Actuarial Aspects of Individual Life Insurance and Annuity Contracts

This text focuses on the relationships among the various types of values that are associated with individual life and annuity contracts.

For the experienced actuary or someone switching careers into the individual life business, this text provides a comprehensive summary of current actuarial practice in the design, pricing and daily maintenance of individual products.

For the student, it illustrates the dependencies that exist among premiums, cash values, reserves, dividends and other non-guaranteed elements when designing individual products. It also demonstrates how all aspects of actuarial practice are linked together in a product management cycle.

This book has been adopted as a reference for the new Fundamentals of Actuarial Practice Course offered by the Society of Actuaries.

It is a valuable supplemental reference for SOA Course 8-Individual Insurance.

Timothy F. Harris, FSA, MAAA
Tim Harris has over 25 years of actuarial experience, most recently with Milliman & Robertson. He is a past member of the Society of Actuaries’ Product Development Section Council and the Life Committee of the Actuarial Standards Board. Mr. Harris has served the Society of Actuaries and the Academy in many volunteer roles, including a term as chair of an examination committee and the Board of Governors.

Albert E. Easton, FSA, MAAA
Al Easton has recently retired as a Consulting Actuary in the Albany, New York office of Milliman and Robertson and was responsible for managing the life insurance consulting practice in that office. In addition to his actuarial credentials, he is a CLU, ChFC, and FLMI. He has served the Society of Actuaries in a number of volunteer roles, including terms as chair of two different examination committees.