MR. DOUGLAS C. DOLL:
- One of our problems is that we're not even sure, as a profession, what we mean by equity between persisting and terminating policyholders.
- The Society has set up a task force, chaired by Donna Claire, to investigate this issue.
- The Unruh Committee, I believe, in the 1970s came up with a definition of equity for nonforfeiture, that the terminating policyholder should not leave the persisting policyholders in a worse position. Even that definition of equity perhaps is not necessarily the final word.
1995 - PRACTICAL ILLUSTRATIONS AND NONFORFEITURE VALUES, Society of Actuaries - 14p