A Checking Process for Life Assurance Reserves

1934 ◽  
Vol 4 (03) ◽  
pp. 163-177
Author(s):  
E. Olifiers

The object of this paper is to draw attention to a process of checking the accuracy of the valuation results of any financial year from the preceding year's valuation results (the attained ages as at valuation date increasing by one year) by means of the elements which connect both valuations. These elements are the interest required to maintain the reserves, the net premiums, the reserves of the policies coming in and going out during the financial year, and the expected death strain. In the appendix to this paper the checking process has been applied to the revenue account for the year ending 31st December, 1921, given in Appendix B of Mr. C. Carpmael's paper in J.S.S. Vol. II, No. 2. The determination of the profit or loss from each source has been made on two different assumptions—namely, the one adopted by Mr. Carpmael, that the income and outgo are uniformly distributed over the year allowing half-a-year's interest at valuation rate and the other adopted in the North American gain and loss exhibit of the convention edition by which no allowance is made for half-a-year's interest for the two cases in which the policies are assumed to come in and go out at the beginning of the valuation year as done by Mr. Carpmael in his paper, and in the middle of the valuation year.

OENO One ◽  
2000 ◽  
Vol 34 (3) ◽  
pp. 121
Author(s):  
Béchir Ezzili ◽  
M. Bejaoui

<p style="text-align: justify;">Research in the conduct mode of grapevines other than the north African goblet incited us to make an investigation on the no bursting on table vine canes and to study if the vestigial dormancy is equivalent to acrotony phenomenon. Results of this survey clearly show that this phenomenon varies from one year to the other and that there is a negative interrelationship between the percentage of buds no bursted and the diameter of the basis of the cane on the one hand and of the top on the other hand. The difference in diameters of the basis and apical part is weakly correlated with the percentage of buds no bursted. As a result we concluded that at the level of the cane, the percentage of buds no bursted doesn't only depend on the diameter of the cane but also on the fixing of this one on the carrier axis. The bibliographic survey puts in exergue the low temperature role. We tried to dissociate the acrotony phenomenon and the vestigial dormancy. Test result show that the long cane fixing at the temperature of 4°C during 10 days removes partially or completely the vestigial dormancy but the phenomenon of the acrotony persists. We examined the qualitative answers of the investigation. In Tunisia, on long canes of Muscatel of Italy, a certain percentage of one year old presents both the acrotony (80 p. cent) and the basitony phenomena (8 p. cent) in 1995. The discussion of results of the investigation allowed us to give out a new hypothesis of work concerning the phenomenon which we will to verify.</p>


Biologia ◽  
2008 ◽  
Vol 63 (1) ◽  
Author(s):  
Andrej Kormuťák ◽  
Seok-Woo Lee ◽  
Kyung-Nak Hong ◽  
Byeung-Hook Yang ◽  
Yong-Pyo Hong

AbstractArtificial crossing experiments involving 3 Abies species native to Korean peninsula and 5 other representatives of Abies revealed a high hybridological affinity between Abies koreana and A. nephrolepis. Both these species are reproductively isolated from A. holophylla. All the three Korean species were found to exhibit incompatible relationships with the North American species A. concolor. The species A. holophylla and A. koreana differ also in their abilities to intercross with the Mediterranean firs. The former has been successfully crossed with A. nordmanniana, A. alba and A. cilicica exhibiting 19.1–55.3% crossability, whereas the latter produced filled seeds only with A. nordmanniana reaching 46.4% crossability. A considerable differentiation is postulated to exist between the pair of species A. koreana and A. nephrolepis on the one side and A. holophylla on the other side.


2011 ◽  
Vol 15 (2) ◽  
Author(s):  
Peter P. Smith

The United States is in a bind. On the one hand, we need millions of additional citizens with at least one year of successful post-secondary experience to adapt to the knowledge economy. Both the Gates and Lumina Foundations, and our President, have championed this goal in different ways. On the other hand, we have a post-secondary system that is trapped between rising costs and stagnant effectiveness, seemingly unable to respond effectively to this challenge. This paper analyzes several aspects of this problem, describes changes in the society that create the basis for solutions, and offers several examples from Kaplan University of emerging practice that suggests what good practice might look like in a world where quality-assured mass higher education is the norm.


2020 ◽  
Vol 175 ◽  
pp. 12002 ◽  
Author(s):  
Issam Boukhanef ◽  
Anna Khadzhidi ◽  
Lyudmila Kravchenko ◽  
Zeroual Ayoub ◽  
Kastali Abdennour

In Algeria, the problems of erosion and sediment transport are critical, since they have the most dramatic consequences of the degradation of agricultural soils on the one hand and the siltation of the dam on the other .The sediment transport in the Algerian basins is very important especially during the periods of floods, It is in this sense that this study, which consists of estimating the sediment transport in suspension and determining the models of relation linking the liquid discharge and the sediment discharge in order to estimate the solid transport in the absence of suspended sediments concentration data at the Sidi Akkacha station at the outlet of the basin of Oued Allala which is subject to a high water erosion, it degrades from one year to the other under the effect of this phenomenon especially during the floods which drain high amounts of fine particles exceeding in general, the concentration of 150 g/l, the results obtained from the application of the models are very encouraging since the correlation between liquid and solid discharge exceeds 80 %.


2014 ◽  
Vol 44 (3) ◽  
pp. 495-499 ◽  
Author(s):  
Eric Dal Moro ◽  
Joseph Lo

AbstractIn the industry, generally, reserving actuaries use a mix of reserving methods to derive their best estimates. On the basis of the best estimate, Solvency 2 requires the use of a one-year volatility of the reserves. When internal models are used, such one-year volatility has to be provided by the reserving actuaries. Due to the lack of closed-form formulas for the one-year volatility of Bornhuetter-Ferguson, Cape-Cod and Benktander-Hovinen, reserving actuaries have limited possibilities to estimate such volatility apart from scaling from tractable models, which are based on other reserving methods. However, such scaling is technically difficult to justify cleanly and awkward to interact with. The challenge described in this editorial is therefore to come up with similar models like those of Mack or Merz-Wüthrich for the chain ladder, but applicable to Bornhuetter-Ferguson, mix Chain-Ladder and Bornhuetter-Ferguson, potentially Cape-Cod and Benktander-Hovinen — and their mixtures.


1975 ◽  
Vol 68 ◽  
pp. 239-241
Author(s):  
John C. Brown ◽  
H. F. Van Beek

SummaryThe importance and difficulties of determining the height of hard X-ray sources in the solar atmosphere, in order to distinguish source models, have been discussed by Brown and McClymont (1974) and also in this Symposium (Brown, 1975; Datlowe, 1975). Theoretical predictions of this height, h, range between and 105 km above the photosphere for different models (Brown and McClymont, 1974; McClymont and Brown, 1974). Equally diverse values have been inferred from observations of synchronous chromospheric EUV bursts (Kane and Donnelly, 1971) on the one hand and from apparently behind-the-limb events (e.g. Datlowe, 1975) on the other.


1984 ◽  
Vol 98 (2) ◽  
pp. 98-109 ◽  
Author(s):  
J. Bruyn

AbstractFrom 1911 to 1961 Félix Chrétien, secretary to François de Dinteville II, Bishop of Auxerre in Burgundy, and from 1542 onwards a canon in that town, was thought to be the author of three remarkable paintings. Two of these were mentioned by an 18th-century local historian as passing for his work: a tripych dated 1535 on the central panel with scenes from the legend of St. Eugenia, which is now in the parish church at Varzy (Figs. 1-3, cf. Note 10), and a panel dated 1550 with the Martyrdom of St. Stephen in the ambulatory of Auxerre Cathedral. To these was added a third work, a panel dated 1537 with Moses and Aaron before Pharaoh, which is now in New York (Figs. 4-5, cf. Notes I and 3). All three works contain a portrait of François de Dinteville, who is accompanied in the Varzy triptych and the New York panel (where he figures as Aaron) by other portrait figures. In the last-named picture these include his brothers) one of whom , Jean de Dinteville, is well-known as the man who commissioned Holbein's Ambassadors in 1533. Both the Holbein and Moses and Aaron remained in the family's possession until 1787. In order to account for the striking affinity between the style of this artist and that of Netherlandish Renaissance painters, Jan van Scorel in particular, Anthony Blunt posited a common debt to Italy, assuming that the painter accompanied François de Dinteville on a mission to Rome in 1531-3 (Note 4). Charles Sterling) on the other hand, thought of Netherlandish influence on him (Note 5). In 1961 Jacques Thuillier not only stressed the Northern features in the artist's style, especially in his portraits and landscape, but also deciphered Dutch words in the text on a tablet depicted in the Varzy triptych (Fig. I) . He concluded that the artist was a Northerner himself and could not possibly have been identical with Félix Chrétien (Note 7). Thuillier's conclusion is borne out by the occurrence of two coats of arms on the church depicted in the Varzy triptych (Fig. 2), one of which is that of a Guild of St. Luke, the other that of the town of Haarlem. The artist obviously wanted it to be known that he was a master in the Haarlem guild. Unfortunately, the Haarlem guild archives provide no definite clue as to his identity. He may conceivably have been Bartholomeus Pons, a painter from Haarlem, who appears to have visited Rome and departed again before 22 June 15 18, when the Cardinal of S. Maria in Aracoeli addressed a letter of indulgence to him (without calling him a master) care of a master at 'Tornis'-possibly Tournus in Burgundy (Note 11). The name of Bartholomeus Pons is further to be found in a list of masters in the Haarlem guild (which starts in 1502, but gives no further dates, Note 12), while one Bartholomeus received a commission for painting two altarpiece wings and a predella for Egmond Abbey in 1523 - 4 (Note 13). An identification of the so-called Félix Chrétien with Batholomeus Pons must remain hypothetical, though there are a number of correspondences between the reconstructed career of the one and the fragmentary biography of the other. The painter's work seems to betray an early training in a somewhat old-fashioned Haarlem workshop, presumably around 1510. He appears to have known Raphael's work in its classical phase of about 1515 - 6 and to have been influenced mainly by the style of the cartoons for the Sistine tapestries (although later he obviously also knew the Master of the Die's engravings of the story of Psyche of about 1532, cf .Note 8). His stylistic development would seem to parallel that of Jan van Scorel, who was mainly influenced by the slightly later Raphael of the Loggie. This may explain the absence of any direct borrowings from Scorel' work. It would also mean that a more or less Renaissance style of painting was already being practised in Haarlem before Scorel's arrival there in 1527. Thuillier added to the artist's oeuvre a panel dated 1537 in Frankfurt- with the intriguing scene of wine barrels being lowered into a cellar - which seems almost too sophisticated to be attributed to the same hand as the works in Varzy and New York, although it does appear to come from the same workshop (Fig. 6, Note 21). A portrait of a man, now in the Louvre, was identified in 197 1 as a fragment of a work by the so-called Félix Chrétien himself (Fig. 8, Note 22). The Martyrdom of St. Stephen of 1550 was rejected by Thuillier because of its barren composition and coarse execution. Yet it seems to have too much in common with the other works to be totally separated, from them and may be taken as evidence that the workshop was still active at Auxerre in 1550.


2009 ◽  
Vol 39 (1) ◽  
pp. 339-370 ◽  
Author(s):  
Robert J. Thomson ◽  
Dmitri V. Gott

AbstractIn this paper, a long-term equilibrium model of a local market is developed. Subject to minor qualifications, the model is arbitrage-free. The variables modelled are the prices of risk-free zero-coupon bonds – both index-linked and conventional – and of equities, as well as the inflation rate. The model is developed in discrete (nominally annual) time, but allowance is made for processes in continuous time subject to continuous rebalancing. It is based on a model of the market portfolio comprising all the above-mentioned asset categories. The risk-free asset is taken to be the one-year index-linked bond. It is assumed that, conditionally upon information at the beginning of a year, market participants have homogeneous expectations with regard to the forthcoming year and make their decisions in mean-variance space. For the purposes of illustration, a descriptive version of the model is developed with reference to UK data. The parameters produced by that process may be used to inform the determination of those required for the use of the model as a predictive model. Illustrative results of simulations of the model are given.


PMLA ◽  
1937 ◽  
Vol 52 (4) ◽  
pp. 1183-1190
Author(s):  
George W. Whiting

To the student of writing and literature few inquiries are more interesting and valuable than that into an author's practices in revising his own work. To observe the various stages in the evolution of the final version, to note carefully an artist at his work of pruning the dead wood, adding fresh material, smoothing away harsh phrases, selecting just words, and letting light into obscure places—to do this is to come somewhat nearer to an understanding of what in spite of all analysis will remain essentially a mystery. Especially fascinating and instructive is the study of Conrad's revision, for here one sees a supreme artist at work. In his vigorous hewing and rebuilding there is conclusive proof of the artist's untiring industry and consummate skill. Conrad's revision of Nostromo is of particular interest, for this novel occupies a critical place in the evolution of Conrad's prose. Mr. Richard Curie has justly characterized the change that came over Conrad's prose—a change perceptible in the “Amy Foster” of Typhoon and fully marked in from Under Western Eyes onward. This evolution has smoothed away the cadence, has concentrated the manner, has toned down the style of Conrad's former exuberance. At first glance the later and the earlier Conrad appear two totally different men. The unruly splendor of the one has given way to the subtle and elastic suavity of the other … His earlier prose is sometimes uncertain, sometimes exaggerated, but his later prose has the uniform temper of absolute mastery.


It was hardly to be expected but that an attempt to demonstrate the inconveniences arising from daily increasing competition in the business of life assurance should meet with resistance and reprobation. The large number of persons interested in novel undertakings of the character in question would naturally feel themselves aggrieved at statements which went to prove that such undertakings were mischievous because they could not be successful, and which sought to demonstrate their hopelessness of success by an expose of their actual condition; on the other hand, it is not much to be wondered at, that minds familiar only with a state of affairs so wholly different should regard with anxiety and alarm a succession of enterprises threatening not merely to encroach on their own field of operation, but, by a series of failures, to bring all alike into general suspicion and discredit. As in most other controversies, much allowance is to be made on either side. The interests of the two parties are probably not altogether antagonistic, but they can scarcely fail to come into serious collision unless placed under more carefully devised regulations than at present exist.


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