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Risk Classification in Life Insurance

  • Book
  • © 1983

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Authors:
  1. J. David Cummins
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  2. Barry D. Smith
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  3. R. Neil Vance
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  4. Jack L. VanDerhei
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Table of contents (16 chapters)

  1. Front Matter

    Pages i-xix
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  2. Introduction

    1. Introduction

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 1-8

  3. Fundamentals of Risk Classification

    1. Front Matter

      Pages 9-9
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    2. The Theory of Insurance Pricing: Loss Distributions and Expected Value

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 11-25

    3. The Economic Role of Risk Classification

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 27-62

    4. Heterogeneity in Risk Classification

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 63-81

    5. Fairness in Risk Classification

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 83-92

    6. Conclusions to Part I

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 93-98

  4. Current Risk Classification Procedures

    1. Front Matter

      Pages 99-99
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    2. Introduction: Overview of Risk Classification

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 101-120

    3. The Nonmedical Application

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 121-130

    4. Underwriting Medical Impairments

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 131-176

    5. Nonphysical Underwriting Factors

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 177-213

    6. Conclusions to Part II

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 215-220

  5. Multivariate Analysis of Underwriting Risk Factors and Mortality

    1. Front Matter

      Pages 221-221
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    2. Introduction

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 223-226

    3. A Multiple logistic Methodology for the Estimation of Risk Classification Models

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 227-240

    4. The Effect of Physical and Mental Impairments on the Annual Probability of a Policy Terminating by Death

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 241-275

    5. Comparison of Logistic Model Results with Other Data

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 277-320

    6. Summary and Conclusions for Part III

      • J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei
      Pages 321-325
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Keywords

About this book

The research project leading to this book was initiated in the fall of 1979 when the American Council of Life Insurance (ACLI) contacted Dan McGill, chairman of the Wharton School Insurance Department, about conducting a study on risk classification in life insurance. The ACLI was concerned about legislative and judicial activity in this area and its potential effects on the life insurance industry. A meeting was held at the ACLI offices in Washington, D.C., between several members of the ACLI staff and Dan McGill and David Cummins representing the Wharton School insurance department. An agreement was reached that a study would be conducted at Wharton dealing with issues in risk classification. Although the staff of the ACLI suggested directions the study might take, it was agreed that the design and execution of the study would be solely under the control of the researchers. The researchers also retained unrestricted publication rights in the results of the study. This agreement has been honored by the ACLI during the course of the project.

Bibliographic Information

  • Book Title: Risk Classification in Life Insurance

  • Authors: J. David Cummins, Barry D. Smith, R. Neil Vance, Jack L. VanDerhei

  • Series Title: Huebner International Series on Risk, Insurance and Economic Security

  • DOI: https://doi.org/10.1007/978-94-017-2911-6

  • Publisher: Springer Dordrecht

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media New York 1983

  • Hardcover ISBN: 978-0-89838-114-6Published: 31 December 1982

  • Softcover ISBN: 978-90-481-5811-9Published: 15 December 2010

  • eBook ISBN: 978-94-017-2911-6Published: 09 March 2013

  • Series ISSN: 0924-5014

  • Edition Number: 1

  • Number of Pages: XIX, 336

  • Topics: Finance, general

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