The Gold Standard and Modern Conditions

1938 ◽  
Vol 16 (1) ◽  
pp. 123-168
Author(s):  
William Gilbert Craig
Keyword(s):  
Gold Standard ◽  
Investment Policy ◽  
Life Assurance ◽  
The Future ◽  
Gradual Development ◽  
Real Value ◽  
Assurance Contracts

SynopsisThe standard on which the currency of this country is based is of importance to actuaries on account of (a) its bearing on the future real value of the currency in which life assurance contracts are made, and (b) its influence on the relative values of various currencies as affecting investment policy.The advantages of the gold standard and the assumptions underlying it are examined, and it is shown how the validity of these assumptions has been undermined by the gradual development of various factors. It is suggested that there is little ground for anticipating that the presence of these disturbing factors will be temporary.The present monetary position and the greatly changed position as regards the world's gold supplies both in amount and value are discussed and the case for the readoption of the gold standard is outlined. Two types of modified gold standard, (a) a partial gold standard, and (b) a managed gold standard, are considered.The difficulties of a managed standard and the limitations of a common standard are reviewed and several conclusions reached.

scholarly journals The Mortality among Assured Lives viewed in relation to the Sums at Risk

1891 ◽  
Vol 2 ◽  
pp. 227-261
Author(s):  
George C. Stenhouse
Keyword(s):  
At Risk ◽  
Primary Data ◽  
Life Assurance ◽  
The Future ◽  
Gradual Development ◽  
The Subject ◽  
Life Annuities

What was probably the beginning of knowledge in this country in regard to the subject of Life Annuities and Assurance was the publication, in 1661, by John Graunt, of his Natural and Political Observations on the Bills of Mortality. In that publication we have no doubt the primary data on which the business of Life Assurance is founded. By the gradual development and extension of that business, it soon came to be recognised that in all calculations connected with the subject it was needful to proceed on a sound fundamental basis. For not only was it seen to be necessary that the affairs of an institution conducting such business required to be administered for the immediate benefit of those concerned; but it was also observed that there were many prospective liabilities, and that therefore it required to be built on such a solid and substantial foundation as to be able to meet all obligations in the future. This is appreciated by all who are in any way interested in Assurance.

Some reflections on long-term investments with particular reference to the business of life assurance

1938 ◽  
Vol 69 (1) ◽  
pp. 10-49
Author(s):  
E. H. Lever
Keyword(s):  
Investment Policy ◽  
Basic Principles ◽  
The Past ◽  
Life Assurance ◽  
The Future

It is probably true to say that during the past two decades the most perplexing and important of the problems, with which those responsible for the management of Life Assurance Companies have been called upon to deal, has arisen from the investment side of the business rather than from the commercial and actuarial sides. On the whole, the investment policy followed has so far emerged successfully from the searching tests imposed upon it by the events of recent years but the future remains obscure and there are many lessons still to be learned.Life Assurance Companies, by the very nature of their business, are compelled to interest themselves in the problems of long-term investment, and it is worth while, therefore, to enquire whether the ordeal through which they have passed has revealed any defects in the present machinery of long-term lending and investing or in the basic principles which have heretofore governed investment policy.

The Future Progress of a Fund—Approximate Forecasts

1958 ◽  
Vol 15 (03) ◽  
pp. 225-228
Author(s):  
P. R. Francis
Keyword(s):  
Pension Funds ◽  
Sufficient Accuracy ◽  
Point Of View ◽  
Investment Policy ◽  
Approximate Methods ◽  
Life Assurance ◽  
Different Types ◽  
The Future ◽  
Preceding Note ◽  
New Entrants

The technique described by Miss Merriman in the preceding note can be applied, with suitable alterations, to many different types of life assurance and annuity funds as well as to pension funds. By the use of approximate methods it is possible to abbreviate the working within a comparatively small compass, whilst retaining sufficient accuracy to afford a guide for investment policy. This note describes a particular application of these methods.The Management Committee of a large Widows' and Orphans' Fund sought the Actuary's advice on the probable future progress of the Fund. The Fund was established many years ago, but the membership has been expanding and both contributions and benefits have been increased from time to time. It was clear on general grounds that, if sufficient new entrants were admitted to maintain the present membership without limit of time, financial maturity would not be reached for many years. On these assumptions the Fund would eventually reach stability, but it would never decrease, so that from this point of view irredeemable investments could be purchased in the belief that they would never have to be sold. The adoption of this theory, however, would be tantamount to making the future surplus or deficiency of the Fund in some way contingent upon the future flow of new entrants.

Surplus: Two Hundred Years of Actuarial Advance

1962 ◽  
Vol 28 ◽  
pp. 19-60 ◽  
Author(s):  
P. R. Cox ◽  
R. H. Storr-Best
Keyword(s):  
Theory And Practice ◽  
New Era ◽  
The Public ◽  
Life Assurance ◽  
Pension Schemes ◽  
The Future ◽  
Social Scene ◽  
Principal Factors ◽  
The Times ◽  
Historical Developments

SynopsisThe paper is in the nature of a summary of the authors' book “Surplus in British Life Assurance—Actuarial Control over its Emergence and Distribution during 200 Years”. Copies may be purchased direct from the Institute of Actuaries (price 17s. 6d.). Members and Students of the Faculty may obtain a copy for personal use at the reduced price of 11s. post free. It begins with a survey of the principal factors that have influenced the development of theory and practice in regard to surplus throughout the years. It describes the manner in which surplus first arose in scientific life assurance, and traces how this and other historical developments have had an important effect both in the early days and later as a valid standard of equity was gradually evolved. At the same time the influence of long-dated contracts and of the expectations of the public has been a stabilising factor in spite of rapid changes in the economic and social scene.The characteristics of the nineteenth-century image of equity are described, and the history of the twentieth century in regard to surplus is seen as one of attempts to preserve that image through sharp and contrasting vicissitudes. This idea is explored in some detail for both ordinary and industrial life business.The problems of the present day are reviewed one by one and the paper touches on such matters as economic inflation, the public demand for pension schemes, the introduction of computers and data-processing devices and the prospect of Britain joining the Common Market. Against this background, various modern concepts of equity are contrasted and brief reference is made to matching, immunisation and gearing. Equity in with-profit pension schemes and systems of variable policies are also considered.This general survey leads the authors in the end to ask some critical questions about the performance of the profession throughout its history. These questions relate to the success or otherwise of actuaries in foreseeing the future, in attaining equity and in progressing with the times. The authors attempt to answer them and are able to end on a cheerful note as regards past achievements and to express great hopes for the future, which may well bring a new era for the profession.

The Investment Policy of Life Assurance Offices.

1938 ◽  
Vol 16 (1) ◽  
pp. 247-284 ◽  
Author(s):  
A. C. Murray
Keyword(s):  
Past History ◽  
Investment Policy ◽  
Historical Survey ◽  
General Survey ◽  
Life Assurance ◽  
History Of ◽  
The Subject

Towards the end of Mr. Brown's term of office as President I submitted to him the Table which appears in the appendix to this paper asking whether he thought it of sufficient interest for publication in our Transactions. Mr. Brown replied by inviting me to go further and write a paper for the Faculty on the subject of Investments using the Table as an illustration of past history. Later our present President supported this idea and the notes which I now have the honour to submit are the outcome. Apart from the fact that I dealt with the history of Life Offices' Investments at some length when addressing the Students' Society a few years ago, it seemed to me that something more than a historical survey was desirable. There are few papers in our Transactions dealing with Investment Policy and this was the subject on which I decided. I think that the correct prelude to a discussion of Investment Policy is its own history, and so I give in Part I of this paper a very short general survey of the years from 1871 to 1935. The Table in the appendix will give information additional to what is contained in my remarks to those who wish to go further.

scholarly journals Main characteristics of the foreign investment development of Belarus

2020 ◽  
Vol 48 (48) ◽  
pp. 129-139
Author(s):  
Maryia Samakhavets ◽  
Olena Hrechyshkina
Keyword(s):  
Foreign Investment ◽  
Investment Policy ◽  
Real Economy ◽  
Future Prospects ◽  
Main Determinant ◽  
Innovative Performance ◽  
The Future ◽  
The Republic ◽  
Economic Zones ◽  
Geographical Characteristics

AbstractThe purpose of this paper is to investigate the key economic and geographical characteristics of the investment development of Belarus and how these characteristics could evolve in the future. The evaluation of the investment development of Belarus is based on comparative economic analysis, spatial analysis research methods and the cartographic method. Our results indicate a stable, predictable and enabling investment policy as the main determinant for attracting investment. This is confirmed by changes in the spatial distribution of foreign investment inflows in the real economy of Belarus by countries for 2010 and 2018. The characteristics of Belarusian investment development are identified because of the need to intensify innovative performance in the strategic dimensions of sustainable development. Particular attention is paid to the development of special economic zones with preferential regimes in the Republic of Belarus. This paper provides important new insights into the future prospects for Belarusian investment development on the basis of identified specifics.

Liberalization of Foreign Investment Policy in India: Some Observations

1998 ◽  
Vol 23 (1) ◽  
pp. 39-46
Author(s):  
Tarun Das
Keyword(s):  
International Economic ◽  
Foreign Investment ◽  
Foreign Capital ◽  
International Economic Order ◽  
Economic Reforms ◽  
Investment Policy ◽  
Economic Order ◽  
Central Component ◽  
The Future

Liberalization of foreign investment policy is a central component of India's economic reforms. While the need for foreign capital is hardly disputed⁄ there has been a continuing debate on the scope, coverage⁄ and impact of a liberalized foreign investment policy. In this paper⁄ Tarun Das argues that the debate on foreign investment policy lacks perspective and there seems to be very little appreciation of the emerging compulsions of the new international economic order. India's foreign investment policy has certainly become broadbased in recent years⁄ but it is still far from complete and further liberalization of foreign investment policy appears ⁄ inevitable in view of the pressures as well as obligations associated with the future global scenario.

Taxation of Life Assurance and Annuity Business in the United Kingdom.

1961 ◽  
Vol 16 (03) ◽  
pp. 172-195
Author(s):  
C. E. Puckridge
Keyword(s):  
United Kingdom ◽  
Great Britain ◽  
Fiscal Year ◽  
Foreseeable Future ◽  
Life Assurance ◽  
The United Kingdom ◽  
Retirement Benefit ◽  
The Future

In this paper the taxation position is described as it applied in the fiscal year 1959–60. The detailed provisions of the various enactments which govern taxation in Great Britain are subject to revision from time to time and it must therefore be made clear that minor variations must be expected in the future. Major changes in the basis of taxation of retirement benefit schemes having been effected by the Finance Act 1956, it is not expected that the broad pattern will be greatly changed in the foreseeable future.

Safe burn excision prior to military repatriation: an achievable goal?

2018 ◽  
Vol 164 (5) ◽  
pp. 358-359 ◽  
Author(s):  
Ojas Pujji ◽  
S L A Jeffery
Keyword(s):  
Patient Outcomes ◽  
Gold Standard ◽  
Standard Treatment ◽  
The Political ◽  
Political Landscape ◽  
The Future ◽  
Achievable Goal ◽  
Partial Thickness Burns ◽  
The Military ◽  
Improve Patient

Burn excision is the gold standard treatment for full thickness and some deep partial thickness burns. Early burn excision (24–96 hours) has been shown to improve patient outcomes. However, in the military setting, transporting the patient to a centre which can provide this procedure can be delayed. Especially as control of airspace in the future may be hampered due to the political landscape. For this reason, focus on how to achieve safer burn excision prior to repatriation should be addressed. This paper considers the barriers to early burn excision in the military setting and offers potential solutions for the future.

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