Group Insurance and Group Pension Schemes

1931 ◽  
Vol 3 (05) ◽  
pp. 327-337 ◽  
Author(s):  
N. C. Turner
Keyword(s):  
Life Insurance ◽  
Pension Schemes ◽  
Group Life ◽  
Group Insurance ◽  
The Subject

The subject of Group Life Insurance schemes has been quite recently discussed by the Society (J.S.S. Vol. III. No. 3) and no useful purpose can be served by a repetition of remarks regarding such schemes.However, there are two points which deserve further consideration. The first of these relates to what might be termed underwriting rules—or, in other words, regulations to which every contract must conform. Each individual contract should be written, so far as possible, on such a basis as will preclude the writing of unsatisfactory business and in this connection such points as the number of lives to be covered, maximum and minimum amounts of insurance, etc., fall to be considered.

Group life and pension schemes, including valuation problems

1939 ◽  
Vol 5 (03) ◽  
pp. 122-136 ◽  
Author(s):  
M. C. Polman
Keyword(s):  
Special Class ◽  
Point Of View ◽  
Pension Scheme ◽  
The Real ◽  
Pension Schemes ◽  
Group Life ◽  
Group Insurance ◽  
Group Basis ◽  
The Subject

A Group Life and Pension Scheme is an employer's scheme instituted for the benefit of his employees. The real position of the life office, which is usually responsible for arranging the scheme, is that of underwriter. From the life office's point of view, with which this paper is solely concerned, the guaranteeing of these schemes on a group basis, as opposed to issuing an individual policy on the life of each employee, is a special class of business with certain definite characteristics which have not changed very much since N. C. Turner presented his paper to the Students' Society in 1930 on the subject of Group Insurance and Group Pension Schemes.

Group Life Assurance.

1959 ◽  
Vol 15 (04) ◽  
pp. 299-319
Author(s):  
P. B. Armitage
Keyword(s):  
Practical Experience ◽  
Text Book ◽  
Life Assurance ◽  
Pension Schemes ◽  
Group Life ◽  
The Subject

The text book,The Practice of Life Assurance, by Coe and Ogborn, pp. 367–9, and the references there to other literature, give a brief summary of the subject of group life assurance; this paper attempts to bring out in more detail a little of the practice (of some U.K. offices) and some of the special problems that belong to the subject, for the benefit of students who have no practical experience of it. There is no dearth of literature on pension schemes, with which group life contracts are very often linked, so that reference to pension schemes in this paper, though necessary, will be brief.

scholarly journals Experience rating and credibility

1969 ◽  
Vol 5 (2) ◽  
pp. 157-165 ◽  
Author(s):  
Hans Bühlmann
Keyword(s):  
Life Insurance ◽  
Individual Risk ◽  
Experience Rating ◽  
Group Life ◽  
Sliding Scale ◽  
Term Basis ◽  
The Subject ◽  
One Year ◽  
Image Position

Let me begin with some practical examples of experience rating.a) Swiss Automobile Tariff 1963— Within each tariff-position there are 22 grades: — The new owner of a car starts at grade 9— The basic premium is determined on the basis of objective characteristics of the risk and essentially depends on the horse-power classification of the car— The 22 grades are experience-rated as follows: For each accident one rises three grades and for each accident-free year one falls one grade. A driver who has I accident in every 4 years hence remains within four adjacent grades.b) Sliding Scale Premiums in ReinsuranceExcess of Loss Contracts often stipulate that:The rate of premium to be applied to the subject premium volume is determined at the end of the cover period as follows: subject to a minimum of 0,04and a maximum of 0,08c) Participation in Mortality Profit in Group Life InsuranceA group life insurance covers the members of the group on a one year term basis. It is often agreed that at the end of the year mortality profits are given back to the group according to the formularefund = x% gross premiums — y% claims (where x < y)All these examples fall under the heading “Experience Rating”. What do they have in common?Definition: A system by which the premium of the individual risk depends upon the claims experience of this same individual risk.

Group Life Insurance.

1983 ◽  
Vol 26 ◽  
pp. 103-129
Author(s):  
J. Lockyer
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Pension ◽  
Theoretical Development ◽  
Technical Problems ◽  
Insurance Contracts ◽  
Life Insurance Industry ◽  
Present Practice ◽  
Group Life ◽  
Group Insurance

Group life insurance has attracted little formal discussion in British actuarial circles. Perhaps this is not so surprising. The technical problems posed by group life insurance seem relatively straightforward. Furthermore, there is little doubt that the evolution of present practice has been moulded more by pragmatism than strict theoretical development. None the less, group life insurance is an important sector of our life insurance industry. Figures produced by the Life Offices' Association reveal that in 1980 approximately 7½ million people were covered under group insurance contracts for a total sum assured of the order £63 billion. The development of the group insurance industry in this country has been closely associated with the expansion of private pension provision. Group life cover was seen as an inseparable, but very much secondary, adjunct to the more lucrative field of pensions business. However, over the last decade it has become more likely that a group life scheme will be tendered independently of any related pension business. Thus, the point has long been reached where the underwriting of group life business must be considered as a subject in its own right.

scholarly journals Identification of differences between group and individual life insurance for employees

2019 ◽  
Vol 19 (2 (50)) ◽  
pp. 185-195
Author(s):  
Anna Maria Piechota
Keyword(s):  
Life Insurance ◽  
Social Insurance ◽  
Attractive Alternative ◽  
Individual Decision ◽  
Insurance Plan ◽  
Individual Life ◽  
Individual Basis ◽  
Group Life ◽  
Employee Group ◽  
Group Insurance

Group life insurance for employees is one of numerous voluntary insurance products covering employees’ personal risks. It can be an important complement to mandatory insurance arrangements (especially social insurance schemes) that provide personal coverage for workers. While employees may take out their life insurance on an individual basis, employer-offered group life insurance is an attractive alternative. Joining a group insurance plan is an employee’s individual decision that should be taken based on his or her knowledge of the terms of coverage. The purpose of this article is to point out the differences between employee group life coverage and individual life insurance, with a particular emphasis on insurance funding aspects and how they affect certain aspects of relevance to employees.

The Impact of Social Security Tax Contributions on Group Life Insurance Premiums

1987 ◽  
Vol 54 (4) ◽  
pp. 712 ◽  
Author(s):  
George E. Rejda ◽  
James R. Schmidt ◽  
Michael J. McNamara
Keyword(s):  
Social Security ◽  
Life Insurance ◽  
Insurance Premiums ◽  
Social Security Tax ◽  
Group Life ◽  
The Impact

scholarly journals Experience rating with Poisson mixtures

2015 ◽  
Vol 9 (2) ◽  
pp. 304-321 ◽  
Author(s):  
Garfield O. Brown ◽  
Winston S. Buckley
Keyword(s):  
Life Insurance ◽  
Dirichlet Process ◽  
Posterior Probability ◽  
Mixture Distribution ◽  
Reversible Jump ◽  
Dirichlet Process Prior ◽  
Poisson Mixtures ◽  
Group Life ◽  
Insurance Portfolio ◽  
Poisson Mixture Model

AbstractWe propose a Poisson mixture model for count data to determine the number of groups in a Group Life insurance portfolio consisting of claim numbers or deaths. We take a non-parametric Bayesian approach to modelling this mixture distribution using a Dirichlet process prior and use reversible jump Markov chain Monte Carlo to estimate the number of components in the mixture. Unlike Haastrup, we show that the assumption of identical heterogeneity for all groups may not hold as 88% of the posterior probability is assigned to models with two or three components, and 11% to models with four or five components, whereas models with one component are never visited. Our major contribution is showing how to account for both model uncertainty and parameter estimation within a single framework.

Modern Methods of Costing Insured Pension Schemes

1970 ◽  
Vol 19 (01) ◽  
pp. 1-41
Author(s):  
R. E. Snelson
Keyword(s):  
Basic Function ◽  
Cost Estimates ◽  
Professional Advice ◽  
The Past ◽  
Funding System ◽  
Pension Schemes ◽  
Modern Methods ◽  
The Subject

1. In the past, concepts of funding and methods of costing have frequently been discussed in papers submitted to the Institute and the Students' Society usually with particular emphasis on selfadministered funds. There is still scope for further thought on the subject of funding methods and it is hoped that this paper will provide an opportunity for further discussion with particular reference to insured schemes. Life offices are not in the same position as consulting actuaries since their basic function is to insure the benefits required rather than to give professional advice. At the same time they have a responsibility to ensure that their costing methods are basically sound and that the issues involved are not misrepresented to their prospective and current policyholders. In recent years there has been a tremendous demand for final salary arrangements using the controlled funding system of administration but little attempt has been made to codify the principles which ought to be followed in making cost estimates.

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