Waiver of Premium Research Study Results

Jennifer Fleck, FSA, MAAA

The Society of Actuaries’ (SOA) Product Development Section has recently completed a research study regarding waiver of premium/deduction riders attached to individual life products. This session will share the results of the survey that dug into how these riders were designed, developed, managed, and reserved for. The current valuation standard for these riders is based on the 1952 Disability Study of the SOA. We will review the tables included in the 1952 Disability Study and compare them to tables that have been developed since then for use with other disability products. This session will be of interest to any actuary working in life or disability insurance, whether on group or individual products.

Jennifer Fleck is a consulting actuary with the Portland, Maine, office of Milliman specializing in disability and group life insurance. Her areas of expertise include product design, pricing, reinsurance, and financial modeling. Prior to joining Milliman, Jennifer had over 20 years of experience pricing and managing various products, from both a direct and a reinsurance perspective, including group disability, life, retirement plans and health, and individual life and annuities. Jennifer was previously with Sun Life Financial, Unum, and The Hartford, where she held senior actuarial roles in pricing (both large and small cases), modeling, data management, reinsurance pricing and client management. Jennifer is the vice-chairperson of SOA Waiver of Premium Experience Study Committee and a member of the SOA Group Life Experience Committee.

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