Actuarial Fairness of Crop Insurance Rates with Constant Rate Relativities

Optimal Actuarial Fairness in Pension Systems

A rationale for a compulsory pension system is that the government wants to correct supposedly myopic behavior by the individuals. Given the existence of such a system, we calculate the optimal relation between marginal contributions and benefits, i.e., the optimal degree of marginal actuarial fairness, as seen from the point of view of the individuals or of the government. The following is sho...

Actuarial versus Nancial Pricing of Insurance 1

2007 Crop Insurance Summary

All agricultural producers face recurring risks, significant among them being production risk. Many factors contribute to production risk, including adverse weather conditions such as drought or floods, fires, insects or pests, and disease. These events can devastate a crop, significantly reducing yield and farmer revenue. Since the only way to completely avoid all production risks is to stop p...

Actuarial aspects of financing old-age and survivors insurance. 1953.

.T HE Social Security Act in 1935 established a dual program of protection against old-age dependency-old-age benefits, a contributory social insurance system covering primarily industrial and commercial workers; and old-age assistance, a program administered by the States (but partly financed by the Federal Government) to give financial assistance to aged persons who were in need. Under both p...

Actuarial Applications of a Hierarchical Insurance Claims Model

This paper demonstrates actuarial applications that can be performed when modern statistical methods are applied to detailed, micro-level automobile insurance records. We consider 1993-2001 data consisting of policy, claims and payment files from a major Singapore insurance company. A hierarchical statistical model, developed in prior work Frees and Valdez (2008), is fit using the micro-level d...