On the Valuation of Government Securities

1855 ◽  
Vol 5 (4) ◽  
pp. 310-315
Author(s):  
Edwin James Farren
Keyword(s):  
Considerable Importance ◽  
The Public ◽  
Life Assurance ◽  
Finance Minister ◽  
The Times ◽  
General Community

Among the indirect advantages to be derived by the public from the establishment of Life Assurance Companies, may be fairly cited that of fostering a system of elaborate calculation so closely allied to the fiscal requirements of the times, that, allowing for hyperbole, the nation's finance minister might in the present day be in some degree characterized as the nation's actuary. Whether the incidental possession of analogous qualifications to those expected in insurance managers will ever be indirectly exacted by the general community from its finance ministers, would perhaps be presumptuous in us as actuaries to further discuss; but certain it is that, apart from insurance and its ramifications, no other definite school has hitherto been presented in which financial questions, and especially those relating to contingent finance, have ever been so elaborately and usefully developed. The interest and annuity tables alone, of insurance writers, form indeed an addition to financial literature of considerable importance.

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.

On the Methods pursued at the Present Day for estimating the Value of Contingent Reversionary Interests

1855 ◽  
Vol 5 (3) ◽  
pp. 239-245
Author(s):  
Robert Tucker
Keyword(s):  
The Other ◽  
Considerable Importance ◽  
Average Amount ◽  
Fixed Rate ◽  
The Public ◽  
Life Assurance ◽  
Large Numbers ◽  
Whole Number ◽  
The Subject

The subject proposed for discussion this evening is one of considerable importance to all who engage in the pursuits of an actuary. The old practice of valuing life contingencies by a pet table of mortality and at one fixed rate of interest has long since been found to work unprofitably; and parties seeking investments in securities of this description have been compelled, for their own safety and advantage, to adjust the valuation of the actuary before determining the price to be given for the particular property under consideration. If such a state of things is unsatisfactory to the public, it must be equally so to the actuary to find his calculations used only as a partial guide, instead of being, as in fact they ought to be, the index by which a proposed purchaser may know the rate of interest and the other advantages to be derived by obtaining the security in question at the price fixed by the actuary. In the ordinary transactions of a Life Assurance Office, where the fluctuation in the rate of mortality is protected by the admission of large numbers, it is necessary also to protect its pecuniary interests by limiting the amount to be assured on each life. Even with this precaution, it not unfrequently happens that particular years have proved less favourable than might have been expected—not so much from an increase in the number of deaths, as from the average amount of the sums insured by the policies so lapsed being greater than the average of the whole number. When, however, the average of a number of years is taken, and the amount insured upon any one risk is properly limited, these fluctuations become less apparent and generally disappear.

EARLY AMERICAN CORPORATE REPORTING AND EUROPEAN CAPITAL MARKETS: THE CASE OF THE ILLINOIS CENTRAL RAILROAD, 1851–1861

2006 ◽  
Vol 33 (1) ◽  
pp. 3-24 ◽  
Author(s):  
Dale L. Flesher ◽  
Gary J. Previts ◽  
William D. Samson
Keyword(s):  
Social Contract ◽  
Financial Reporting ◽  
Annual Reports ◽  
Venture Capitalists ◽  
The Public ◽  
Early American ◽  
Corporate Reporting ◽  
New Development ◽  
Capital Intensive ◽  
General Community

This study of the annual reports of the Illinois Central Railroad (IC) from the 1850s supports a conclusion that the statements, as to form and content, were developed to serve the needs of two classes of investors and to inform the general community of the activities of the company. The need to report to the public as to the success of the company's role in its “social contract” to develop the state required details of a demographic nature, which were provided by the land commissioner. Operating results provided evidence of the ability to service the debts held by European investors and to inform British venture capitalists of the extent of the company's operations. This communication with the distant capital providers was a new development in financial reporting as the capital-intensive railroads experienced management and ownership separation on a scale not seen before. In summary, the IC provided annual reports more detailed and informative than those of other corporations of the period because of a need to provide European investors with evidence of management's activities.

Аmbiguous Temporality of Utopia

2021 ◽  
Vol 32 (4) ◽  
pp. 109
Author(s):  
Svetlana Neretina
Keyword(s):  
Private Property ◽  
Modern World ◽  
Thomas More ◽  
Creative Task ◽  
The Public ◽  
Theoretical Position ◽  
The World ◽  
Long Time ◽  
The Times ◽  
The Ideal

The article rejects the reading of Thomas More's Utopia as, first, a statement of More's own views on the ideal state and, accordingly, his definition not only as a humanist, but as a communist, and, secondly, an attempt is made to present the humanistic foundations of his ideas and ways of expressing them. These ways of expression are connected with the tropological way of his thinking, expressed through satire and irony, with an eye to ancient examples, which was characteristic of the philosophy, poetics and politics of humanism, one of the tasks of which was to try to build a new society (especially relevant in the period of geographical discoveries), architecture, an unprecedented ratio of natural objects (archimboldeski). The models for "Utopia" were the works of Plato, Lucian, and Cicero. It is written in the spirit of the times, with criticism of state structures, private property, the distinction between the private and the public, and openness to all ideas. Intellectual disorientation of readers is a specific creative task of More writer, his test of their ability to quickly change the optics, to consider history as an alternative world, radically different from our own, but connected with it. Thanks to an extremely pronounced intellectual tension, it goes beyond the limits of time, like the works of Plato, Aristotle, Augustine, Marx... Utopia can be represented as a dystopia, if we take into account the performative nature of the latter, which contributes to the instantaneous translation of words into action, realizing the world of utopia. Dystopia is the answer to utopia with a change of sign: about the same thing, changing the optics, you can say "yes" and "no". This means that in the modern world, indeed, and for a long time, virtual consciousness becomes little different from the real one, and imagination replaces the theoretical position, acquiring its form, turning theory into fiction. A hypothesis is put forward about the presence of many utopian countries in" Utopia": Achorians, Polylerites, Macarians, Anemolians.

On the Life Assurance Companies of Germany—their Constitution, Condition and Prospects: being the substance of a Paper presented to the Institute of Actuaries

1853 ◽  
Vol 3 (2) ◽  
pp. 134-147 ◽  
Author(s):  
Herr Rath G. Hopf
Keyword(s):  
Old Age ◽  
Successful Development ◽  
The Public ◽  
Life Assurance ◽  
High Profit ◽  
Mode Of Life

Next to England, Germany is the country in which the principles of life assurance have had the most successful development. It is true the more recent French Companies, La Caisse Paternelle, L'Equitable, La Caisse des Ecoles et des Families, which also call the assurances granted by them assurances sur la vie, show a greater extension in a shorter time; but what they guarantee to the public are not life assurances in our sense of the word. They are neither assurances granted for previously specified sums, nor is the payment of the claim dependent on the death of the assured. The more modern French life assurances are rather indefinite reversions obtained by paying in any sum the assured pleases, the interest of which (as in the Tontines), according to the mortality found to prevail in the different classes, may prove sometimes greater, sometimes less, and is only divided amongst those who attain the term of life which may have been previously agreed on. The contributions of those who die early, together with the interests thereon, go to augment the dividends to the surviving members. Whilst life assurance amongst the English and Germans is therefore calculated to be on the death of the assured a source of provision for their families, the more recent mode of life assurance amongst the French principally aims at granting to the assured himself, in his lifetime, an annuity or sum of money, which, increasing according as the computations are made for an earlier or later period, affords him the means of extending his business, of completing his education, of securing a dowry on marriage, or a provision in old age. In consequence, partly of the prospect of selfenjoyment of the reserve thus made, partly the possibility of obtaining a high profit for a small investment through a greater mortality in the classes than the tables assumed, this kind of assurance became very much in vogue amongst the French. Recently, however, a clearer understanding of the matter, and the exposure of some deceptions which a few of the Companies or their managers have been guilty of, have in some degree cooled the public favour.

scholarly journals Why has the COVID-19 pandemic increased support for Universal Basic Income?

2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Daniel Nettle ◽  
Elliott Johnson ◽  
Matthew Johnson ◽  
Rebecca Saxe
Keyword(s):  
Economic Situation ◽  
Policy Preferences ◽  
Effect Sizes ◽  
Transfer System ◽  
Basic Income ◽  
The Public ◽  
Social Transfer ◽  
The Times ◽  
Changing World

AbstractThe onset of the 2020 global COVID-19 pandemic led to a marked increase in positive discussion of Universal Basic Income (UBI) in political and media circles. However, we do not know whether there was a corresponding increase in support for the policy in the public at large, or why. Here, we present three studies carried out during 2020 in UK and US samples. In study 1 (n = 802, April 2020), people expressed much stronger support for a UBI policy for the times of the pandemic and its aftermath than for normal times. This was largely explained by the increased importance they attached, in the pandemic context, to a system that is simple and efficient to administer, and that reduces stress and anxiety in society. In study 2 (n = 400, May 2020), we pitted UBI against a conditional targeted social transfer system. Preferences for UBI were stronger for pandemic times than for normal times. This was partially explained by a number of perceived advantages, such as simplicity of administration and suitability for a changing world. In study 3 (n = 397, September 2020), we found that the headline results of studies 1 and 2 persisted six months after the onset of the pandemic, albeit with attenuated effect sizes. Our results illustrate how a changing social and economic situation can bring about markedly different policy preferences, through changes in citizens’ perceptions of what is currently important.

scholarly journals ANALYSIS AND DESIGN OF Q-STORE MARKETPLACE  CASE STUDY OF TEMBILAHAN

2020 ◽  
Vol 2 (1) ◽  
pp. 15-28
Author(s):  
Irwandi Rizki Putra ◽  
Muh. Rasyid Ridha
Keyword(s):  
Technological Development ◽  
Human Life ◽  
Unified Modeling Language ◽  
Business World ◽  
Unified Modeling ◽  
The Public ◽  
Analysis And Design ◽  
Online Marketplace ◽  
The Times

Along with the times, technology and information are developing rapidly in various sectors in terms of human life. In the business world, technological development is very helpful in many ways. The phenomenon that occurs at this time is the increasingly widespread competition in the business world, especially in the field of marketplace in getting consumers to the emergence of various online marketplace sites. So far, Tembilahan online shop business is only known through social media such as Facebook, Whatsapp and Instagram or verbally to the public. Therefore, researchers are interested in taking a title, namely Marketpleace Q-Store Market Analysis and planning. Tembilahan Case Study aims to become a media promotion, and can make it easier for people to find goods that they want. In designing this Marketplace, the analysis used is PIECES and UML (Unified Modeling Language) as modeling and using the Framework code igniter to facilitate researchers in building systems. With the implementation of the Marketplace Q-Store, it provides a platform for seller to market their products.

As Heard on…

2021 ◽  
pp. 603-624
Author(s):  
Justin Patch
Keyword(s):  
Online Advertising ◽  
Political Advertising ◽  
Emotional Content ◽  
The Other ◽  
Nuclear War ◽  
Film Scores ◽  
The Public ◽  
The Media ◽  
The Times ◽  
Musical Elements

The musical elements of political advertising change with the times. From songsters, contrafactum songs with lyrics that extoll one candidate or party and denigrate the other, to television and radio jingles and online ads, the aesthetics of the campaign mirror the media diet of the public. Early television ads imitated jingles of the day: They were simple, catchy, and repetitive. Both Eisenhower’s “Ike for President” and Kennedy’s “Kennedy” follow this mold. Johnson’s 1964 campaign breaks this mold with “Daisy,” an anti-Goldwater ad known for deploying the eerie sounds of nuclear war. Successive campaigns sought to use a similar recipe, employing cues from film scores and trailers to dictate the emotional content of the ad. Recently, online advertising has bloomed, including tribute videos and promotional spots made by citizens and submitted to the campaign, adding grassroots allure and authenticity.

Cauzele justificative și transmiterea unor boli infectocontagioase

2020 ◽  
Vol 2020 (2020) ◽  
pp. 319-347
Author(s):  
Dorel HERINEAN ◽  
Keyword(s):  
Public Health ◽  
Infectious Diseases ◽  
Criminal Law ◽  
Social Value ◽  
Legal Practice ◽  
The Public ◽  
The Law ◽  
The Times ◽  
Near Future

In the context of the COVID-19 pandemic, this article analyses some possibilities provided by the law in order to protect the public health or the health of an individual, respectively the commission of certain actions sanctioned by the criminal law under the incidence of the justification causes, with the consequence of their lack of criminal character. Whether it is the means of retaliation or rescue that can be used by a person facing the transmission of infectious diseases, the actions necessary to prevent or combat the pandemic that the law authorizes or the availability or not of a person's health as a social value, the situations that may appear in the near future in the legal practice have not been previously studied by the doctrine and have an element of novelty. Thus, the article makes, based on some theoretical exercises, a punctual analysis of some problems of application and interpretation that could intervene and for which are offered, most of the times, generic, principled landmarks, but also some concrete solutions on the incidence or exclusion from the application of the justification causes.

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