The Handbook of Variable Income Annuities

The Handbook of Variable Income Annuities
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作者:
出版社: Wiley
2006-07
版次: 1
ISBN: 9780471733829
定价: 1317.00
装帧: 精装
开本: 其他
纸张: 胶版纸
页数: 776页
正文语种: 英语
丛书: Wiley Finance
  • In-depthcoverageofvariableincomeannuitiesWithtrillionsofdollarsinretirementsavingsassets,thetensofmillionsofAmericansontheprecipiceofretirementneedtoconvertthesesavingsintoretirementincome.Thefactthatvariableincomeannuities(VIAs)generatemaximumlifetimeincomewithzeroprobabilityofoutlivingithasspurredtheneedformoreinformationaboutVIAs.TheHandbookofVariableIncomeAnnuitiesisbyfarthemostcomprehensivesourceofinformationonthistopic.ThisbookthoroughlydescribesthemostimportantprinciplesofoptimalassetliquidationanddemystifiesVIAmechanics,soreaderscangainahighcomfortlevelwiththisimportantfinancialinstrument.Interestinglyandclearly,TheHandbookofVariableIncomeAnnuitiesexplainsthemathematicalpricingofvariableincomeannuities,expectedratesofreturn,taxation,productdistribution,legalaspects,andmuchmore.JeffreyK.Dellinger(FortWayne,IN),aFellowoftheSocietyofActuariesandamemberoftheAmericanAcademyofActuaries,hasover25yearsexperienceinthefinancialservicessector.Headvisesinstitutionsonretirementincomeoptimization,products,andmarkets. JeffreyK.Dellinger,aFellowoftheSocietyofActuariesandamemberoftheAmericanAcademyofActuaries,hasovertwenty-fiveyearsofexperienceinthefinancialservicessector.AsPresidentofLongevityManagementCorporation,Mr.Dellingeradvisesinstitutionsonretirementincomeoptimization,products,andmarkets.Previously,Mr.DellingerheadedtheIndividualAnnuityProfitCenteratTheLincolnNationalLifeInsuranceCompany,thethirdlargestU.S.annuitywriter.WhileatLincoln,Mr.Dellingerdesignedeveryindividualannuityproductsold.DellingerisaPhiBetaKappagraduateofIndianaUniversity,withabachelor'sandmaster'sdegreeinmathematics. Preface

    Overview

    Chapter 1: Retirement Income Basics

     A Game

     Your Retirement

     Self-Management

     Fixed Annuities

     The Game Revisited

     Fixed Annuities Revisited

     Variable Annuities

     Shortcoming of Simplified Retirement Income Projections

     Shortcomings of Traditional Retirement Income Approach

     Retirement Income Basics Summary

    Chapter 2: Annuity Categorization

     Deferred versus Immediate Annuities

     Life-Contingent versus Non-Life-Contingent Annuities

     Tax-Qualified versus Non-Tax-Qualified Annuities

     Summary

    Chapter 3: Immediate Fixed Annuity Mechanics (Non-Life-Contingent)

     Approach

     Fixed Annuity Payout

     Immediate Fixed Annuity Asset-Liability Management

     Duration

     Duration Example

    Chapter 4: Immediate Variable Annuity Mechanics (Non-Life-Contingent)

     Approach

     Annuity Units

     Varying the AIR

     Volatility of Variable Annuity Income

     Immediate Variable Annuity versus Systematic Withdrawals

     Reverse Dollar Cost Averaging

     Owner Control after IVA Purchase

    Chapter 5: Annuity Payout Options

     History

     Annuity Options

     Considerations in Selecting an Annuity Option

     Immediate Variable Annuity Prospects

     Value Equivalence of Annuity Options

    Chapter 6: Annuitant Populations and Annuity Present Values

     Categorization and Characteristics

     Population Mathematics

     Annuity Mathematics (Life-Contingent)

     Annuity Mathematics (Non-Life-Contingent)

     Annuity Mathematics II (Life-Contingent)

     Alternate Derivation of Approximation Formula for Present Value of Annuities Payable More  Frequently than Annually

     Continuous Life-Contingent Annuities

     Varying Life-Contingent Annuities 

     Population Theory

     Mortality Improvement

     The Aging Process

     Aging Theories, Biomarkers, and Telomeres

     Force of Mortality

     Mortality Laws

     Mortality Tables

     Mortality Table Construction

     Considerations in Mortality Table Selection

     Formula-Based Mortality Tables

     Law of Large Numbers

     Life Expectancy

     Age Distribution Histograms

     Mortality Table as Survivorship Model

     Stationary Population

     Multilife Annuities

     Last Survivor Annuities

     Contingent Annuities

     Reversionary Annuities

     Last-Survivor Annuity with Pop-Up Provision

     Increasingly Important Concept in Tough Economic Times

    Chapter 7: Immediate Variable Annuity Subaccounts

    Chapter 8: Rate of Return

    Chapter 9: Reserves and Risk-Based Capital

    Chapter 10: Immediate Variable Annuity Taxation

    Chapter 11: Services and Fees

    Chapter 12: Product Distribution

    Chapter 13: Individual Immediate Variable Annuity Underwriting

    Chapter 14: Legal Issues

    Chapter 15: Securities Law

    Chapter 16: Forms of Insurance and Insurers

    Chapter 17: IVA Business Value to Annuity Company

    Chapter 18: Product Development Trends

    Chapter 19: Conclusion

    Notes

    Glossary

    About the Author

    Index to Notation

    Subject Index
  • 内容简介:
    In-depthcoverageofvariableincomeannuitiesWithtrillionsofdollarsinretirementsavingsassets,thetensofmillionsofAmericansontheprecipiceofretirementneedtoconvertthesesavingsintoretirementincome.Thefactthatvariableincomeannuities(VIAs)generatemaximumlifetimeincomewithzeroprobabilityofoutlivingithasspurredtheneedformoreinformationaboutVIAs.TheHandbookofVariableIncomeAnnuitiesisbyfarthemostcomprehensivesourceofinformationonthistopic.ThisbookthoroughlydescribesthemostimportantprinciplesofoptimalassetliquidationanddemystifiesVIAmechanics,soreaderscangainahighcomfortlevelwiththisimportantfinancialinstrument.Interestinglyandclearly,TheHandbookofVariableIncomeAnnuitiesexplainsthemathematicalpricingofvariableincomeannuities,expectedratesofreturn,taxation,productdistribution,legalaspects,andmuchmore.JeffreyK.Dellinger(FortWayne,IN),aFellowoftheSocietyofActuariesandamemberoftheAmericanAcademyofActuaries,hasover25yearsexperienceinthefinancialservicessector.Headvisesinstitutionsonretirementincomeoptimization,products,andmarkets.
  • 作者简介:
    JeffreyK.Dellinger,aFellowoftheSocietyofActuariesandamemberoftheAmericanAcademyofActuaries,hasovertwenty-fiveyearsofexperienceinthefinancialservicessector.AsPresidentofLongevityManagementCorporation,Mr.Dellingeradvisesinstitutionsonretirementincomeoptimization,products,andmarkets.Previously,Mr.DellingerheadedtheIndividualAnnuityProfitCenteratTheLincolnNationalLifeInsuranceCompany,thethirdlargestU.S.annuitywriter.WhileatLincoln,Mr.Dellingerdesignedeveryindividualannuityproductsold.DellingerisaPhiBetaKappagraduateofIndianaUniversity,withabachelor'sandmaster'sdegreeinmathematics.
  • 目录:
    Preface

    Overview

    Chapter 1: Retirement Income Basics

     A Game

     Your Retirement

     Self-Management

     Fixed Annuities

     The Game Revisited

     Fixed Annuities Revisited

     Variable Annuities

     Shortcoming of Simplified Retirement Income Projections

     Shortcomings of Traditional Retirement Income Approach

     Retirement Income Basics Summary

    Chapter 2: Annuity Categorization

     Deferred versus Immediate Annuities

     Life-Contingent versus Non-Life-Contingent Annuities

     Tax-Qualified versus Non-Tax-Qualified Annuities

     Summary

    Chapter 3: Immediate Fixed Annuity Mechanics (Non-Life-Contingent)

     Approach

     Fixed Annuity Payout

     Immediate Fixed Annuity Asset-Liability Management

     Duration

     Duration Example

    Chapter 4: Immediate Variable Annuity Mechanics (Non-Life-Contingent)

     Approach

     Annuity Units

     Varying the AIR

     Volatility of Variable Annuity Income

     Immediate Variable Annuity versus Systematic Withdrawals

     Reverse Dollar Cost Averaging

     Owner Control after IVA Purchase

    Chapter 5: Annuity Payout Options

     History

     Annuity Options

     Considerations in Selecting an Annuity Option

     Immediate Variable Annuity Prospects

     Value Equivalence of Annuity Options

    Chapter 6: Annuitant Populations and Annuity Present Values

     Categorization and Characteristics

     Population Mathematics

     Annuity Mathematics (Life-Contingent)

     Annuity Mathematics (Non-Life-Contingent)

     Annuity Mathematics II (Life-Contingent)

     Alternate Derivation of Approximation Formula for Present Value of Annuities Payable More  Frequently than Annually

     Continuous Life-Contingent Annuities

     Varying Life-Contingent Annuities 

     Population Theory

     Mortality Improvement

     The Aging Process

     Aging Theories, Biomarkers, and Telomeres

     Force of Mortality

     Mortality Laws

     Mortality Tables

     Mortality Table Construction

     Considerations in Mortality Table Selection

     Formula-Based Mortality Tables

     Law of Large Numbers

     Life Expectancy

     Age Distribution Histograms

     Mortality Table as Survivorship Model

     Stationary Population

     Multilife Annuities

     Last Survivor Annuities

     Contingent Annuities

     Reversionary Annuities

     Last-Survivor Annuity with Pop-Up Provision

     Increasingly Important Concept in Tough Economic Times

    Chapter 7: Immediate Variable Annuity Subaccounts

    Chapter 8: Rate of Return

    Chapter 9: Reserves and Risk-Based Capital

    Chapter 10: Immediate Variable Annuity Taxation

    Chapter 11: Services and Fees

    Chapter 12: Product Distribution

    Chapter 13: Individual Immediate Variable Annuity Underwriting

    Chapter 14: Legal Issues

    Chapter 15: Securities Law

    Chapter 16: Forms of Insurance and Insurers

    Chapter 17: IVA Business Value to Annuity Company

    Chapter 18: Product Development Trends

    Chapter 19: Conclusion

    Notes

    Glossary

    About the Author

    Index to Notation

    Subject Index
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