变动收入年金手册 THE HANDBOOK OF VARIABLE INCOME ANNUITIES
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作者： Jeffrey K. Dellinger著
出 版 社： 吉林长白山
出版时间： 2006-12-1字数：版次： 1页数： 776印刷时间： 2006/12/01开本：印次：纸张： 胶版纸I S B N ： 9780471733829包装： 精装编辑推荐
作者简介：
Jeffrey K. Dellinger, a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries, has over twenty-five years of experience in the financial services sector. As President of Longevity Management Corporation, Mr. Dellinger advises institutions on retirement income optimization, products, and markets. Previously, Mr. Dellinger headed the Individual Annuity Profit Center at The Lincoln National Life Insurance Company, the third largest U.S. annuity writer. While at Lincoln, Mr. Dellinger designed every individual annuity product sold. Dellinger is a Phi Beta Kappa graduate of Indiana University, with a bachelor's and master's degree in mathematics.
内容简介
With trillions of dollars in retirement savings assets, the tens of millions of Americans on the precipice of retirement need to convert these savings into retirement income. The fact that variable income annuities (VIAs) generate maximum lifetime income with zero probability of outliving it has spurred the need for more information about VIAs. The Handbook of Variable Income Annuities is by far the most comprehensive source of information on this topic. This book thoroughly describes the most important principles of optimal asset liquidation and demystifies VIA mechanics, so readers can gain a high comfort level with this important financial instrument. Interestingly and clearly, The Handbook of Variable Income Annuities explains the mathematical pricing of variable income annuities, expected rates of return, taxation, product distribution, legal aspects, and much more.
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