums. Mutants of the bacterium were isolated and used as targets for bacteriophage HER 110 and nine other phages. The tests revealed that more than one phage could infect A. salmonicida HER 1107 and that mutants resistant to bacteriophage HER 110 were sensitive to one or more phages. Bacteria resistant to bacteriophage HER 110 had a slower generation time than the original strain, and the success rate of replating in tryptic soy agar (TSA) was very low. More than 25% of the mutants seemed to revert to the original-strain phenotype after a first replating in TSA. All mutants were sensitive to three or more phages. Finally, stock cultures of 109 plaque-forming units per milliliter of bacteriophage HER 110 decreased by only one log unit in 80 d when held at 4°C in liquid brain–heart infusion broth culture medium. These results suggest that bacteriophage combinations could be successfully used in preventive programs on fish farms.
Adverse Selection
Authors: Fombaron Nathalie , Jeleva Meglena 
Published: September 2006

Abstract
The standard adverse selection problem arises when individuals know their level of risk but the insurer does not. Since the individuals' informational advantage is directly related to the insurer's cost of providing a contract, adverse selection prevents the mutualization principle from working. Consequently, the insurance market may not exist for some risk types, and if it exists, may not be efficient. Several mechanisms, substituable or complementary, have been proposed in the theoretical literature to circumvent this resource allocation problem: self‐selection mechanism, statistical categorization, and multiperiod contracts.
A
merican
S
ociety of
P
ension Actuaries
Authors: Iliffe Amy E. 
Published: September 2006

Abstract
ASPA is a national organization of retirement plan professionals dedicated solely to the pension field. ASPA's mission is to educate pension actuaries, consultants, administrators, and other benefits professionals, and to preserve and enhance the private pension system as a part of the development of a cohesive and coherent national retirement income policy. Membership categories are available for actuaries, consultants and administrators, associated professionals, and other affiliate members. ASPA offers an education and examination program, informative conferences and workshops around the country, and publishes a newsletter and journal providing news on the latest developments in the pension industry.
Aquaculture Insurance
Authors: Theodorou John A. , Tzovenis Ioannis P. 
Published: September 2006

Abstract
Modern marine aquaculture emerged a few decades ago, triggered by the wild catch decline. Global production more than doubled between 1987 and 1997 and the prospects for future growth especially in Europe are very promising.
During the last thirty years, the sector was a high‐risk activity as production technology was – and still is – developing with many experimental farms and a semiacademic character of most hatcheries. Reasonably, nonmanageable risks could be transferred to third parties by means of insurance, and as insurance coverage was important for the banks to finance the new sector, aquaculture drew the attention of insurance underwriters to focus on the venture's technology, history, and experience, financial strength, presentation, and technical qualities. However, aquaculture insurance treads on thin ice as there are few independent consultants and fewer loss adjusters with appropriate experience; protocols are variable, often propriety rendering it difficult to ascertain the claims, or discern mismanagement. Therefore, definition of risks and appropriate counteractions need to be established.
Asset Management
Authors: Sherris Michael 
Published: September 2006

Abstract
Asset management is integral to the actuarial management of any financial security system, although the earliest practical developments in actuarial science took place mostly in life insurance. In more recent years, there has been an increased integration of modern financial theories into actuarial science and the adoption of actuarial techniques in areas of asset management such as credit risk and operational risk.
This article will give a brief overview of the historical development of asset management in actuarial science, then briefly outline major asset management strategies used, as well as key models that have been developed, and the issues in implementing asset management strategies.
Assets in Pension Funds
Authors: Bowie David 
Published: September 2006

AbstractIn countries with large scale private and public funded pension arrangements, for example, the United States, Canada, Japan, the Netherlands, and the United Kingdom, one of the key decisions is how the contributions into the fund should be invested to best effect. The investment decision typically results in some form of risk sharing between members and sponsor in terms of (1) the level of contributions required to pay for all promised benefits, (2) the volatility of contributions required, and (3) the uncertainty of the level of benefits actually deliverable should the scheme be wound up or have to be wound up. Some of the risks associated with the pension benefits have a clear link with the economy and hence with other instruments traded in the financial markets. Others, such as demographic risks and the uncertainty as to how members or the sponsor will exercise their options, which are often far from being economically optimal, are less related to the assets held in the fund.This article describes broadly what assets are available to the institutional investor, how an investor might go about deciding on an asset allocation, and explore what the possible consequences of an asset allocation might be.
B
ayesian Claims Reserving
Authors: de Alba Enrique 
Published: September 2006

Abstract
Claims reserving methods are usually classified as stochastic or nonstochastic (deterministic) depending on whether or not they allow for random variation. Bayesian methods fall within the first class. Being stochastic, they allow the actuary to carry out statistical inference of reserve estimates as opposed to deterministic models, like the traditional chain‐ladder. As an inference process, the Bayesian approach is an alternative to classical or frequentist statistical inference. From a theoretical point of view, Bayesian methods have an axiomatic foundation and are derived from first principles. From a practical perspective, Bayesian inference is the process of fitting a probability model to a set of data and summarizing the result by a probability distribution on the parameters of the model and on unobserved quantities, such as predictions for new observations.
B
ayesian Statistics
Authors: Jewell William S. 
Published: September 2006

Abstract
Bayes' Law of Inverse Probability provides a natural, probability‐based approach to statistical inference, in which prior information is combined with experimental data to give distributions of outcomes for parameter estimation or prediction of future results.

William S. Jewell sadly passed away in January 2003, shortly after having submitted his manuscript of the present article. The Editors‐in‐Chief and Publisher are grateful to Bent Natvig for going through the manuscript and the proofs, and for carrying out some minor editing.
Black–Scholes Model
Authors: Henderson Vicky 
Published: September 2006

AbstractThe Black–Scholes model was the first, and is the most widely used model for pricing options. The model and associated call and put option formulas have revolutionized finance theory and practice, and the surviving inventors Merton and Scholes received the Nobel Prize in Economics in 1997 for their contributions.Black and Scholes and Merton introduced the key concept of dynamic hedging whereby the option payoff is replicated by a trading strategy in the underlying asset. They derive their formula under log‐normal dynamics for the asset price, allowing an explicit formula for the price of European call and put options.Remarkably their formula (and its variants) have remained the industry standard in equity and currency markets for the last 30 years. Despite the assumptions underpinning the formula being somewhat unrealistic, options prices computed with the formula are reasonably close to those of options traded on exchanges. To some extent, the agreement in prices may simply reflect the fact that the Black–Scholes model is so popular.
Bonus–Malus Systems
Authors: Lemaire Jean 
Published: September 2006

Abstract
Bonus‐malus is the most common form of a posteriori rating in automobile third‐party liability insurance. The policyholder moves around the classes of a Markov chain according to his annual number of claims. Claim‐free years are rewarded by premium discounts or bonuses; at‐fault accidents are penalized by surcharges called maluses. The different principles underlying the design and evaluation of bonus‐malus systems are reviewed.
Capital Allocation for
P
&
C
Insurers: A Survey of Methods
Authors: Venter Gary G. 
Published: September 2006

Abstract
Capital allocation is never an end in itself, but rather an intermediate step in a decision‐making process. Trying to determine which business units are most profitable relative to the risk they bear is a typical example. Pricing for risk is another.

While the general topic is capital allocation, this article looks at methods of answering the questions that capital allocation addresses. The following four basic approaches will be reviewed:

Selecting a risk measure and an allocation method, and using them to allocate all capital.

Comparing the actual versus model pricing by a business unit.

Computing the cost of the marginal capital needed for or released by target strategies.

Evaluating the profitability in comparison to a leveraged mutual fund.
Catastrophe Models and Catastrophe Loads
Authors: Meyers Glenn 
Published: September 2006

Abstract
Natural catastrophes such as earthquakes, hurricanes, tornadoes, and floods have an impact on many insurers, and the accumulation of losses to an insurer can jeopardize the financial well‐being of an otherwise stable, profitable insurer. Hurricane Andrew, in addition to causing more than $16 billion in insured damage, left at least 11 companies insolvent in 1992. The 1994 Northridge earthquake caused more than $12 billion in insured damage in less than 60 seconds.
Fortunately, such events are infrequent. But it is exactly their infrequency that makes the estimation of losses from future catastrophes so difficult. The scarcity of historical loss data makes standard actuarial techniques of loss estimation inappropriate for quantifying catastrophe losses. Furthermore, the usefulness of the loss data that does exist is limited because of the constantly changing landscape of insured properties.
It is these two aspects of catastrophic losses – the possibility that a quick accumulation of losses can jeopardize the financial well‐being of an insurer, and the fact that historical loss information provides little help in estimating future losses – that this article addresses.
Central Limit Theorem
Authors: Heyde C.C. 
Published: September 2006

Abstract

The
Central Limit Theorem
(CLT) is generally regarded as a generic name applied to any theorem giving convergence in distribution, especially to the normal law, of normed sums of an increasing number of random variables. Results of this kind hold under far reaching circumstances, and they have, in particular, given the normal distribution a central place in probability theory and statistics.
Cohort
Authors: Eben Kryštof , Malý Marek 
Published: September 2006

AbstractA cohort is a group of subjects, identified by a common characteristic, which is studied over a period of time with respect to an outcome – event of interest. The defining characteristic is often year of birth. The event of interest may be death or disease onset or generally any event that possesses a well‐defined intensity of occurrence.In actuarial science, purchase of a life or medical insurance policy may play the role of defining characteristic – death or insurance claim is the event of interest in this case. On the other hand, marketing of insurance products may require a study of birth cohorts with respect to purchasing life or medical insurance. Here, obviously the purchase is the event of interest.
Commercial Multi‐Peril Insurance
Authors: Lynch James 
Published: September 2006

Abstract
Commercial multiple peril insurance is the most popular commercial package policy in US property and casualty insurance. It typically combines several property and general liability coverages under a single policy, creating a convenience in coverage for the insured. It often is sold at a discount, mainly reflecting better experience among risks that buy the package. It is rated by applying factors known as package modifications at the end of the rating process. This permits each coverage in the package to be analyzed in combination with results from the monoline coverage.
Comonotonicity
Authors: Vyncke David 
Published: September 2006

Abstract
In insurance, one is often interested in the distribution of a sum of random variables like the aggregate claim amount in a portfolio. While the assumption of mutual independence between the components of the sum is often made for mathematical convenience, reality shows that dependence is the rule rather than the exception. However, the dependence structure among the components is usually unknown. Comonotonicity provides a formal basis for a dependence structure that produces the least favorable aggregate claim when one only knows the marginal distributions of the components.
Conference of Consulting Actuaries
Authors: Noncek Matthew D. 
Published: September 2006

Abstract

The Conference of Consulting Actuaries is a US‐based actuarial organization dedicated to strengthening both the practice of actuarial consulting and the ability of its members to better serve their clients and the public. The organization sponsors two major actuarial meetings to provide continuing education (the CCA Annual Meeting and the Enrolled Actuaries Meeting), and publishes an annual publication (
The Proceedings of the Conference of Consulting Actuaries
) and a newsletter (
The Consulting Actuary
) for the benefit of its members.
C
ramér,
H
arald (1893–1985)
Authors: Martin‐Löf Anders 
Published: September 2006

Abstract
Harald Cramér (1893–1985), besides his work on probability and mathematical statistics, extended Filip Lundberg's collective risk theory to the point that it became a part of the contemporary theory of stochastic processes; he used the so‐called Wiener–Hopf method to systematically treat the ruin problem.
Dependent Risks
Authors: Denuit Michel , Dhaene Jan 
Published: September 2006

Abstract
In risk theory, all the random variables (r.v.s, in short) are traditionally assumed to be independent. It is clear that this assumption is made for mathematical convenience. In some situations however, insured risks tend to act similarly. In life insurance, policies sold to married couples involve dependent r.v.s (namely, the spouses' remaining lifetimes). Another example of dependent r.v.s in an actuarial context is the correlation structure between a loss amount and its settlement costs (the so‐called ALAE's). Catastrophe insurance (i.e. policies covering the consequences of events like earthquakes, hurricanes or tornados, for instance), of course, deals with dependent risks.
Deregulation of Commercial Insurance
Authors: Klein Robert 
Published: September 2006

Abstract
This article utilizes the US experience as a primary point of reference with some discussion of insurance deregulation in other countries. The concept of insurance deregulation contemplates a shifting of regulatory emphasis from prior approval of commercial lines rates and forms to a more competitive regulatory system coupled with more intensive regulatory monitoring of market competition and strategic intervention when required. It is important to stress that this does not involve an abrogation of regulatory oversight, but rather a restructuring of regulatory functions to facilitate more efficient and competitive markets combined with an array of regulatory activities, tools, and authorities to support strategic, proactive regulatory intervention if problems develop.
DFA
—Dynamic Financial Analysis
Authors: Blum Peter , Dacorogna Michel 
Published: September 2006

Abstract
Dynamic Financial Analysis (‘DFA’) is a systematic approach based on large‐scale computer simulations for the integrated financial modeling of non‐life insurance and reinsurance companies aimed at assessing the risks and the benefits associated with strategic decisions.
The most important characteristic of DFA is that it takes an integrated, holistic point of view, contrary to classic financial or actuarial analysis in which different aspects of one company were considered in isolation from each other. Specifically, DFA models the reactions of the company in response to a large number of interrelated risk factors including both underwriting risks – usually from several different lines of business, as well as asset risks. In order to account for the long time horizons that are typical in insurance and reinsurance, DFA allows dynamic projections to be made for several time periods into the future, where one time period is usually one year, sometimes also one quarter. DFA models normally reflect the full financial structure of the modeled company, including the impact of accounting and tax structures. Thus, DFA allows projections to be made for the balance sheet and for the profit‐and‐loss account (’P&L’) of the company. Technically, DFA is a platform using various models and techniques from finance and actuarial science by integrating them into one multivariate dynamic simulation model. Given the complexity and the long time horizons of such a model, it is not anymore possible to make analytical evaluations. Therefore, DFA is based on stochastic simulation (also called Monte Carlo imulation), where large numbers of random scenarios are generated, the reaction of the company on each one of the scenarios is evaluated, and the resulting outcomes are then analyzed statistically.
Employment Practices Liability Insurance
Authors: Barto Morris 
Published: September 2006

Abstract
Employment Practices Liability Insurance (EPLI) is gaining in popularity both within and outside the US. This policy responds to claims by employees against employers for wrongful employment practices. Such claims include allegations of wrongful refusal to hire, wrongful termination, sexual harassment, and discrimination based on age, race, ethnicity, or disability. Such claims also include claims for retaliation against workers for participating in legally protected activity. EPLI does not cover bodily injury or property damage, but responds for employees' economic losses as well as mental anguish. The coverage is almost always written on a claims‐made basis with expenses eroding limits. EPLI business tends to be highly segmented depending on the limits of coverage, the size of the self‐insured retention or deductible, the size and sophistication of the policyholders, and whether the policyholders are public or private entities.
Excess‐Of‐Loss Reinsurance
Authors: Splitt Andrea 
Published: September 2006

Abstract

Excess‐of‐loss covers belong to the category of nonproportional reinsurance treaties. They provide protection against individual loss events, exceeding a certain agreed amount or level, known as the
deductible
. The types of excess‐of‐loss cover are distinguished depending on the event definition applied: per‐risk excess‐of‐loss (per‐risk XL) and per‐event excess‐of‐loss (per‐event XL). Apart from a cover limit, that is, the maximum coverage per loss (event), further limitations of cover have to be defined to limit the overall loss burden from several losses occurring during the treaty period. These are referred to as
reinstatement
or the
annual aggregate limit
(AAL). The following peculiarity of long‐tail business is of particular importance to the design and pricing of nonproportional reinsurance arrangements: the increase in the money amount of the claim during the run‐off, known as
claims inflation
. Index clauses serve to ensure that this increase is not borne by the reinsurer alone, but is divided between the primary insurer and the reinsurer.
Extreme Value Theory
Authors: Albin J.M.P. 
Published: September 2006

Abstract
In insurance one often has to deal with extremal measurements like large claims. Comparable to central limit theory for sums of random variables, extreme value theory provides asymptotic and approximating results for these largest data values. The case of independent claims can be dealt with using three traditional extremal types. These types also appear in the stationary case when the dependence is not too strong.
Finance
Authors: Brockett Patrick 
Published: September 2006

Abstract
Finance and insurance are very similar in nature: they both (now) consider the value of a financial instrument or an insurance policy or a firm to be the discounted present value of the future cash flows they provide to their holder. Research in the fields of finance and insurance have been converging, with products and valuation techniques from one field applying to and being used in the other field. Risk pooling, risk sharing, and risk transfer are the essence of insurance and the topic of study in modern finance, with both fields interested in valuing contingent claims, either claims due to financial or liability obligations, market changes, foreign exchange rate, or due to interest rate changes or payments due, contingent upon the occurrence of a particular type of insured loss (e.g. fire insurance payments, life insurance payments, automobile insurance payments, etc.). Thus, finance and insurance are more and more linked, and products in each area are less and less distinct.