### Table 40. The Effect of Mortality Risk

"... In PAGE 27: ... Under this condition, the same income, we want to choose the portfolio with minimum maximum dispersion to be the best portfolio of the five insurance policies. The part combination results of the portfolios are list in Table40 - Table 44 and the ranked maximum dispersion of the portfolios are depicted in Figure 27 - Figure 30. When we consider mortality risk, the portfolio with minimum maximum dispersion is composed of 10% endowment, 60% pure endowment, 10% whole life insurance and 20% annuity.... In PAGE 27: ... The portfolio with the largest maximum dispersion is selling term life insurance only. From Table40... In PAGE 48: ... 47 Table40 ~ Table 44 ---- Risk Statistics of Portfolio Table 40. The Effect of Mortality Risk ... ..."

### Table 2: Statistical association of risk variables with mortality

### Table 41. The Combined Effect of Mortality Risk and Interest Rate Risk

"... In PAGE 28: ... The portfolio with the largest maximum dispersion is selling annuity only. From Table41 we find that the insurance policies with death payment, including endowment, term life insurance and whole life insurance, and the insurance policies with survival payment, including endowment, pure endowment and annuity, have the effect of hedge. The degree of hedge is decided by the position, and the effect of interest rate risk of the insurance polices.... ..."

### TABLE 10 ALL-COMPANY (125) ESTIMATE OF RISK PREMIUM

"... In PAGE 86: ...TABLE10 [Cont.] ALL-COMPANY (125) ESTIMATE OF RISK PREMIUM 0 0 P D 0 1 P D 0 g Consol (end- June) Money Market (yearly average) 0 ) ( rp Consol 0 ) ( rp Money Market 3.... ..."

### TABLE 15 MINING: ESTIMATE OF RISK PREMIUM, 1873-1913

"... In PAGE 95: ...TABLE15 [Continued] MINING: ESTIMATE OF RISK PREMIUM, 1873-1913 0 0 0 P D 0 0 1 P D 0 g Consol (end-June) [yield to maturity] Money Market (yearly average) 0 ) ( rp Consol 0 ) ( rp Money Market 3.1 1898-1913 Extrapol.... In PAGE 96: ...TABLE15 [Continued] MINING: ESTIMATE OF RISK PREMIUM, 1873-1913 0 0 0 P D 0 0 1 P D 0 g Consol (end-June) [yield to maturity] Money Market (yearly average) 0 ) ( rp Consol 0 ) ( rp Money Market 4. 1913 Incumbents of 1913 ranking only.... ..."

### Table 6: Swaptions: High risk premium volatility and high mean reversion

2003

"... In PAGE 12: ...evel of 1.1, whereas Table 4 shows a 30% spread for the same credit premium level. Other levels show a similiar decrease. Table6... In PAGE 13: ...ermudan of 605 basis points. Table 5 shows 582 and 617 basis points, respectively. This phenonemum is perhaps due to extrapolation error. In both the cases of a binomial density 2 and 3, the Table6 swaption prices are higher than the corresponding Table 5 prices, i.e.... ..."