The Impact of Surplus Distribution on the Risk Exposure of With Profit Life Insurance Policies Including Interest Rate Guarantees

This paper analyzes the numerical impact of different surplus distribution mechanisms on the risk exposure of a life insurance company selling with profit life insurance policies with a cliquet-style interest rate guarantee. Three representative companies are considered, each using a different type of surplus distribution: A mechanism, where the guaranteed interest rate also applies to surplus that has been credited in the past, a slightly less restrictive type in which a guaranteed rate of interest of 0% applies to past surplus, and a third mechanism that allows for the company to use former surplus in order to compensate for underperformance in “bad” years. Our study demonstrates that regulators should be very careful in deciding which design of a distribution mechanism is to be enforced. Within our model framework, a distribution mechanism of the third type yields preferable results with respect to the considered risk measure. In particular, throughout the analysis, our representative company 3 faces ceteris paribus a significantly lower shortfall risk than the other two companies. Requiring “strong” guarantees puts companies at a significant competitive disad¬vantage relative to insurers which are subject to regulation that only requires the third type of surplus distribution mechanism. This is particularly true, if annual minimum participation in the insurer’s investment returns is mandatory for long term contracts

Families, life events and family service delivery

Life events or transitions are understood to be circumstances that have an unsettling element for individuals (and from a systemic perspective, for family members also). Life events or transitions, even when pursued and ultimately beneficial, usually require adjustment on one or more fronts and relinquishment of at least some areas of familiarity. Examples of life events include: births, establishing a new relationship, moving house, entering the education system, starting a new job, experiencing a physical or mental illness, deaths, and so on. The Australian Institute of Family Studies (the Institute; AIFS) has completed this literature review on life events at the request of the Portfolio Department of Human Services (the Department; DHS)

Traumatic experiences and life events in people with \ud intellectual disability

Purpose of review \ud The aim of this article is to present and critically evaluate recent research on life events and traumatic experiences as predictors of psychopathology in people with intellectual \ud disability. \ud \ud Recent findings \ud The area has not developed significantly in the last years. Although life events have been associated with a range of mental health problems, only few studies have tried to clarify their role in psychopathology. It is often the case that differences between life events and traumatic experiences have been overlooked, mainly because establishing a clear cut-off point between the two types of events is not always possible. In addition, traumatic experiences per se, and as potential predictors of psychopathology, have been scarcely investigated in people with intellectual disability. \ud \ud Summary \ud The role of recent life events and traumatic experiences across the life-span of people with intellectual disability deserves more research. An outstanding question is whether these events are risk factors or triggering factors, as well as how to differentiate between traumatic and life events. Identifying possible protective factors for mental health seems to be a very promising line for future research with important clinical implications. \u

Who uses foodbanks and why? Exploring the impact of financial strain and adverse life events on food insecurity

Background Rising use of foodbanks highlights food insecurity in the UK. Adverse life events (e.g. unemployment, benefit delays or sanctions) and financial strains are thought to be the drivers of foodbank use. This research aimed to explore who uses foodbanks, and factors associated with increased food insecurity. Methods We surveyed those seeking help from front line crisis providers from foodbanks (N = 270) and a comparison group from Advice Centres (ACs) (N = 245) in relation to demographics, adverse life events, financial strain and household food security. Results About 55.9% of foodbank users were women and the majority were in receipt of benefits (64.8%). Benefit delays (31.9%), changes (11.1%) and low income (19.6%) were the most common reasons given for referral. Compared to AC users, there were more foodbank users who were single men without children, unemployed, currently homeless, experiencing more financial strain and adverse life events (P = 0.001). Food insecurity was high in both populations, and more severe if they also reported financial strain and adverse life events. Conclusions Benefit-related problems appear to be a key reason for foodbank referral. By comparison with other disadvantaged groups, foodbank users experienced more financial strain, adverse life events, both increased the severity of food insecurity

The association between life events, social support, and antibody status following thymus-dependent and thymus-independent vaccinations in healthy young adults

This study determined whether stressful life events and social support were related to antibody status following both thymus-dependent and thymus-independent vaccinations. Life events in the previous year and customary social support were measured in 57 healthy students at baseline. Antibody status was also assessed at baseline and at five weeks and five months following vaccination with the trivalent influenza vaccine and the meningococcal A+C polysaccharide vaccine. Taking into account baseline antibody titre, high life events scores prior to vaccination were associated with lower responses to the B/Shangdong influenza strain at both five weeks and five months and meningococcal C at five weeks. Life events scores were not associated with response to the other two influenza viral strains nor response to meningococcal A. Those with high social support scores had stronger 5-week and 5-month antibody responses to the A/Panama influenza strain, but not to any of the other strains. These associations could not be accounted for by demographic or health behaviour factors, and also emerged from analyses comparing those who exhibited a four-fold increase in antibody titre from baseline with those who did not. Life events and social support were related to antibody status following influenza vaccination in distinctive ways that may be partly determined by vaccine novelty and prior naturalistic exposure. Life events also predicted poor antibody response to meningococcal C polysaccharide vaccination after previous meningococcal C conjugate vaccination. Neither psychosocial factor was associated with response to primary meningococcal A polysaccharide vaccination

Psychology well- being at workplaces

Psychological well-being indicates the existence of positive relationships with others, personal personality, autonomy, meaning in life, and personal growth and development. According to Ronald (2017), psychology well-being is a balance between challenging life events and rewarding, and is achieved through a balance of affected life events

The relationship of regret and the negative impact of life events on life satisfaction : a thesis presented in partial fulfilment of the requirements for the degree of Master of Arts in Psychology at Massey University

The present study provided a comparative, descriptive account, across age and gender, of the content and incidence of regret along ten domains; namely, career, finance, leisure, health, family relationships, relationships with friends, intimate relationships, sexual relations, education, and spiritual or religious life. The relationships between regret and life satisfaction, negative impact of life events and life satisfaction, and regret and negative impact of life events were also investigated. The role of negative impact of life events as a mediator and moderator of the relationship between regret and life satisfaction was also explored. The questionnaire comprised an 11-item life satisfaction scale, a modified 46-item Life Experiences Survey, a specifically developed 83-item regret scale and a 20-item regret scale validity check. One hundred and sixty-one adults, comprising 71 males and 90 females, across an age range of 22 to 82 years, completed the questionnaire. Results showed that most respondents experienced some form of regret and these tended to cluster around Family Relationships, Health and Spiritual or Religious Life. Age and gender differences were found mainly at the domain level, with female and older adults reporting regret in more domains than males and younger adults. Overall levels of life satisfaction were clustered along a narrow band ranging from equally satisfied and dissatisfied, to pleased. The level of negative impact of life events showed no age or gender differences. Individuals experiencing greater regret and negative impact of life events, also reported lower life satisfaction. Individuals who reported greater negative impact of life events also reported experiencing higher levels of regret. Negative impact of life events was found to both moderate and partially mediate the relationship between regret and life satisfaction. The study also identified age and gender to be salient to regret research, especially at the domain level. It is suggested that future research focuses its efforts at the domain level, so that the relational complexities that exist between regret and life satisfaction that have hitherto remained hidden in research conducted at a global level can be unmasked

Stressful life-events exposure is associated with 17-year mortality, but it is health-related events that prove predictive

Objectives Despite the widely-held view that psychological stress is a major cause of poor health, few studies have examined the relationship between stressful life-events exposure and death. The present analyses examined the association between overall life-events stress load, health-related and health-unrelated stress, and subsequent all-cause mortality.\ud \ud Design This study employed a prospective longitudinal design incorporating time-varying covariates.\ud \ud Methods Participants were 968 Scottish men and women who were 56 years old. Stressful life-events experience for the preceding 2 years was assessed at baseline, 8–9 years and 12–13 years later. Mortality was tracked for the subsequent 17 years during which time 266 participants had died. Cox's regression models with time-varying covariates were applied. We adjusted for sex, occupational status, smoking, BMI, and systolic blood pressure.\ud \ud Results Overall life-events numbers and their impact scores at the time of exposure and the time of assessment were associated with 17-year mortality. Health-related event numbers and impact scores were strongly predictive of mortality. This was not the case for health-unrelated events.\ud \ud Conclusions The frequency of life-events and the stress load they imposed were associated with all-cause mortality. However, it was the experience and impact of health-related, not health-unrelated, events that proved predictive. This reinforces the need to disaggregate these two classes of exposures in studies of stress and health outcomes.\u

Income dynamics and the life cycle

This paper argues that our understanding of income and poverty dynamics benefits from taking a life cycle perspective. A person¿s age and family circumstances ¿ the factors that shape their life cycle ¿ affect the likelihood of experiencing key life events, such as partnership formation, having children, or retirement; this in turn affects their probability of experiencing rising, falling, or other income trajectories. Using ten waves of the British Household Panel Survey, we analyse the income trajectories of people at different stages in their lives in order to build a picture of income dynamics over the whole life cycle. We find that particular life events are closely associated with either rising or falling trajectories, but that there is considerable heterogeneity in income trajectories following these different events. Typically, individuals experiencing one of these life events are around twice as likely to experience a particular income trajectory, but most individuals will not follow the trajectory most commonly associated with that life event. This work improves our understanding of the financial impact of different life events and provides an indication of how effectively the welfare state cushions people against the potentially adverse impact of certain events

A simple statistical method for measuring how life events affect happiness

Background Life events—like illness, marriage, or unemployment—have important effects on people. But there is no accepted way to measure the different sizes of these events upon human happiness and psychological health. By using happiness regression equations, economists have recently developed a method. Methods We estimate happiness regressions using large random samples of individuals. The relative coefficients of income and life events on happiness allow us to calculate a monetary ‘compensating amount’ for each kind of life event. Results The paper calculates the impact of different life events upon human well-being. Getting married, for instance, is calculated to bring each year the same amount of happiness, on average, as having an extra £70 000 of income per annum. The psychological costs of losing a job greatly exceed those from the pure drop in income. Health is hugely important to happiness. Widowhood brings a degree of unhappiness that would take, on average, an extra £170 000 per annum to offset. Well-being regressions also allow us to assess one of the oldest conjectures in social science—that well-being depends not just on absolute things but inherently on comparisons with other people. We find evidence for comparison effects. Conclusion We believe that the new statistical method has many applications. In principle, it can be used to value any kind of event in life