Surplus analysis for variable annuities with a GMDB option

In this paper, we analyze the insurance surplus for a Variable Annuity contract with a Guaranteed Minimum Death Benefit (GMDB) option. Initially, we derive the first two moments of the distribution of the surplus; and subsequently, we develop the whole distribution using a stochastic model which involves an integrated analysis of financial and mortality risk for a portfolio of annuities with GMDB embedded options. We offer a model according which the premium can be modified as per the forecasts of mortality probabilities, interest rate and fund evolution. Moreover, the study enables us to determine the premium that leads to a required probability of insolvency, and so it can be used for an evaluation of the adequacy of solvency. Numerical examples illustrate the results

Mortality risk and the valuation of annuities with guaranteed minimum death benefit options: application to the Italian population

In this note, we describe the payoff of Guaranteed Minimum Death Benefit options (GMDB) embedded in annuity contracts and discuss their valuation using data for the Italian male population as a case study. These put options have stochastic maturity dates due to the involuntary exercise at the moment of death. We value the GMDB as a weighted average price of a set of deterministic put options with different maturity dates, where the weights are the probability of death at every date. We take into account the mortality risk and investigate the sensitivity of the price of the option to changes in mortality probability using both deterministic and stochastic approaches

The Malta Foundation programme : one year on : part I

The Malta Foundation programme was launched in July 2009, In July 2010 the first group of foundation doctors were awarded their Foundation Achievement of Competence Document allowing them to proceed to the next step of their career, basic specialist training. The programme was set p with two main objectives: A. t improve the first two years of postgraduate training of doctors and to ensure that doctors achieved a level of competence enabling provision of safe patient care; and B. to reverse the exodus of Maltese medical graduates and retain an adequate proportion of doctors to allow the local health service to provide a good quality service. we present the results of the introduction of the Foundation programme to Malta and ask whether the main objectives have been achievedpeer-reviewe

The Malta Foundation Programme : one year on : pt.II

Part 1 of this article can be found in this link : https://www.um.edu.mt/library/oar//handle/123456789/12739Part 2 of the article. The Malta Foundation programme was launched in July 2009, In July 2010 the first group of foundation doctors were awarded their Foundation Achievement of Competence Document allowing them to proceed to the next step of their career, basic specialist training. The programme was set p with two main objectives: A. to improve the first two years of postgraduate training of doctors and to ensure that doctors achieved a level of competence enabling provision of safe patient care; and B. to reverse the exodus of Maltese medical graduates and retain an adequate proportion of doctors to allow the local health service to provide a good quality service. we present the results of the introduction of the Foundation programme to Malta and ask whether the main objectives have been achieved.peer-reviewe

The mortality of the Italian population: Smoothing techniques on the Lee--Carter model

Several approaches have been developed for forecasting mortality using the stochastic model. In particular, the Lee-Carter model has become widely used and there have been various extensions and modifications proposed to attain a broader interpretation and to capture the main features of the dynamics of the mortality intensity. Hyndman-Ullah show a particular version of the Lee-Carter methodology, the so-called Functional Demographic Model, which is one of the most accurate approaches as regards some mortality data, particularly for longer forecast horizons where the benefit of a damped trend forecast is greater. The paper objective is properly to single out the most suitable model between the basic Lee-Carter and the Functional Demographic Model to the Italian mortality data. A comparative assessment is made and the empirical results are presented using a range of graphical analyses.Comment: Published in at http://dx.doi.org/10.1214/10-AOAS394 the Annals of Applied Statistics (http://www.imstat.org/aoas/) by the Institute of Mathematical Statistics (http://www.imstat.org

Clinical practice guidelines : the way ahead

A seminar entitled `Clinical Practice Guidelines - The Way Ahead' was organised jointly by the Office of the Director General and the Department of Medicine on 5th March 2005. The aim of the seminar was to introduce the concept of Clinical Practice Guidelines into the framework of the medical and paramedical professions in Malta. It was well attended by around 80 delegates from most of the healthcare professions. The seminar was co-chaired by Dr Alfred Caruana Galizia, Chairman Department of Medicine and Dr Mariella Borg Buontempo, Consultant in Public Health, Office of the Director General.peer-reviewe

Tetanus : forgiven, not forgotten

Tetanus is an illness that is still prevalent although the incidence has markedly decreased largely due to immunisation programmes. The latest four cases managed at St. Luke's hospital over 2001-2002 are presented. All of these patients survived. We give an overview of the illness and discuss the cases and management. The potential benefit of using dual antibiotic therapy is questioned.peer-reviewe

Crusted (Norwegian) scabies treated with oral ivermectin : a case report and overview

Crusted (Norwegian) scabies is a severe and highly contagious form of infestation caused by the mite Sarcoptes scabiei var. hominis. It occurs in a subgroup of patients who are either immunocompromised or physically or mentally debilitated. Due to its atypical clinical presentation as well as difficulties associated with its management it presents a number of challenges both from a therapeutic aspect as well as from public health perspective. Failure to diagnose this condition may give rise to a massive epidemic when the patient is in an institutional setting. We describe a case of crusted scabies which occurred in a nursing home leading to an institutional outbreak. She received a combination of oral ivermectin and topical scabicidal with good results. This case highlights the importance of being alert to the possible diagnosis of crusted scabies and gives an overview of the condition as well as management strategies.peer-reviewe

The Mediterranean diet : how effective is it as an educational tool?

While epidemiological research on the protective role of the Mediterranean Diet (MD) is highly publicized, little is known about the effectiveness of MD education interventions. This literature review aimed to provide new insight into methodology and evaluation in the field of nutrition education.peer-reviewe