A New Retirement System With Provision for Variable Income

1954 ◽  
Vol 23 ◽  
pp. 327-378
Author(s):  
J. B. Maclean
Keyword(s):  
The United States ◽  
Real Income ◽  
Pension Plans ◽  
Fixed Number ◽  
Insurance Companies ◽  
Educational Institutions ◽  
Cash Income ◽  
Short Account ◽  
Life Annuity ◽  
Current Value

SynopsisThe paper describes a new type of deferred life annuity which has recently been introduced in the United States and which has been used, so far, principally in connection with the retirement plans of colleges and other educational institutions and, to some extent, in self-administered pension plans of commercial corporations. These annuities do not guarantee specific or equal money payments. The fund, which is divided into an “accumulation fund” and an “annuity fund”, is invested entirely in ordinary shares (“common stocks”). Premiums (contributions) and income from the fund are applied to purchase “accumulation units”, the value of a unit being determined monthly in accordance with stock market prices. At the retirement date of any individual the then current value of the units he owns is used to purchase a life annuity of a fixed number of “annuity units” in accordance with the then current value of a unit in the annuity fund. The successive cash payments to the annuitant are the current values of the fixed number of annuity units which he holds.The purpose of this plan is to provide a variable cash income which will, to some extent, reflect the changes in the cost of living, i.e., to provide a more constant “real income” both in times of inflation and deflation.The paper includes : (1) a short account of the origin and business of the company which has introduced this plan, and which is of a special character, with business limited to educational institutions and their employees ; (2) consideration of the circumstances which led to the adoption of the plan ; (3) a general explanation of the basis of the plan and of its mode of operation ; (4) some illustrations of the results which would have been obtained if this plan had been in operation in the past compared to the conventional type of deferred annuity with fixed payments, including consideration of the relative amounts of cash income realised, the relation of cash income to purchasing power and the extent of fluctuation in income under the “variable annuity” ; (5) reference to the possible use of such a plan by life insurance companies generally and of other means by which variable annuities of this type are being or may be provided.

Educational Entrepreneurs in Tamil Nadu - A Profile

2015 ◽  
Vol 4 (1) ◽  
Author(s):  
Siluvai Raja
Keyword(s):  
Higher Education ◽  
United States ◽  
World Bank ◽  
Education System ◽  
Tamil Nadu ◽  
The United States ◽  
Educational Institutions ◽  
Higher Education System ◽  
The Third ◽  
The World

Education has been considered as an indispensable asset of every individual, community and nation today. Indias higher education system is the third largest in the world, after China and the United States (World Bank). Tamil Nadu occupies the first place in terms of possession of higher educational institutions in the private sector in the country with over 46 percent(27) universities, 94 percent(464) professional colleges and 65 percent(383) arts and science colleges(2011). Studies to understand the profile of the entrepreneurs providing higher education either in India or Tamil Nadu were hardly available. This paper attempts to map the demographic profile of the entrepreneurs providing higher education in Arts and Science colleges in Tamil Nadu through an empirical analysis, carried out among 25 entrepreneurs spread across the state. This paper presents a summary of major inferences of the analysis.

Hospice Care in the United States: The Process Begins

1983 ◽  
Vol 13 (2) ◽  
pp. 159-171 ◽  
Author(s):  
Robert W. Buckingham
Keyword(s):  
Home Care ◽  
Hospice Care ◽  
Care Facility ◽  
The United States ◽  
Considerable Change ◽  
Educational Institutions ◽  
Hospice Movement ◽  
Treatment Equipment ◽  
Centered Care ◽  
The Individual

The hospice concept represents a return to humanistic medicine, to care within the patient's community, for family-centered care, and the view of the patient as a person. Medical, governmental, and educational institutions have recognized the profound urgency for the advocacy of the hospice concept. As a result, a considerable change in policy and attitude has occurred. Society is re-examining its attitudes toward bodily deterioration, death, and decay. As the hospice movement grows, it does more than alter our treatment of the dying. Hospices and home care de-escalate the soaring costs of illness by reducing the individual and collective burdens borne by all health insurance policyholders. Because hospices and home care use no sophisticated, diagnostic treatment equipment, their overhead is basically for personal care and medication. Also, the patient is permitted to die with dignity. Studies indicated that the patient of a hospice program will not experience the anxiety, helplessness, inadequacy, and guilt as will an acute care facility patient. Consequently, a hospice program can relieve family members and loved ones of various psychological disorders.

scholarly journals Personal Watercraft Incident Court Decisions: The Plaintiff’s Odds?

2021 ◽  
Vol 13 (9) ◽  
pp. 5096
Author(s):  
Eui-Yul Choi ◽  
Woo Jeong Cho
Keyword(s):  
Motor Vehicle ◽  
The United States ◽  
Insurance Companies ◽  
Court Decisions ◽  
Regression Analyses ◽  
Demographic Information ◽  
Slowing Down ◽  
Personal Watercraft ◽  
Successful Adults ◽  
Significant Factors

A personal watercraft (PWC) is a vessel that uses an inboard motor powering a water jet pump as a source of power and is operated by a person sitting, standing, or kneeling. Maneuvering a PWC is different from operating a motor vehicle or boat. An obstacle cannot be avoided by slowing down and turning the watercraft; throttle power is required to turn or maneuver the PWC. The watercraft stops only by drifting or turning sharply. The study examined sixty court decisions published in LexisNexis databases of the United States over the last decade. Cases included individuals injured while operating a PWC as a driver, passenger, or as a result of contact with a watercraft. A content analysis identified items to be used in the study. Crosstab and logistic regression analyses were used to identify demographic information and the characteristics of those who succeeded in a court of law. One-third of the cases were successful; adults, males, and the party who sustained a severe injury were more successful in a court of law with the exception of the statistically significant factors (high risk maneuvers and sharp turns). Among the additional results, we should be aware that insurance companies may not pay; additionally, it is unwise to loan a PWC to a female who has no experience.

Forum Non Conveniens and Antisuit Injunctions: An Update

1998 ◽  
Vol 92 (1) ◽  
pp. 41-43
Author(s):  
Andreas F. Lowenfeld
Keyword(s):  
New Jersey ◽  
New South ◽  
Product Liability ◽  
Federal Court ◽  
The United States ◽  
Insurance Companies ◽  
South Wales ◽  
The Supreme Court ◽  
Forum Non Conveniens ◽  
Court Of First Instance

In the April 1997 issue of the Journal, I reported on three cases in which the response to an action brought in the court of one country led not to an answer, but to a countersuit in another country—for an antisuit injunction, a declaration of nonliability or both. One of the cases I discussed arose out of a controversy between an asbestos manufacturer, CSR, and a group of insurance companies, the Cigna Group, that may or may not have been obligated to defend and indemnify the manufacturer in respect of claims in the United States for product liability. The manufacturer brought suit in federal court in New Jersey, raising both contract and antitrust claims. The insurers, as I reported, succeeded in securing an antisuit injunction in the Supreme Court of New South Wales (a court of first instance), and thereafter in defeating a motion by the manufacturer to stay or dismiss, on grounds of forum non conveniens, the insurers’ action seeking a declaration of nonliability. I thought that outcome was wrong: in my view, the Australian court should not have stepped into the controversy, and the insurers should have brought their challenge to the jurisdiction and suitable venue of the New Jersey court in that court.

Life Expectancy in Individuals With Type 2 Diabetes: Implications for Annuities

2009 ◽  
Vol 30 (3) ◽  
pp. 409-414 ◽  
Author(s):  
Hermione C. Price ◽  
Philip M. Clarke ◽  
Alastair M. Gray ◽  
Rury R. Holman
Keyword(s):  
Type 2 Diabetes ◽  
Life Expectancy ◽  
Cholesterol Level ◽  
Total Cholesterol Level ◽  
Insurance Companies ◽  
Age At Death ◽  
Life Annuity ◽  
Uk Government ◽  
The Uk

Background. Insurance companies often offer people with diabetes ‘‘enhanced impaired life annuity’’ at preferential rates, in view of their reduced life expectancy. Objective. To assess the appropriateness of ‘‘enhanced impaired life annuity’’ rates for individuals with type 2 diabetes. Patients. There were 4026 subjects with established type 2 diabetes (but not known cardiovascular or other life-threatening diseases) enrolled into the UK Lipids in Diabetes Study. Measurements. Estimated individual life expectancy using the United Kingdom Prospective Diabetes Study (UKPDS) Outcomes Model. Results. Subjects were a mean (SD) age of 60.7 (8.6) years, had a blood pressure of 141/83 (17/10) mm Hg, total cholesterol level of 4.5 (0.75) mmol/L, HDL cholesterol level of 1.2 (0.29) mmol/L, with median (interquartile range [IQR]) known diabetes duration of 6 (3—11) years, and HbA1c of 8.0% (7.2—9.0). Sixty-five percent were male, 91% white, 4% Afro-Caribbean, 5% Indian-Asian, and 15% current smokers. The UKPDS Outcomes Model median (IQR) estimated age at death was 76.6 (73.8—79.5) years compared with 81.6 (79.4—83.2) years, estimated using the UK Government Actuary’s Department data for a general population of the same age and gender structure. The median (IQR) difference was 4.3 (2.8—6.1) years, a remaining life expectancy reduction of almost one quarter. The highest value annuity identified, which commences payments immediately for a 60-year-old man with insulin-treated type 2 diabetes investing 100,000, did not reflect this difference, offering 7.4K per year compared with 7.0K per year if not diabetic. Conclusions. The UK Government Actuary’s Department data overestimate likely age at death in individuals with type 2 diabetes, and at present, ‘‘enhanced impaired life annuity’’ rates do not provide equity for people with type 2 diabetes. Using a diabetes-specific model to estimate life expectancy could provide valuable information to the annuity industry and permit more equitable annuity rates for those with type 2 diabetes.

The Political Manipulation of Macroeconomic Policy

1990 ◽  
Vol 84 (3) ◽  
pp. 767-795 ◽  
Author(s):  
John T. Williams
Keyword(s):  
Interest Rates ◽  
The United States ◽  
Real Income ◽  
Policy Cycle ◽  
Presidential Approval ◽  
Policy Changes ◽  
Macroeconomic Policies ◽  
Monetary Policies ◽  
Economic Forces ◽  
Party Differences

Conventional wisdom and some research indicate that macroeconomic policies follow cycles corresponding to political, as well as economic, forces. Using vector autoregression analysis, I test three models of monetary policy determination for the United States, 1953–1984: the electoral cycle model (that reelection motivations on the part of presidents create a policy cycle), the party differences model (that policy changes reflect revolving presidential party administrations), and the referendum model (that changes in presidential approval create, in effect, a continuing referendum, allowing presidents to monitor their success and change macroeconomic policies when necessary). Analysis shows that monetary policies, as measured by the monetary base and short-term interest rates, respond to the election cycle and presidential approval (although the effect on macroeconomic outcomes is ambiguous). Party differences are found in real income but are not very significant in other variables.

Health Care, Health Insurance, and the Distribution of American Incomes

2010 ◽  
Vol 13 (1) ◽  
Author(s):  
Gary Burtless ◽  
Pavel Svaton
Keyword(s):  
Health Care ◽  
Health Insurance ◽  
Panel Study ◽  
The United States ◽  
Medical Expenditure ◽  
Cash Income ◽  
Health Coverage ◽  
Money Income ◽  
Health Care Consumption ◽  
The Impact

Cash income offers an incomplete picture of the resources available to finance household consumption. Most American families are covered by an insurance plan that pays for some or all of the health care they consume. Only a comparatively small percentage of families pays for the full cost of this insurance out of their cash incomes. As health care has claimed a growing share of consumption, the percentage of care that is financed out of household incomes has declined. Because health care consumption is more important for some groups in the population than others, the growth in spending and changes in the payment system for medical care have reduced the value of standard income measures for assessing relative incomes of the rich and poor and the young and old. More than a seventh of total personal consumption now consists of health care that is purchased with government insurance and employer contributions to employee health plans. This paper combines health care spending and insurance reimbursement data in the Medical Expenditure Panel Study and money income and health coverage data in the Current Population Survey to assess the impact of health insurance on the distribution of income. Our estimates imply that gross money income significantly understates the resources available to finance household purchases. The estimates imply that a more complete measure of resources would show less inequality than the income measures that are currently used. The addition of estimates of the value of health insurance to countable incomes reduces measured inequality in the population and the income gap between young and old. If the analysis were extended over a longer period, it would show a sizeable impact of insurance on inequality trends in the United States.

scholarly journals Estimated transmissibility and impact of SARS-CoV-2 lineage B.1.1.7 in England

Science ◽  
2021 ◽  
Vol 372 (6538) ◽  
pp. eabg3055 ◽  
Author(s):  
Nicholas G. Davies ◽  
Sam Abbott ◽  
Rosanna C. Barnard ◽  
Christopher I. Jarvis ◽  
Adam J. Kucharski ◽  
...  
Keyword(s):  
United States ◽  
Severe Acute Respiratory Syndrome ◽  
Reproduction Number ◽  
The United States ◽  
Control Measures ◽  
Transmission Model ◽  
Educational Institutions ◽  
Stringent Control ◽  
Dynamic Transmission Model ◽  
Credible Intervals

A severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) variant, VOC 202012/01 (lineage B.1.1.7), emerged in southeast England in September 2020 and is rapidly spreading toward fixation. Using a variety of statistical and dynamic modeling approaches, we estimate that this variant has a 43 to 90% (range of 95% credible intervals, 38 to 130%) higher reproduction number than preexisting variants. A fitted two-strain dynamic transmission model shows that VOC 202012/01 will lead to large resurgences of COVID-19 cases. Without stringent control measures, including limited closure of educational institutions and a greatly accelerated vaccine rollout, COVID-19 hospitalizations and deaths across England in the first 6 months of 2021 were projected to exceed those in 2020. VOC 202012/01 has spread globally and exhibits a similar transmission increase (59 to 74%) in Denmark, Switzerland, and the United States.

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

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