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Market Based Tools for Managing the Life Insurance Company
In this paper we present an approach to market based valuation of life insurance policies, in the spirit of the NUMAT proposed by Hans Buehlmann (2002) in an editorial in the ASTIN Bulletin. We have experienced the valuation method for more than one decade, both as a pricing procedure applied to policy portfolios of leading insurance companies, and by including the valuation principles into several actuarial teaching activities.
Our interest is mainly focused here on participating policies that in Italy are characterized by contractually binding profit sharing rules. The problem of the fair valuation of the liabilities generated to the insurer by these contracts can be conveniently addressed using the methods of contingent claims pricing. These allow to price correctly the options embedded into the policies and to implement consistent plans of asset-liability management. The approach also provides a market based measurement of the value of business in force for outstanding policy portfolios and consistent assessments of the financial risk based capitals
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Bilateral Rupture of the Palmar Carpal Ligament in a Horse Suffering from Acute Diaphragmatic Hernia
A 20-year-old Argentinian gelding was evaluated for sudden weakness, muscular
tremors, tachypnea, and reluctance to move. On admission, a mild bilateral hyperextension
of the carpi was noticed. On the basis of the clinical, laboratory, and ultrasonographic
!ndings, a diagnosis of diaphragmatic hernia was made. During con!nement, the
hyperextension of the carpi worsened. Because radiographic examination of both carpi
revealed palmar-lateral diastasis of the accessory carpal bone, bilateral rupture of the
palmar carpal ligament (PCL) was suspected. Gross pathology con!rmed the diaphragmatic
hernia and the bilateral rupture of the PCL. Rupture of a PCL in a horse has been
previously described, and conformation of the forelimb of that horse was similar to that
of the horse in the case described in this article
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