Implications of Using an Investment Year Interest Factor in Dividend Calculations
通过模拟两种利息因子（传统组合利息因子与投资年度利息因子）对分红保险保单分红的影响，研究不同发行年份、保单规模和保单贷款使用情况下的盈余分配差异。
One of the most sensitive equity issues of the past several years has been the introduction of an investment year method of calculation into the interest portion of the three-factor dividend formula. This paper presents the results of a study which simulates the participating life insurance policy dividend calculation using both the traditional portfolio interest factor and the controversial investment year dividend factor. The study attempts to determine the effect of these formulae on the distribu- tion of a fixed amount of distributable surplus with respect to the variables of issue year, policy size, and policy loan utilization. This article presents the results of a study which simulates dividend results using both a portfolio interest factor and an investment year interest factor in a formula approximating the three-factor dividend formula, which is widely accepted as producing the most equitable dividends possible within the constraints of practicability. The study examines participating policies issued from 1950 to 1975 by two life insurers, one with high policy loans outstanding (in excess of 25 percent of available cash value) and one with moderate policy loans outstanding (approximately 18 percent of available cash value). Results are obtained assuming a 6 percent policy loan interest rate, an 8 percent policy loan interest rate, a policy loan interest rate equal to the bank rate on short-term business loans, and a variable rate subject to an 8 percent maximum and other constraints pertaining to permissible sizes and frequency of loan rate changes as imposed by the NAIC Model Bill on Variable Policy Loan Interest Rates. Results are projected for the ten-year period following the period of data collection.