Prospective Lifetables: Life Insurance Pricing and Hedging in a Stochastic Mortality Environment

In life insurance, actuaries have traditionally calculated premiums and reserves using a deterministic mortality intensity, which is a function of the age of the insured only. Over the course of the 20th century, the population of the industrialized world underwent a major mortality transition, with a dramatic decline in mortality rates. The mortality decline has been dominated by two major trends: a reduction in mortality due to infectious diseases affecting mainly young ages, and a decrease in mortality at old ages. These mortality improvements have to be taken into account to price long-term life insurance products and to analyse the sustainability of social security systems. In this paper, we argue that pricing and reserving for pension and life insurance products requires dynamic (or prospective) lifetables. We briefly review classic and recent projection methods and adopt a Poisson log-bilinear approach to estimate Portuguese Prospective Lifetables. The advantages of using dynamic lifetables are twofold. Firstly, it provides more realistic premiums and reserves, and secondly, it quantifies the risk of the insurance companies associated with the underlying longevity risks. Finally, we discuss possible ways of transferring the systematic mortality risk to other parties.

Política de defesa de Angola

Comunicação proferida pelo Brigadeiro Armindo Bravo da Rosa, no IDN no dia 27 de Abril de 2010, no âmbito do ciclo de conferências intitulado Visões Globais para a Defesa

Analysis of the printing industry concerning the use of ecological products

One of the issues of great importance and under discussion in the printing industry is the recent demand for environmentally sustainable processes and products. Nowadays this theme can no longer be ignored. It is not just the preservation of the environment that is at stake. The future profitability of companies in the sector is directly linked to the way sustainable production issues are addressed today. The question is: what must we do to make printing an ecologically sustainable process? The answer lies in changing habits: reducing waste and buying organic products, for example, both reduce environmental impact and increase the value of the product. In this aspect, the most important thing is to train employees properly. In addition, caring for raw materials also makes the difference: the use of recyclable coatings and laminates, as well as adhesives low in VOC (Volatile Organic Compounds), similarly reduce environmental impact and increase product value. ADVANTAGE OF BEING "GREEN" Most companies welcome ecological practices only and exclusively because of their concern for the planet. However, ecological practices also mean increased profits and pioneer companies will have a considerable advantage over those left behind because of not having realized it before. The investment in cutting-edge technology and in professionals with adequate training becomes fundamental, so that the companies of this sector can compete and follow the great international movements of printing companies, or local competitors, presenting pieces of work with high quality at reduced prices and shorter deadlines.Um dos assuntos de maior importância e sob discussão na indústria gráfica é a recente procura por produtos e processos com vista a um ambiente sustentável. Actualmente, este tema não pode mais ser ignorado. Não é apenas pela preservação do ambiente que este assunto é importante. A futura rentabilidade das empresas neste sector está directamente ligada ao cumprimento de parâmetros de produção sustentável. A questão é: o que devemos nós fazer para dotar a indústria gráfica de processos ecologicamente sustentáveis? A resposta assenta numa mudança de hábitos: reduzir resíduos e adquirir ssencialmente produtos orgânicos, por exemplo, reduzem o impacto ambiental e incrementam o valor do produto. Neste aspecto, um dos vectores mais importante é treinar adequadamente os colaboradores. Um cuidado especial com as matérias primas também fará toda a diferença: o uso de revestimentos e laminados recicláveis, assim como gomas com menor índice de componentes voláteis orgânicos, ajudará também a reduzir o impacto ambiental e a incrementar o valorizar o produto final. A VANTAGEM DE SER "VERDE" A maioria das empresas está receptiva a práticas ecológicas apenas exclusivamente devido a preocupações ambientais. Todavia, as práticas ecológicas também poderão significar acréscimo dos lucros, já que as empresas pioneiras neste sentido terão vantagens competitivas face às restantes, que, não o fazendo agora, irão ter que o fazer mais tarde. O investimento em tecnologia de ponta e profissionais com a adequada formação torna-se fundamental, pois só assim as empresas deste sector poderão competir e seguir o percurso das empresas internacionais na área da impressão, ou concorrentes locais, apresentando produtos com elevada qualidade a preços reduzidos, dentro dos prazos de entrega expectáveis

Putting the reader in the picture. Screen translation and foreign-language learning

Although Portugal is traditionally a subtitling country, with regular exposure to English audiovisual materials, the population's foreign-language skills (English) appear as statistically low. This research seeks to evaluate translation, as an activity in the educational area, and its relevance to foreign-language development and learning; it aims specifically at evaluating the effectiveness of subtitling as a language-learning tool amongst learners in Portugal.The data resulted from three studies. The first two tested the understanding of content through exposure to subtitles. The third evaluated the production skills of EFL students, in a very specific area of language - idiomatic expressions-, via the use of the mother-tongue, after prior exposure to subtitled material.The findings from the 3 studies indicate that the presence of subtitles, interlingual or intralingual, always contribute towards viewers' comprehension of the content, even in culture-specific areas such as idioms. Putting the reader in the picture: screen translation and foreign-language learning Abstract Although Portugal is traditionally a subtitling country, with regular exposure to English audiovisual materials, the population's foreign-language skills (English) appear as statistically low. This research seeks to evaluate translation, as an activity in the educational area, and its relevance to foreign-language development and learning; it aims specifically at evaluating the effectiveness of subtitling as a language-learning tool amongst learners in Portugal. The data resulted from three studies. The first two tested the understanding of content through exposure to subtitles. The third evaluated the production skills of EFL students, in a very specific area of language - idiomatic expressions-, via the use of the mother-tongue, after prior exposure to subtitled material. The findings from the 3 studies indicate that the presence of subtitles, interlingual or intralingual, always contribute towards viewers' comprehension of the content, even in culture-specific areas such as idioms