De La Salle University - Manila

Pathfinder - Actuarial Science

Scope Note :

Also known as Life Insurance, is the "assumption by an insuring organization of the risk of death of a policy holder. Mortality is subject to the laws of probability, however, and life-insurance premiums can be calculated from mortality tables, which indicate the average number of people in each age and gender group that will die each year. A person trained to make such calculations, known as an actuary, determines the amount of premiums to be collected yearly from each group in order for the principal (the premiums) and its earned interest to equal the benefits to be paid to the policyholder's beneficiaries." (Source: Microsoft Encarta 98 Encyclopedia, CD-ROM, Information- Reference Section, 2nd floor).

Life insurance, sometimes referred to as "life assurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving." [Quoted from : www.swissre.com/INTERNET/pwswpspr.nsf].

Use For :

• Insurance, Life

Broader Terms :

• Insurance

Narrower Terms

• Bank-owned life insurance
• Business life insurance
• Corporate owned life insurance
• Disability insurance
• Industrial life insurance
• Life annuities
• Life insurance trusts
• Mortgage life insurance
• Multiple life insurance
• Single premium life insurance
• Term insurance
• Universal life
• Variable life insurance
• Whole life

Related Terms :

• Accelerated death benefits
• Cash surrender value
• Life expectancy
• Living benefits
• Modified endownment contracts
• Property and casualty insurance

BOOKS

References sources located at the Information-Reference Section, 2nd floor:

• ASEAN insurance directory. HG 8021 A84 1995
• Encyclopedia of actuarial science. Jozef L. Teugels. HG8781 .E56 2004
• History of actuarial science. Steven Haberman. HG 8781 H57 1995
• Insurance law. Margaret C. Jasper. KF 1164.6 J37 1998
• New dictionary of insurance : terms and pharases. Cesario P. Tiopianco. HG 8025 T56 1986
• The practical guide to HIPAA privacy and security compliance . Kevin Beaver. KF3827.R4 B4 2004
• Sourcebook on international insurance and employee benefit management . Carole S. Hart. HD 21 H37
• Twelve contributions to a tradition in statistical and actuarial science : festschrift to Everling Sverdrup . Ragnar Norberg. HG 8781 T84 1989

Texts located at the Circulation Section, 3rd floor:

• 1981 financial officers' forum : proceedings. HG 8771 N5 1981
• 1984 financial officers' forum : selected proceedings. HG 8771 N5 1984
• Actuarial mathematics. Newton L. Bowers, Jr. HG 8781 A27 1986
• Actuarial models for disability insurance . S. Haberman. HD 7105.2 H3 1999
• Actuarial science . Ian B. MacNeill. HG 8782 A27 1987
• Business insurance . Edwin H. White. HG 8937 W5 1980
• Cases in life insurance . Kenneth Black. HG 8951 B5 1965
• Financing growth : a financial history of American life insurance through 1900 . B. Michael Pritchett. HG 8951 P75 1985
• Fundamental mathematics of life insurance . Floyd S. Harper. HG 8781 H37 1970
• Graduation : the revision of estimates. Dick London. HG 8782 L65 1985
• Human behavior and life insurance. G. Hugh Russell. HG 8771 R8
• An introduction to mathematical risk theory. Gerber, Hans U. HG 8054.5 G47 1979
• An introduction to life underwriting : an organized study program of the basic principles of life insurance salesmanship. HG 8771 R4
• The investment process, as characterized by leading life insurance companies. James E. Walter. HG 8850 W3
• Life agents handbook : effective September 1, 1951. HG 8881 S8 1951
• Life insurance. Kenneth Black, Jr. HG8771.B5 1994
• Life insurance : theory and practice. Robert I. Mehr. HG 8771 M4 1987
• Life insurance companies as financial institutions : a monograph . prepared for the Commission on Money and Credit by Life Insurance Association of American. HG 8850 L5
• Life insurance in Australia : an historical and descriptive account . A. C. Gray. HG 8734 G7 1977
• Managing for solvency and profitability in life and health insurance companies . Susan Canant. HG 8844 M36 1996
• Matematicas para actuarios. Harry Freeman traduccion de la ultima edicion inglesa por Enrique Cansado y Luis Bravo Gala. HG 8781 F713
• Modern actuarial theory and practice . P. Booth. HG8781 .M6 1999
• The new life insurance investment advisor : achieving financial security for you & your family through today's insurance products . Ben G. Baldwin. HG 8951 B34 1994
• Participating annuities : a method of protecting life office annuitants against the effect of inflation. Brunet, Eric. HG 8791 B7 1986
• Practical risk theory for actuaries. Daykin, Chris D. HG 8781 D38 1994
• Principles of life and health insurance . Gene A. Morton edited by Dani L. Long. HG 8771 M67 1984a
• Risk theory. Beard, Robert Eric. HG 8781 B4
• Society of Actuaries' textbook on life contingencies. Chester Wallace Jordan, Jr. HG 8781 J6 1967
• The tontine : from the reign of Louis XIV to the French revolutionary era. Robert M. Jenning, Andrew P. Trout. HG 8817 J4 1982

PERIODICALS

PRINT

(Periodicals Section, 2nd floor)

• Asia Insurance Review
• Insurance, mathematics & economics

ELECTRONIC

EBSCO
http://search.ebscohost.com/

• Business Insurance

• Largest policyholder-owned alternative risk facilities. Business Insurance 41 (53) : December 2007. p. 29+

• Insurance & Technology

• Building Relationships. N. C.. Insurance & Technology 33 (7) : July 2008. p. 35+
• Coping, Complying & Competing. O'Donnell, Anthony. Insurance & Technology 32 (12) : December 2007. p18+
• Investing in the Future. Insurance & Technology 33 (7) : July 2008. p. 39+
• Mining Your Own Business. Conz, Nathan. Insurance & Technology 32 (10) : October 2007. p24+
• UNDER ONE ROOF. Conz, Nathan. Insurance & Technology 33 (7) : July 2008. p. 29+

• Insurance Advocate

• The CRISP Approach: Using a factory model to consolidate insurance administration can reduce costs and risks. Nemeth, Michael E.. Insurance & Technology. 32 (6) : June 2007. p.1+
• Monitoring Life Insurance Exams. Dennin, Erin. Insurance Advocate 119 (12): June 2008. p. 7+
• Reinsurance Credit to Mortgage Guarantors. Dennin, Erin. Insurance Advocate 119 (12) : June 2008. p. 8+
• SOA: Starting Small, Thinking Big. Conz, Nathan. Insurance & Technology 32 (7) : July 2007. p39+

• International Insurance Monitor

• Management Challenges - Key Issues Facing the European Insurance Industry 1999 and Beyond. International Insurance Monitor 52 (3) :1999 3rd Quarter. p. 22+
• Pension Burdens and Life Insurance As a Partial Solution. International Insurance Monitor 52 (2) : 1999 2nd Quarter. p.14+
• Rankings and Statistics: International Insurance Business 1997. International Insurance Monitor 52 (4) : 1999 4th Quarter. p. 2+
• Study of eCommerce Uncovers Deep Concern Among U.S. Insurance Execx About Viability: Doubt Over Effect on Reputation of Insurers, Held Serious Consideration. International Insurance Monitor 53 (1) : 2000 1st Quarter. p. 19+
• World Survey. International Insurance Monitor 53 (1) : 2000 1st Quarter. p. 10+

• Journal of Insurance Regulation

• The Assault on the McCarran-Ferguson Act and the Politics of Insurance in the Post-Katrina Era. Powell, Lawrence S.. Journal of Insurance Regulation 26 (3) : Spring 2008. p. 3+
• Federal Crop Insurance: The Need for Reform. Klein, Robert. Journal of Insurance Regulation 26 (3) : Spring 2008. p. 23+
• The Relationship between Executives' Option-Based Compensation and Risk-Taking in the Property/Liability Insurance Industry: A Simultaneous Equation Approach. Min-Ming Wen. Journal of Insurance Regulation 26 (3) : Spring 2008. p. 85+
• Abstracts of Significant Cases Bearing on the Regulation of Insurance. Binderup, Kara D.. Journal of Insurance Regulation 26 (3): Spring 2008. p. 125+
• Insurance Disclosures: Implications for Insurance Regulators of Recent Research. Cude, Brenda J.. Journal of Insurance Regulation 26 (2) : Winter2007. p. 3+

• National Underwriter Property & Casualty Risk Benefits Management Edition

• Adjusters Urged To Keep Brokers In The Loop On Status Of Claims. Gusman, Phil. National Underwriter / Property & Casualty Risk & Benefits Management 112 (24) : June 2008. p.10+
• AIG Chairman Takes Helm As CEO; Seeks New Plan, Détente With Greenberg. Hays, Daniel. National Underwriter / Property & Casualty Risk & Benefits Management 112 (24) : June 2008. p. 6+
• How Will Banking Turmoil Impact Agency M&A Trends? Campbell, Jim. National Underwriter / Property & Casualty Risk & Benefits Management 112 (24) : June 2008. p. 26+
• Single-Form Excess Policy Sparks Debate. National Underwriter / Property & Casualty Risk & Benefits Management 112 (23) : June 2008. p. 21+
• State Regulators Offer Qualified Support For Proposed U.S. Insurance Info Office. National Underwriter / Property & Casualty Risk & Benefits Management 112 (23) : June 2008. p. 8+

JSTOR
http://www.jstor.org/

• The Journal of Insurance

• Trends in Casualty Insurance Rate Making. T. O. Carlson. The Journal of Insurance 30 (1) : March 1963. p. 17+
• Trends in Property Insurance Rate Making. L. H. Longley-Cook. The Journal of Insurance 30 (1) : March 1963. p. 23+
• Criticism of Requirements for Valuation of Life Insurance Company Security Holdings. Harold G. Fraine. The Journal of Insurance 30 (1) : March 1963. p. 35+
• Organizational Problems in Control of the Risk of Accidental Loss and Management of Employee Benefit Plans. James Cristy. The Journal of Insurance 30 (1) : March 1963. p. 47+
• The Replacement Problem in Life Insurance--With Special Emphasis on Comparative Costs. Joseph M. Belth. The Journal of Insurance 30 (1) : March 1963. p. 81+

• The Journal of Risk and Insurance

• Why Are Managed Care Plans Less Expensive: Risk Selection, Utilization, or Reimbursement? Daniel Polsky and Sean Nicholson .The Journal of Risk and Insurance 71 (1) : March 2004. p. 21+
• The Demand for Insurance with an Upper Limit on Coverage. J. David Cummins and Olivier Mahul. The Journal of Risk and Insurance 71 (2) : June 2004. p. 253+
• The Use of Dynamic Financial Analysis to Determine Whether an Optimal Growth Rate Exists for a Property-Liability Insurer. Stephen P. D'Arcy and Richard W. Gorvett . The Journal of Risk and Insurance 71 (4) : December 2004. p. 583+
• Temporal Profitability and Pricing of Long-Term Care Insurance. Larry A. Cox and Yanling Ge. The Journal of Risk and Insurance 71 (4) : December 2004. p. 677+
• Deposit Insurance and Forbearance under Moral Hazard. Jacky So and Jason Z. Wei . The Journal of Risk and Insurance 71 (4) : December 2004. p.707+
  

PROQUEST Online
http://www.umi.com/pqdauto

• Journal of Insurance Issues

• Application of Game Theory to Pricing of Participating Deferred Annuity. Hong Mao, Krzysztof M Ostaszewski. Journal of Insurance Issues 30 (2) : Fall 2007. p. 102+
• Does Corporate Governance and Ownership Structure Influence Performance? Evidence from Taiwan Life Insurance Companies. Li-Ying Huang, Tzy-yih Hsiao, Gene C Lai. Journal of Insurance Issues 30 (2) : Fall 2007. p. 123+
• A Behavioral Model of Insurance Pricing. James A Ligon, Paul D Thistle. Journal of Insurance Issues 30 (1) : Spring 2007. p. 46+
• Further Considerations of Underwriting Margins, Interest Rates, Stability, Stationarity, Cointegration, and Time Trends. Joseph D Haley. Journal of Insurance Issues 30 (1) : Spring 2007. p. 62+
• Ownership Concentration and Governance in the U.S. Insurance Industry. James Barrese, Gene Lai, Nicos Scordis. Journal of Insurance Issues 30 (1) : Spring 2007. p. 1+

• Journal of Insurance Regulations

• Abstracts of Significant Cases Bearing on the Regulation of Insurance. Kara D Binderup. Journal of Insurance Regulation 26 (2) : Winter 2007. p. 99+
• Insurance Disclosures: Implications for Insurance Regulators of Recent Research. Brenda J Cude. Journal of Insurance Regulation 26 (2) : Winter 2007. p. 3+
• Abstracts of Significant Cases Bearing on the Regulation of Insurance. Kara D Binderup. Journal of Insurance Regulation 26 (1) : Fall 2007. p. 133+
• Solvency II: A Revolution for Regulating European Insurance and Re-insurance Companies. Rym Ayadi. Journal of Insurance Regulation 26 (1) : Fall 2007. p.11+
• The Title Insurance Industry: Examining a Decade of Growth. Randy E Dumm, David A Macpherson, G Stacy Sirmans. Journal of Insurance Regulation 25 (4) : Summer 2007. p. 23+

ARTICLES

Periodicals Section, 2nd floor:

• Banking on confidence. Lacambra, Mimi. Philippine Graphic 15(33) : 26+ January 24 2005.
• PLIA: helps steer insurance industry to cal waters. Estayo, Max. Prime Asia. March 2006.

FACULTY PUBLICATION
(Archives, 4th floor)

• A discriminant analysis of non-life insurance companies in the Philippines. Subido, Corazon C. Business and Economics Review. 9(1):62-70 1997-1998
• A profile of the insurance business in the Philippines, 1988-1991. Subido, Corazon C. (Completed research project).
• The view from Taft: Choosing insurance agents. Mendoza, Rex A. Business World. 5:4-5 Ag 15'91
• Elements of insurance management. Ignacio, Monico H.
• Elements of insurance management (Philippines). Ignacio, Monico H

VERTICAL FILES

Information-Reference Section, 2nd floor:

• Compulsory and optional life insurance. VF 371
• The emergence of the actuarial profession in China, (1989-1995). K. Tuan. VF 1814
• Exploring a theory with explanations but not presictions. I.T. Vanderhoof. VF 1814
• Important things to know about life insurance. VF 1846
• Isn't this better than a foreign-aid handout?. VF 135
• The life insurance industry report 1985-1986. VF 135
• Life Insurance under section 39 of Republic Act No. 8504. VF 1842
• Life Insurance underwriting of impotency. VF 1842
• The Philamlife Story. VF 135

THESES AND DISSERTATIONS

LOCAL
(Archives Section, 4th floor)

• An algorithm on premium calculation of individual life insurance. Licas, Cloyd Anthony S, Francis Anthony Galido. 1990. TU-05848
• An analysis of the Philippine Social Security System's money's-worth question based on an actuarial. Lumaban, Bettina Garcia, Ong, Marilyn Lee. TU-07458
• An analysis of the investment problems and tax difficulties faced by the Philippine-American Life Insurance Company. Cosme, Elias Umale. TU-00971
• An analytical study of life insurance companies : managerial effectiveness. Ang, Daniel. TU-03868
• The bounds of bivariate distributions on joint-life and last-survivor annuities. Manzo, Karen Valerie G., Kenneth Tiu. TU-0706l
• A business strategy paper for CMG Life Insurance Company, Inc. [computer file]. Santillan, Mary Antonette B. [2003]. TOCE-00832 (CD)
• Chosen Life Plan Incorporated information system. Ongkiko, Richard, Shiela Marie Caponpon, Caridad Cornea, Joselyn Zosima Potente. TU-07875
• A comprehensive study of the operations and organization of the claims office at Philippine American. Salvador, Amando M. TU-01039
• Corporate strategy for BF Lifeman Insurance Corporation (A Life Insurance Company). Quitoriano, Benedicto V. TG-01226
• An exploratory study of the factors contributing to the success of Filipina sales agents of Insular. Co, Michael, Macalindong, A., Villanueva, Jose Mari. TU-03645
• Interest and inflation rates in pension plan valuations. Uy, Aimee Leh. TU-08314
• Life insurance in an A.I.D.S. environment. Dinlasan, J.E.B., & Velarde, V.E.G. (1998). TU-08772
• Life insurance in the national economy. Dicen, Anna Marie Formoso, Hubilla, Jocelyn Fuentes. TU-03001
• The measurement of the efficiency, growth and stability of the life insurance industry in the Philipines. Clavio, Chino Karlo C., de Jesus, Marie Therese G., Evangelista, Eleanor, Ojanola, Rhodel. TU-07427
• Mortality table construction based on Social Security System's 1974-1983 mortality experience. Jaravata, Deogracias Jerome del Rosario. TU-05755
• Multiple life functions and multiple decrement models. Manning, P.M.Q., & Villar, K.W. (1992). TU-05729
• A profit maximizing model for the investment portfolio of selected life insurance companies. Boon, Eleanore, Jennie Cao, Marie Antteniette, Octavo, Leonardo A. Jr., Ronquillo, Arleen Gallardo. TU-07682
• A proposed gross premium computation for group life insurance coverages in the Philippines. Jacinto, Jerome, Sabater, Jess. TU-05705
• A proposed life insurance product. San Jose, Cristina I., Velgado, Ruth Z. TU-05710
• A research study on the sales programs and techniques of the selected life insurance companies. Lim, Christopher, Manuel, Luisito, Poblador, Anthony, Santos, Reginald. 1986. TU-04094
• A software package for computing exposures in insurance. Abesamis, Ollie May, Ang, Agnes. TU-07650
• A study of the premium accounting system of a Life Insurance Company. Glinoga, E.Y. (1966). TU-00790

FOREIGN

• Analyzing the effects of demand uncertainty on inventory in six United States retail sectors using multivariate GARCH-M models and life and property-casualty insurance industry comparisons four years after the enactment of GLBA. Mustafa, Matrodji, PhD. The University of Oklahoma, 2006, AAT 3216333
• Creating cruelty to children: Representations of the endangered and abused child in nineteenth-century literature and child-protection narratives. Flegel, Monica, PhD. University of Alberta (CANADA), 2006, AAT NR13970
• The effect of commission versus non-commission benefits on customer value: The case of life insurance policy performance. Glazer, David A., PhD. The George Washington University, 2006, AAT 3207503
• Essays on life insurer demutualization and diversifying mergers and acquisitions. Erhemjamts, Otgontsetseg, PhD. Georgia State University, 2005, AAT 3177388
• Making markets, representing risks: An ethnography of life insurance in Mumbai. Elson, Mark Koops, PhD. The University of Chicago, 2005, AAT 3181367
• Multinational diversification in the property and casualty segment of the insurance industry. Whitlock, James M., DBA. Nova Southeastern University, 2006, AAT 3205550
• On pricing contingent claims and expected utility maximization in two interest rates financial markets via completion. Kane, Selly, PhD. University of Alberta (CANADA), 2006, AAT NR13998
• Regulated competition and property-casualty insurance: The case of rate regulation and homeowners insurance premiums. Okpara, Nerukakobulem G., DPA. University of La Verne, 2005, AAT 3173303
• Security in an uncertain world: Life insurance and the emergence of modern America. Murphy, Sharon Ann, PhD. University of Virginia, 2005, AAT 3161249
• Stochastic models for warranty cost analysis and online purchase prediction. Sun, Yuqing, PhD. Stanford University, 2006, AAT 3197514
• Two essays on insurance theory. Wang, Ping , PhD. The University of Wisconsin - Madison, 2005, AAT 3186265

AUDIO VISUAL MATERIALS

(Instructional Media Services, Ground floor)

• Giving birth to the national health insurance program [videorecording]. V001251

INTERNET WEBSITES
(Cybernook, Ground floor, Graduate corners, 2nd and 3rd floors)

Actuarial Science Resources
http://www.actuary.com/actuarial-science/
[Retrieved November 10, 2006]

Offers information and resources for Actuary Science including Actuarial jobs and employment, news and fulltext articles, discussion forums, seminar information, study guides and materials, etc.

Business Insurance by Businessweek
http://bx.businessweek.com/business-insurance/
[Retrieved September 8, 2009]

The "Business Insurance section on BusinessWeek's new topic-based site, Business Exchange, was built to foster educational collaboration, awareness and the exchange of free information. This topic features thousands of free news articles, blog posts and authoritative reference materials from sources across the Web. It offers numerous resources that allow students and individuals to research Business Insurance by providing free access to industry experts and their submitted reference materials".

A Consumer's Insurance Glossary
http://www.insurance.wa.gov/consumers/glossary.asp
[Retrieved November 10, 2006]

"Office of Insurance Commissioner for the State of Washington Consumer's Glossary. Actuarial Statistical calculations used to determine insurance rates and premiums, based on projections."

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Should you have comments or suggestions on this pathfinders, please call us at these telephone numbers, 536-0244, 524-4611 local 620 or email us through “Ask LORA”.

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Compiled by : Ms. Yolanda F. Odsinada & Ms. Jennifer S. Motos

Date : November 2006