Economic Security and the Economics of Life and Health Insurance</ti= tle>  <link rel=3DPresentation-XML href=3D"lifeannuities_files/pres.xml"> <meta name=3DDescription content=3D"3/28/2005: Life Annuities"> <meta http-equiv=3Dexpires content=3D0> <![if !ppt]><script>  </script><![endif]> </head> <body> <script></script><font face=3DArial size=3D2><b> <p>This presentation contains content that your browser may not be able to = show properly. 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style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master09.xml"> <p:shaperange href=3D"master09.xml#_x0000_s8193"/><![if !ppt]><p:shaperange href=3D"master09.xml#_x0000_s8213"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8213,_x0000_s8194,_x0000_s8195" src=3D"master09_image0= 01.gif" style=3D'position:absolute;top:0%;left:0%;width:64.41%;height:100.5%'><![e= ndif]><p:shaperange href=3D"master09.xml#_x0000_s8210"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8210,_x0000_s8204,_x0000_s8205" src=3D"master09_image0= 02.gif" style=3D'position:absolute;top:71.25%;left:39.7%;width:53.55%;height:5.0%'= ><![endif]><p:shaperange href=3D"master09.xml#_x0000_s8206"/> <div v:shape=3D"_x0000_s8206" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:27.71%;width:21.53%;height:2.25%'><span lang=3DEN-US style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta0'= >Monday, March 28, 2005</span><span style=3D'font-size:42%;color:white;mso-color-in= dex: 0;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8207"/> <div v:shape=3D"_x0000_s8207" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>Copyright MacMinn.org</span><span style=3D'font-siz= e: 42%;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8209"/> <div v:shape=3D"_x0000_s8209" class=3DO style=3D'position:absolute;top:95.= 5%; left:1.87%;width:4.49%;height:2.25%'><span style=3D'font-size:42%;color:wh= ite; mso-color-index:0;mso-field-code:meta16'><b>1</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master09.xml#_x0000_m8211"/><v:shape id=3D= "_x0000_s67590" type=3D"#_x0000_m8211" style=3D'position:absolute;left:54pt;top:78pt;widt= h:9in; height:150pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"centerTitle"/></v:shape><p:shaperange href=3D"master09.xml#_x0000_m8197"/><v:shape id=3D"_x0000_s67591" type=3D= "#_x0000_m8197" style=3D'position:absolute;left:368pt;top:330pt;width:316pt;height:44pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"subTitle" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s67590" class=3DCT style=3D'position:absolute;top:2= 4.5%; left:11.42%;width:82.39%;height:7.75%'>Life Annuities</div> <div v:shape=3D"_x0000_s67591" class=3DCB style=3D'text-align:center;posit= ion:absolute; top:65.75%;left:52.05%;width:41.94%;height:3.25%'><span style=3D'font-size= :50%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/"/><a href=3D"http://mac= minn.org/" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Richard M= acMinn</a></span><span style=3D'font-size:50%;mso-special-format:lastCR;display:none'> </span= ></div> </p:slide></div> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/master09_image001.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhWAGSAXcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAABX AZABgQAAAJnMmf///wECAwL/jI+py+0Po5y02ouzlqD7D4biSJZmuaXqyrbuC6fnTNd2GOf6zve+ dgsKh52f8YhMKi3EphO1jEqnVNjzigVUt9yud5ENE7/ksvkoTt/O7LZbpY7P3vS6vSHPk+78/lsP COI3SOgVeKhVqLiohBjICBnJ4wgoaXnJQqmHydnJpCnnKTqKBxpHippqepra6rmq5iqLCZs2extZ K4bLq6gb1hvs95slbGxHjHW87JZ8xQxt5vwUXW043WStXYWdvf291D0GTo4mLlSe7nOOru6ewx70 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oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO style=3D'position:absolute;top:95.= 5%; left:3.74%;width:2.8%;height:2.25%'><span style=3D'font-size:42%;color:whi= te; mso-color-index:0;mso-field-code:meta16'><b>2</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s70658" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s70658" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Objectives</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 0659" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s70659" class=3DB> <div id=3D"_x0000_s70659_0_57" style=3D'position:absolute;top:35.5%;left:1= 0.11%; width:85.01%;height:12.25%;white-space:nowrap'><span style=3D'position:abs= olute; top:0%;left:4.4%;width:95.59%;height:48.97%'><span class=3DBB style=3D'pos= ition: absolute;left:-4.6%;top:.3em'>l</span>Describe the purpose and design of l= ife </span><span style=3D'position:absolute;top:51.02%;left:4.4%;width:92.29%;height:48.97%= '>annuity products </span></div> <div id=3D"_x0000_s70659_57_97" style=3D'position:absolute;top:49.25%;left= :10.11%; 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onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>3</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s95234" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s95234" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>The nature of annuities</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s9= 5235" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:564pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s95235"> <div id=3D"_x0000_s95235_0_21" class=3DB style=3D'position:absolute;top:35= .5%; left:10.11%;width:76.4%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.9%;width:95.09%;height:100.0%'><s= pan class=3DBB style=3D'position:absolute;left:-5.15%;top:.3em'>l</span>The an= nuity contract </span></div> <div id=3D"_x0000_s95235_21_120" class=3DB1 style=3D'position:absolute;top= :42.75%; left:15.16%;width:76.96%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.13%;width:95.86%;height:33.33%'><= span class=3DB1B style=3D'position:absolute;left:-4.31%;top:.3em'>–</span= >The contract specifies a series of periodic </span><span style=3D'position:abs= olute; top:33.33%;left:4.13%;width:88.8%;height:33.33%'>payments for either a fix= ed period or a </span><span style=3D'position:absolute;top:66.66%;left:4.13%; width:88.8%;height:33.33%'>person’s life. </span></div> <div id=3D"_x0000_s95235_120_201" class=3DB1 style=3D'position:absolute;to= p:59.75%; left:15.16%;width:80.89%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.93%;width:96.29%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-4.08%;top:.3em'>–</span= >The annuity designed to pay for a fixed time </span><span style=3D'position:ab= solute; top:50.0%;left:3.93%;width:84.49%;height:50.0%'>period is called an annuity certain </span></div> <div id=3D"_x0000_s95235_201_279" class=3DB1 style=3D'position:absolute;to= p:71.5%; left:15.16%;width:82.02%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.88%;width:96.34%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-4.02%;top:.3em'>–</span= >The annuity designed to pay for an indefinite </span><span style=3D'position:a= bsolute; top:50.0%;left:3.88%;width:83.33%;height:50.0%'>period is called a life annuity </span></div> <div class=3DB1 style=3D'position:absolute;top:83.25%;left:15.16%;width:71= .53%; height:5.25%'><span style=3D'position:absolute;top:0%;left:4.45%;width:95.= 54%; height:100.0%'><span style=3D'visibility:hidden'><span class=3DB1B style=3D'position:absolute;left:-4.65%'>–</span></span><span style=3D'mso-special-format:lastCR;display:none'> </span></span></div> </div> <v:shapetype id=3D"_x0000_t202" coordsize=3D"21600,21600" o:spt=3D"202" pa= th=3D"m,l,21600r21600,l21600,xe"> <v:stroke joinstyle=3D"miter"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> </v:shapetype><v:shape id=3D"_x0000_s95236" type=3D"#_x0000_t202" style=3D= 'position:absolute; left:408pt;top:24pt;width:282pt;height:256pt' filled=3D"f" fillcolor=3D"#= 3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"8" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s95236_AllText" v:shape=3D"_x0000_s95236" style=3D'posit= ion:absolute; top:5.25%;left:57.67%;width:41.94%;height:46.0%;white-space:nowrap'> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'position:absolute;top:0%;left:23.66%;width:65.17%;height:8.69%'><= span style=3D'font-size:75%'>A </span><span style=3D'font-size:75%'><b>temporar= y life </b></span></span><span style=3D'position:absolute;top:8.69%;left:23.66%;width:76.33%;height:8.69%= '><span style=3D'font-size:75%'><b>annuity</b></span><span style=3D'font-size:75%'= > pays for a fixed </span></span><span style=3D'position:absolute;top:17.39%; left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:75%'>perio= d or until death </span></span><span style=3D'position:absolute;top:26.08%; left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:75%'>while= a </span><span style=3D'font-size:75%'><b>whole life </b></span></span><span style=3D'pos= ition: absolute;top:34.78%;left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:75%'><b>annuity</b></span><span style=3D'font-size:75%'= > pays until </span></span><span style=3D'position:absolute;top:43.47%;left:23.66= %; width:65.17%;height:8.69%'><span style=3D'font-size:75%'>death. </span= ></span></div> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:a= bsolute; top:52.71%;left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size= :75%; display:none'> </span></div> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'position:absolute;top:61.41%;left:23.66%;width:70.98%;height:8.69= %'><span style=3D'font-size:75%'>Consider how to value </span></span><span style=3D'position:absolute;top:70.1%;left:23.66%;width:65.17%;height:8.69%= '><span style=3D'font-size:75%'>them. </span></span></div> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:a= bsolute; top:78.8%;left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:= 75%; display:none'> </span></div> <div class=3DO style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-ki= nsoku-overflow: 0;position:absolute;top:91.84%;left:0%;width:88.83%;height:8.69%'><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></div> </div> <v:shape id=3D"_x0000_s95237" type=3D"#_x0000_t202" style=3D'position:abso= lute; left:0;top:276pt;width:132pt;height:169.5pt' filled=3D"f" fillcolor=3D"#3= cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"5" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s95237_AllText" v:shape=3D"_x0000_s95237" class=3DO style=3D'position:absolute;top:52.0%;left:.93%;width:19.66%;height:30.0%; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0'><span style=3D'position:absolute;top:0%;left:0%;width:83.8%;height:13.3= 3%'><span style=3D'font-size:75%'>Examples </span></span><span style=3D'position:abs= olute; top:13.33%;left:0%;width:83.8%;height:13.33%'><span style=3D'font-size:75%= '>include </span></span><span style=3D'position:absolute;top:26.66%;left:0%;width:83= .8%; height:13.33%'><span style=3D'font-size:75%'>mortgages </span></span><span style=3D'position:absolute;top:40.0%;left:0%;width:83.8%;height:13.33%'><s= pan style=3D'font-size:75%'>and loans of </span></span><span style=3D'position= :absolute; top:53.33%;left:0%;width:90.47%;height:13.33%'><span style=3D'font-size:75= %'>various kinds </span></span></div> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0'><span style=3D'position:absolute;top:73.33%;left:0%;width:94.28%;height= :13.33%'><span style=3D'font-size:75%'>Consider how </span></span><span style=3D'position= :absolute; top:86.66%;left:0%;width:100.0%;height:13.33%'><span style=3D'font-size:75= %'>to value these.</span></span></div> </div> </p:slide></div> <p:animation number=3D"-1012871173"/><oa:par id=3D"TimeNode0" dur=3D"indefi= nite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" 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yParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd= =3D"false"/><oa:buildParagraph targetElement=3D"_x0000_s95236" groupID=3D"0" build=3D"asAWhole" buildLeve= l=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s95237" groupID=3D"0" build=3D"asAWhole" buildLeve= l=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s95237" groupID=3D"1" build=3D"asAWhole" buildLeve= l=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Commen= t on the many different conceptions and uses of annuities.<span style=3D'mso-spacerun:yes'> </span>Loans such as those for car, hou= ses, etc. take the form of an annuity.<span style=3D'mso-spacerun:yes'> </span>Comment on the structure of these.<span style=3D'mso-spacerun:yes'> </span>Even corporate bonds can be desc= ribed as an annuity plus a principal repayment.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0019.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0019.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Purpose of annuities"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"127"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>4</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s130050" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s130050" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Purpose of annuities</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 30051" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s130051"> <div id=3D"_x0000_s130051_0_15" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:82.2%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.77%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Longevity risk = </span></span></div> <div id=3D"_x0000_s130051_15_58" class=3DB1 style=3D'position:absolute;top= :41.5%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>This is the r= isk of outliving one’s wealth </span></span></div> <div id=3D"_x0000_s130051_58_126" class=3DB style=3D'position:absolute;top= :47.0%; left:10.11%;width:96.62%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.87%;width:96.12%;height:50.0%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.03%; top:.3em'>l</span></span><span style=3D'font-size:86%'>The purpose of a wh= ole life annuity is to manage the </span></span><span style=3D'position:absolu= te; top:52.38%;left:3.87%;width:81.2%;height:50.0%'><span style=3D'font-size:8= 6%'>longevity risk </span></span></div> <div id=3D"_x0000_s130051_126_390" class=3DB style=3D'position:absolute;to= p:58.75%; left:10.11%;width:97.75%;height:26.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.83%;width:96.16%;height:19.81%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 3.98%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Just as life insura= nce is concerned with the formation </span></span><span style=3D'position:absolut= e; top:20.75%;left:3.83%;width:95.4%;height:19.81%'><span style=3D'font-size:= 86%'>of a fund to manage the risk of premature death, i.e., </span></span><span style=3D'position:absolute;top:40.56%;left:3.83%;width:88.12%;height:19.81= %'><span style=3D'font-size:86%'>brevity risk, the life annuity is concerned with t= he </span></span><span style=3D'position:absolute;top:60.37%;left:3.83%;width:85.63%;height:19.81= %'><span style=3D'font-size:86%'>liquidation of a fund to manage the risk of living= </span></span><span style=3D'position:absolute;top:80.18%;left:3.83%;width:83.52%;height:19.81= %'><span 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targetElement=3D"_x0000_s130051_126_390" additive=3D"base" attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s130051" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Draw s= ome analogies between the uses of the two funds, e.g., the life insurance fund covers t= he lives of those who die early with the premiums of those who do not while = the life annuity fund covers the lives of those who die late with the premium= s of those who die early.<span style=3D'mso-spacerun:yes'> </span>Note h= ow this changes the nature of the adverse selection problem.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0018.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= 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90"><area href=3D"javascript:parent.GoToSld('slide0023.htm');" onclick=3D"window.event.cancelBubble=3Dtrue;" shape=3Dpolygon coords=3D"293, 90, 287, 93, 284, 98, 284, 131, 287, 137, 293, 139, 359, 13= 9, 365, 137, 367, 131, 367, 98, 365, 93, 359, 90, 293, 90"><area href=3D"javascript:parent.GoToSld('slide0020.htm');" onclick=3D"window.event.cancelBubble=3Dtrue;" shape=3Dpolygon coords=3D"9, 90, 3, 93, 0, 98, 0, 131, 3, 137, 9, 139, 75, 139, 81, 137, 8= 3, 131, 83, 98, 81, 93, 75, 90, 9, 90"></map><![endif]><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s129090,_x0000_s129089,_s129101,_s129099,_s129097,_s129= 096,_s129095,_s129091,_s129092,_s129093,_s129094,_s129098,_s129100" src=3D"slide0018_image004.gif" usemap=3D"#map_s66" alt=3D"Organization Cha= rt" style=3D'position:absolute;top:35.0%;left:9.55%;width:86.89%;height:53.75%= '><![endif]> <div v:shape=3D"_x0000_s129026" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Classification</div> <div 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style=3D'font-size:63%'>Initial </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:48.14%;left:0%;width:100.0%;height:48.14%'><span style=3D'font-size:63%'>payment</span></div> </div> <div v:shape=3D"_s129100" class=3DO onclick=3D"parent.GoToSld('slide0021.h= tm');" style=3D'cursor:hand;position:absolute;top:58.75%;left:28.65%;width:13.1%; height:10.0%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Premium </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:35.0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Payment </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:67.5%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>method</span></div> </div> </p:slide></div> 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width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div 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onclick=3D"window.event.cancelBubble=3Dtrue;">Lives</a><span style=3D'mso-= special-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 34156" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" = flag=3D"0"/></v:shape> <div v:shape=3D"_x0000_s134156"> <div id=3D"_x0000_s134156_0_32" class=3DHB style=3D'position:absolute;top:= 35.25%; left:10.11%;width:39.32%;height:8.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%;height:51.42%'><= span style=3D'font-size:83%'><span class=3DHBB style=3D'position:absolute;left:= -10.52%; top:.3em'>l</span></span><span style=3D'font-size:83%'>Joint and last-surv= ivor </span></span><span style=3D'position:absolute;top:51.42%;left:9.52%;width:90.47%;height:51.42= %'><span style=3D'font-size:83%'>annuity </span></span></div> <div id=3D"_x0000_s134156_32_108" class=3DHB1 style=3D'position:absolute;t= op:45.0%; left:15.16%;width:39.32%;height:12.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:8.09%;width:79.52%;height:33.33%'><= span style=3D'font-size:90%'><span class=3DHB1B style=3D'position:absolute;left= :-10.17%; top:.3em'>–</span></span><span style=3D'font-size:90%'>This annuity provides </span></span><span style=3D'position:absolute;top:33.33%;left:8.= 09%; width:87.61%;height:33.33%'><span style=3D'font-size:90%'>payment as long = as either </span></span><span style=3D'position:absolute;top:66.66%;left:8.09= %; width:91.9%;height:33.33%'><span style=3D'font-size:90%'>of two or more pe= rsons live </span></span></div> <div id=3D"_x0000_s134156_108_121" class=3DHB1 style=3D'position:absolute; top:57.75%;left:15.16%;width:34.45%;height:4.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.23%;width:90.76%;height:100.0%'><= span style=3D'font-size:90%'><span class=3DHB1B style=3D'position:absolute;left= :-10.17%; top:.3em'>–</span></span><span style=3D'font-size:90%'>Note premium&= #13;</span></span></div> <div id=3D"_x0000_s134156_121_153" class=3DHB style=3D'position:absolute;t= op:62.74%; left:10.11%;width:41.57%;height:8.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.0%;width:90.99%;height:51.42%'><s= pan style=3D'font-size:83%'><span class=3DHBB style=3D'position:absolute;left:= -9.9%; top:.3em'>l</span></span><span style=3D'font-size:83%'>Joint and two-thirds (one-</span></span><span style=3D'position:absolute;top:51.42%;left:9.0%; width:85.58%;height:51.42%'><span style=3D'font-size:83%'>half) </span= ></span></div> <div id=3D"_x0000_s134156_153_172" class=3DHB style=3D'position:absolute;t= op:72.5%; left:10.11%;width:39.32%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DHBB style=3D'position:absolute;left:= -10.52%; top:.3em'>l</span></span><span style=3D'font-size:83%'>Joint-life annuity&= #13;</span></span></div> <div id=3D"_x0000_s134156_172_220" class=3DHB1 style=3D'position:absolute; top:77.75%;left:15.16%;width:35.2%;height:8.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.04%;width:88.82%;height:50.0%'><s= pan style=3D'font-size:90%'><span class=3DHB1B style=3D'position:absolute;left= :-10.17%; top:.3em'>–</span></span><span style=3D'font-size:90%'>This annuity provides </span></span><span style=3D'position:absolute;top:50.0%;left:9.0= 4%; width:90.95%;height:50.0%'><span style=3D'font-size:90%'>payment until fir= st death </span></span></div> <div class=3DHB style=3D'position:absolute;top:86.75%;left:10.11%;width:39= .32%; height:4.5%'><span 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mso-kinsoku-overflow:0;position:absolute;top:68.0%;left:25.84%;width:12.35= %; height:4.0%'><span style=3D'font-size:75%'>Currency</span></div> <div v:shape=3D"_s140298" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:68.0%;left:57.49%;width:11.42= %; height:4.0%'><span style=3D'font-size:75%'>Units</span></div> <div v:shape=3D"_s140303" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:77.5%;left:18.53%;width:11.42= %; height:3.25%'><span style=3D'font-size:63%'>national</span></div> <div v:shape=3D"_s140305" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:77.5%;left:34.08%;width:11.23= %; height:3.25%'><span style=3D'font-size:63%'>foreign</span></div> <div v:shape=3D"_s140307" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:77.5%;left:49.81%;width:11.23= %; height:3.25%'><span 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style=3D'position:absolute;top:35.25%;left:9.36%;width:33.7%;height:38.0%; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 30 0"'><span style=3D'position:absolut= e; top:0%;left:0%;width:100.0%;height:10.52%'><span style=3D'font-size:75%; layout-flow:vertical'>Note that the payout may </span></span><span style=3D'position:absolute;top:10.52%;left:0%;width:83.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>be denominated in a </span></= span><span style=3D'position:absolute;top:21.05%;left:0%;width:83.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>variety of currencies.<span style=3D'mso-spacerun:yes'> </span></span></span><span style=3D'posi= tion: absolute;top:31.57%;left:0%;width:83.33%;height:10.52%'><span style=3D'font-size:75%;layout-flow:vertical'>Consider the risk to </span><= /span><span style=3D'position:absolute;top:42.1%;left:0%;width:100.0%;height:10.52%'><= span style=3D'font-size:75%;layout-flow:vertical'>insured and insurer if this <= /span></span><span style=3D'position:absolute;top:52.63%;left:0%;width:93.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>option is elected.<span style=3D'mso-spacerun:yes'> </span>What </span></span><span style=3D'position:absolute;top:63.81%;left:0%;width:100.0%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>is happening to the dollar </= span></span><span style=3D'position:absolute;top:74.34%;left:0%;width:83.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>now? </span></span></div> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0;position:absolute;top:90.13%;left:0%;width:83.33%;height:10.52%'><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></div> </div> <v:shape id=3D"_x0000_s140314" type=3D"#_x0000_t202" style=3D'position:abs= olute; left:474pt;top:210pt;width:210pt;height:137pt' filled=3D"f" fillcolor=3D"= #3cc [4]" 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ownership.<span style=3D'mso-spacerun:yes'> </span></span></span><span style=3D'posi= tion: absolute;top:50.0%;left:0%;width:84.88%;height:16.66%'><span style=3D'font= -size: 75%;layout-flow:vertical'>This will be the case </span></span><span style=3D'position:absolute;top:66.66%;left:0%;width:97.67%;height:16.66%'>= <span style=3D'font-size:75%;layout-flow:vertical'>with variable and equity </sp= an></span><span style=3D'position:absolute;top:83.33%;left:0%;width:84.88%;height:16.66%'>= <span style=3D'font-size:75%;layout-flow:vertical'>indexed annuities.</span></sp= an></div> </div> </p:slide></div> <p:animation number=3D"-1476958749"/><oa:par id=3D"TimeNode0" dur=3D"indefi= nite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" 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userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Note t= hat the payout may be denominated in a variety of currencies.<span style=3D'mso-spacerun:yes'> </span>Consider the risk to insured and insurer if this option is elected.<span style=3D'mso-spacerun:yes'> </span>What is happening to the dollar now?</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>The pa= yout may also be expressed in units or shares of ownership.<span style=3D'mso-spacerun:yes'> </span>This will be the case with varia= ble and equity indexed annuities.</font><br> </td> </tr> </table> </div> <![endif]> </body> 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<div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>11</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s143362" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s143362" class=3DT style=3D'position:absolute;top:1= 9.5%; left:10.11%;width:94.94%;height:6.75%'><span style=3D'font-size:89%'>Natur= e of insurance company liability</span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 43363" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s143363" class=3DB> <div id=3D"_x0000_s143363_0_20" style=3D'position:absolute;top:35.5%;left:= 10.11%; width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolu= te; top:0%;left:4.55%;width:95.44%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.77%;top:.3em'>l</span>Accumulation period </span></di= v> <div id=3D"_x0000_s143363_20_39" style=3D'position:absolute;top:43.0%;left= :10.11%; width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolu= te; top:0%;left:4.55%;width:95.44%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.77%;top:.3em'>l</span>Liquidation period</span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" 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</tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Descri= be the accumulation of the fund based on investment in a fixed or variable annui= ty and then describe the decumulation process.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Descri= be decumulation for</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Annuit= ies certain</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Pure l= ife annuities</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Life a= nnuities with refund features</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0027.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0027.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Types of annuity contracts"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"145"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange 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annuity</a><span style=3D'mso-special-format:lastCR;display:none'>= </span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s148483_0_34" attributeName=3D"style.visibili= ty" to=3D"visible"/> <oa:animate id=3D"TimeNode6" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s148483_0_34" additive=3D"base" attributeName= =3D"ppt_x" 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attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s148483" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Just n= ote the basic types here and that variable and equity indexed annuities are special cas= es of the first three types.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0028.htm Content-Transfer-Encoding: quoted-printable Content-Type: 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style=3D'mso-spacerun:yes'> </span>8.37 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149643" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.96 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149642" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>8.46 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149641" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.77 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149640" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>11.35 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149639" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>13.05 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149638" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:91.26%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>80</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149637" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.28 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149636" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.85 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149635" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>7.68 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149634" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.15 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149633" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>9.06 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149632" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>10.47 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149631" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:82.09%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>75</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149630" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.42 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149629" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.93 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149628" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>6.83 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149627" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.40 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149626" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.46 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149625" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.57 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149624" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:72.48%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>70</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149623" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.73 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149622" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.19 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149621" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>6.06 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149620" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.64 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149619" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.34 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149618" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.22 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149617" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:63.31%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>65</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149616" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.18 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149615" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.58 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149614" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>5.41 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149613" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.95 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149612" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.54 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149611" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.26 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149610" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:54.14%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>60</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149609" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>4.75 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149608" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.09 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149607" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>4.90 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149606" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.37 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149605" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>4.97 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149604" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.54 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149603" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:44.54%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>55</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149602" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$ 4.40 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149601" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$4.68 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149600" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$<span style=3D'mso-spacerun:yes'> </span>4.51 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149599" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$4.91 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149598" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$ 4.54 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149597" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$5.00 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149596" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:35.37%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>50</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149595" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:86.28%;width:12.38%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Female</b></span><span style=3D'mso-special-format:lastC= R; display:none'> </span></div> <div v:shape=3D"_x0000_s149594" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:73.45%;width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Male</b></span><span style=3D'mso-special-format:lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149593" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:57.96%;width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Female</b></span><span style=3D'mso-special-format:lastC= R; display:none'> </span></div> <div v:shape=3D"_x0000_s149592" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:44.91%;width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Male</b></span><span style=3D'mso-special-format:lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149591" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:30.53%;width:12.38%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Female</b></span><span style=3D'mso-special-format:lastC= R; display:none'> </span></div> <div v:shape=3D"_x0000_s149590" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:17.92%;width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Male</b></span><span style=3D'mso-special-format:lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149589" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'><b>Birthday</b></span><span style=3D'mso-special-format:las= tCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149587" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:73.45%;width:24.77%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Cash Refund</b></span><span style=3D'mso-special-format:= lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149585" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:44.46%;width:27.21%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>and Continuous</b></span><span style=3D'mso-special-form= at: lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149583" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:17.92%;width:24.77%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/life/Chapter 8 Tables.xls"/><a href=3D"http://macminn.org/life/Chapter%208%20Tables.xls" target=3D"_paren= t" onclick=3D"window.event.cancelBubble=3Dtrue;">Pure</a></b></span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149582" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:.88%;width:15.26%;height:6.98%'><span style=3D'mso-bidi-font-family:A= rial; font-size:75%'><b>Age Last</b></span><span style=3D'mso-special-format:las= tCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149581"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:86.5%;width:11.94%;height:9.17%'><span style=3D'mso-special= -format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149580"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 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style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:30.75%;width:11.94%;height:9.17%'><span style=3D'mso-specia= l-format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149576"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:17.92%;width:10.61%;height:9.17%'><span style=3D'mso-specia= l-format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149575"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:1.1%;width:14.6%;height:9.17%'><span style=3D'mso-special-f= ormat: lastCR;display:none'> </span></span></div> </div> <![if !ppt]></div> <![endif]><v:shapetype id=3D"_x0000_t202" coordsize=3D"21600,21600" o:spt= =3D"202" path=3D"m,l,21600r21600,l21600,xe"> <v:stroke joinstyle=3D"miter"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> </v:shapetype><v:shape id=3D"_x0000_s149689" type=3D"#_x0000_t202" style= =3D'position:absolute; left:468pt;top:78pt;width:210pt;height:72.125pt' filled=3D"f" fillcolor= =3D"#3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"2" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s149689_AllText" v:shape=3D"_x0000_s149689" class=3DO style=3D'position:absolute;top:15.25%;left:65.91%;width:27.9%;height:12.0%; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0'><span style=3D'position:absolute;top:0%;left:0%;width:97.98%;height:33.= 33%'><span style=3D'font-size:75%;color:#006666;mso-color-index:3'><b>Immediate Life = </b></span></span><span style=3D'position:absolute;top:33.33%;left:0%;width:97.98%;height:33.33%'>= <span style=3D'font-size:75%;color:#006666;mso-color-index:3'><b>Annuity Monthly= </b></span></span><span style=3D'position:absolute;top:66.66%;left:0%;width:100.0%;height:33.33%'>= <span style=3D'font-size:75%;color:#006666;mso-color-index:3'><b>Incomes per $1,= 000</b></span></span></div> </div> </p:slide></div> <p:animation number=3D"2035783200"/><oa:par id=3D"TimeNode0" dur=3D"indefin= ite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" 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buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd= =3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>This i= s table 8-1.<span style=3D'mso-spacerun:yes'> </span>Also, see http://macminn.org/life/Chapter 8 Tables.xls</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0028_image010.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhxAHlAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAOADC AasAgAAAAAAAAAL/hI+py+3fgpy02ouz3rz7D4biSJbmiaYqCrXuC8fyTNe2E9z6zvdH7gsKh8Si 8YgcApPMJmTpjEqn1KoVBr1qg9mt9wsOixXdsflRPqvX7LYs7VbD4/S6PTy/f/P6vv+vBGjGJ1ho 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B/Qvu/Am/C6ADDfckz8FAAA7 ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0029.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0029.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Flexible-premium deferred annuity (FPDA)"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"150"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>14</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s153602" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s153602" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:87.45%;height:6.75%'><span style=3D'font-size= :89%'>Flexible-premium deferred annuity </span></span><span style=3D'position:absolute;top:19.5%; left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:89%'>(FPDA= )</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 53603" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s153603" class=3DB> <div id=3D"_x0000_s153603_0_126" style=3D'position:absolute;top:35.5%;left= :10.11%; width:92.5%;height:15.75%;white-space:nowrap'><span style=3D'position:abso= lute; top:0%;left:4.04%;width:94.33%;height:33.33%'><span style=3D'font-size:86%= '><span class=3DBB style=3D'position:absolute;left:-4.29%;top:.3em'>l</span></span= ><span style=3D'font-size:86%'>the flexible-premium deferred annuity permits the = </span></span><span style=3D'position:absolute;top:33.33%;left:4.04%;width:95.95%;height:33.33= %'><span style=3D'font-size:86%'>owner to pay premiums at any time in any amount </= span></span><span style=3D'position:absolute;top:66.66%;left:4.04%;width:84.81%;height:33.33= %'><span style=3D'font-size:86%'>subject to insurer minimums </span></span></di= v> <div id=3D"_x0000_s153603_126_200" style=3D'position:absolute;top:52.5%; left:10.11%;width:82.2%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:50.0%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.77%; top:.3em'>l</span></span><span style=3D'font-size:86%'>The cash value can = be used in the future to </span></span><span style=3D'position:absolute;top:5= 0.0%; left:4.55%;width:95.44%;height:50.0%'><span style=3D'font-size:86%'>purcha= se an immediate annuity </span></span></div> <div id=3D"_x0000_s153603_200_275" style=3D'position:absolute;top:64.25%; left:10.11%;width:88.2%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.24%;width:95.75%;height:50.0%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.43%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Funds accumulate ta= x free in the United States, </span></span><span style=3D'position:absolute;top:5= 0.0%; left:4.24%;width:88.95%;height:50.0%'><span style=3D'font-size:86%'>Canada= and other countries </span></span></div> <div id=3D"_x0000_s153603_275_325" style=3D'position:absolute;top:75.75%; left:10.11%;width:94.75%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.95%;width:96.04%;height:100.0%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.11%; top:.3em'>l</span></span><span style=3D'font-size:86%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/life/Chapter 8 Tables.xl= s"/><a href=3D"http://macminn.org/life/Chapter%208%20Tables.xls" target=3D"_paren= t" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Table 8-2</a></span><span style=3D'font-size:86%'><span style=3D'mso-spacerun:yes'> </span>prov= ides an example of the accumulation</span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s153603_0_126" attributeName=3D"style.visibil= ity" to=3D"visible"/> <oa:animate id=3D"TimeNode6" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s153603_0_126" additive=3D"base" attributeNam= e=3D"ppt_x" 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targetElement=3D"_x0000_s153603_275_325" additive=3D"base" attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s153603" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Note t= he difference between the tax free accumulation and the opposite.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0030.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0030.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Single-premium deferred annuity (SPDA)"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> 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style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>15</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s157698" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s157698" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:83.7%;height:6.75%'><span style=3D'font-size:= 89%'>Single-premium deferred annuity </span></span><span style=3D'position:absolute;top:19.5%; left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:89%'>(SPDA= )</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 57699" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s157699" class=3DB> <div id=3D"_x0000_s157699_0_106" style=3D'mso-line-spacing:"90 20 0";posit= ion: absolute;top:35.0%;left:10.11%;width:91.19%;height:14.75%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.1%;width:88.5%;height:35.59%'><sp= an style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.64%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:86%'>The single-premium is descriptive since it is a </= span></span><span style=3D'position:absolute;top:32.2%;left:4.1%;width:95.89%;height:35.59%'= ><span style=3D'font-size:86%'>deferred annuity contract purchased with a single = </span></span><span style=3D'position:absolute;top:64.4%;left:4.1%;width:86.03%;height:35.59%'= ><span style=3D'font-size:86%'>premium </span></span></div> <div id=3D"_x0000_s157699_106_266" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:50.5%;left:10.11%;width:97.19%;height:19.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.85%;width:96.14%;height:26.92%'><= span style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.0%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><s= pan style=3D'font-size:86%'>A minimum stated rate of interest is guaranteed fo= r a </span></span><span style=3D'position:absolute;top:24.35%;left:3.85%;width:89.98%;height:26.92= %'><span style=3D'font-size:86%'>specified period and sometimes in layers with the = </span></span><span style=3D'position:absolute;top:48.71%;left:3.85%;width:89.21%;height:26.92= %'><span style=3D'font-size:86%'>guaranteed interest increasing 25 basis point per = </span></span><span style=3D'position:absolute;top:73.07%;left:3.85%;width:80.73%;height:26.92= %'><span style=3D'font-size:86%'>layer </span></span></div> <div id=3D"_x0000_s157699_266_356" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:70.75%;left:10.11%;width:97.75%;height:10.0%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:3.83%;width:96.16%;height:52.5%'><s= pan style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-3.98%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:86%'>The rate actually credited is a function of the in= surers </span></span><span style=3D'position:absolute;top:47.5%;left:3.83%;width:= 80.26%; height:52.5%'><span style=3D'font-size:86%'>current investment earnings rate </span></span></div> <div id=3D"_x0000_s157699_356_370" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:81.25%;left:10.11%;width:82.2%;height:5.25%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.77%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:86%'>Types of SPDA</span></span></div> </div> <v:shapetype id=3D"_x0000_t202" coordsize=3D"21600,21600" o:spt=3D"202" pa= th=3D"m,l,21600r21600,l21600,xe"> <v:stroke joinstyle=3D"miter"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> </v:shapetype><v:shape id=3D"_x0000_s157700" type=3D"#_x0000_t202" style=3D= 'position:absolute; left:276pt;top:366pt;width:426pt;height:137pt' filled=3D"f" fillcolor=3D"= #3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"9" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s157700_AllText" v:shape=3D"_x0000_s157700" class=3DO1 style=3D'position:absolute;top:68.75%;left:44.38%;width:62.54%;height:24.0= %; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 30 0"'><span style=3D'position:absolut= e; top:0%;left:0%;width:100.0%;height:16.66%'><span style=3D'font-size:75%; layout-flow:vertical'><b>Market value annuity (MVA)</b></span><span style=3D'font-size:75%;layout-flow:vertical'> allows the owner </span></sp= an><span style=3D'position:absolute;top:16.66%;left:0%;width:90.11%;height:16.66%'>= <span style=3D'font-size:75%;layout-flow:vertical'>to lock in a guaranteed inter= est rate over a </span></span><span style=3D'position:absolute;top:33.33%; left:0%;width:98.8%;height:16.66%'><span style=3D'font-size:75%;layout-flo= w: vertical'>fixed period, e.g., 3-10 years.<span style=3D'mso-spacerun:yes'>= </span>If the contract is </span></span><span style=3D'position:absolute; top:50.0%;left:0%;width:86.52%;height:16.66%'><span style=3D'font-size:75%; layout-flow:vertical'>surrendered then there is a market value </span></sp= an><span style=3D'position:absolute;top:66.66%;left:0%;width:100.0%;height:16.66%'>= <span style=3D'font-size:75%;layout-flow:vertical'>adjustment that depends on ch= anges in market </span></span><span style=3D'position:absolute;top:83.33%;left:0= %; width:83.53%;height:16.66%'><span style=3D'font-size:75%;layout-flow:verti= cal'>rates.</span></span></div> </div> <v:shape id=3D"_x0000_s157701" type=3D"#_x0000_t202" style=3D'position:abs= olute; left:300pt;top:354pt;width:300pt;height:147.875pt' filled=3D"f" fillcolor= =3D"#3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"7" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s157701_AllText" v:shape=3D"_x0000_s157701" style=3D'pos= ition: absolute;top:66.5%;left:42.69%;width:46.25%;height:26.0%;white-space:nowra= p'> <div class=3DO1 style=3D'mso-line-spacing:"100 30 0"'><span style=3D'posit= ion:absolute; top:0%;left:10.93%;width:85.42%;height:15.38%'><span style=3D'font-size:75= %; layout-flow:vertical'><b>Certificate of annuity (COA)</b></span><span style=3D'font-size:75%;layout-flow:vertical'> </span></span><span style=3D'position:absolute;top:15.38%;left:10.93%;width:81.37%;height:15.3= 8%'><span style=3D'font-size:75%;layout-flow:vertical'>is like a certificate of depo= sit </span></span><span style=3D'position:absolute;top:30.76%;left:10.93%;width:89.06%;height:15.3= 8%'><span style=3D'font-size:75%;layout-flow:vertical'>except that it is tax deferred.<span style=3D'mso-spacerun:yes'> </span>It </span></span><= span style=3D'position:absolute;top:46.15%;left:10.93%;width:81.37%;height:15.3= 8%'><span style=3D'font-size:75%;layout-flow:vertical'>provides a guarantee rate of = </span></span><span style=3D'position:absolute;top:61.53%;left:10.93%;width:75.3%;height:15.38= %'><span style=3D'font-size:75%;layout-flow:vertical'>interest for a fixed period.&= #13;</span></span></div> 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buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:buildParagraph targetElement=3D"_x0000_s157700" groupID=3D"0" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s157700" groupID=3D"1" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s157701" groupID=3D"0" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s157701" groupID=3D"1" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D20 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D2><font face=3DArial size=3D3>Note t= he front end and back end loads as well as the bailout provision.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D2><br> </td> </tr> <tr> <td colspan=3D2></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Market= value annuity allows the owner to lock in a guaranteed interest rate over a fixed perio= d, e.g., 3-10 years.<span style=3D'mso-spacerun:yes'> </span>If the co= ntract is surrendered then there is a market value adjustment that depends on changes in market rates.</font><br> </td> </tr> <tr> <td colspan=3D2></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D2></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Certif= icate of annuity (COA) is like a certificate of deposit except that it is tax deferred.<span style=3D'mso-spacerun:yes'> </span>It provides a gua= rantee rate of interest for a fixed period.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0031.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0031.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Single-premium immediate annuity (SPIA)"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"155"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>16</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s158722" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s158722" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:88.76%;height:6.75%'><span style=3D'font-size= :89%'>Single-premium immediate annuity </span></span><span style=3D'position:absolute;top:19.5%; left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:89%'>(SPIA= )</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 58723" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s158723"> <div id=3D"_x0000_s158723_0_119" class=3DB style=3D'position:absolute;top:= 35.5%; left:10.11%;width:92.88%;height:18.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.03%;width:86.69%;height:32.43%'><= span class=3DBB style=3D'position:absolute;left:-4.65%;top:.3em'>l</span>The si= ngle premium immediate annuity </span><span style=3D'position:absolute;top:33.7= 8%; left:4.03%;width:95.96%;height:32.43%'>provides annuity benefits subsequen= t to an </span><span style=3D'position:absolute;top:67.56%;left:4.03%;width:90.= 92%; height:32.43%'>immediate payment of a single premium. </span></div> <div id=3D"_x0000_s158723_119_130" class=3DB style=3D'position:absolute;to= p:55.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Other uses </span></div> <div id=3D"_x0000_s158723_130_160" class=3DB1 style=3D'position:absolute;t= op:62.5%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Structured settlement annuity </span></div> <div id=3D"_x0000_s158723_160_213" class=3DB2 style=3D'position:absolute;t= op:68.75%; left:20.22%;width:78.65%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.09%;width:96.9%;height:100.0%'><s= pan class=3DB2B style=3D'position:absolute;left:-3.19%;top:.3em'>l</span>This = annuity can be used in personal injury lawsuits </span></div> <div 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<![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Note w= here the money may come from to pay for these annuities.<span style=3D'mso-spacerun:yes'> </span>Note that death benefits of some= life insurance may be structured this way.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0032.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta 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onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>17</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s159746" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s159746" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Variable annuity</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 59747" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s159747"> <div id=3D"_x0000_s159747_0_132" class=3DB style=3D'mso-line-spacing:"90 2= 0 0"; position:absolute;top:35.0%;left:10.11%;width:96.62%;height:14.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.87%;width:96.12%; height:35.59%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.03%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>A variable ann= uity is a contract with cash values and </span></span><span style=3D'position:a= bsolute; top:32.2%;left:3.87%;width:95.93%;height:35.59%'><span style=3D'font-size:= 86%'>benefit payments that vary directly with those assets </span></span><span style=3D'position:absolute;top:64.4%;left:3.87%;width:81.2%;height:35.59%'= ><span style=3D'font-size:86%'>that back the contract. </span></span></div> <div id=3D"_x0000_s159747_132_225" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:50.24%;left:15.16%;width:85.01%;height:8.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.74%;width:96.47%; height:52.94%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.88%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The assets, e.g., portfolios or mutual funds, back= ing the </span></span><span style=3D'position:absolute;top:47.05%;left:3.74%; width:87.22%;height:52.94%'><span style=3D'font-size:83%'>contract are in a separate account </span></span></div> <div id=3D"_x0000_s159747_225_307" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:59.25%;left:15.16%;width:88.01%;height:8.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.61%;width:96.38%; height:52.94%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.75%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The variable annuity value directly reflects the investment </span></span><span style=3D'position:absolute;top:47.05%;left:= 3.61%; width:84.25%;height:52.94%'><span style=3D'font-size:83%'>results of the assets </span></span></div> <div id=3D"_x0000_s159747_307_462" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:68.0%;left:15.16%;width:90.26%;height:12.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.52%;width:96.68%; height:36.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-3.64%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Funds are specified in </span><span style=3D'font-= size: 83%'><b>units</b></span><span style=3D'font-size:83%'> and units are valued based on </span></span><span style=3D'position:absolute;top:32.0%;left:3.5= 2%; width:95.43%;height:36.0%'><span style=3D'font-size:83%'>investment results.<span style=3D'mso-spacerun:yes'> </span>If the unit value i= s $10 then a premium </span></span><span style=3D'position:absolute;top:64.0%; left:3.52%;width:82.15%;height:36.0%'><span style=3D'font-size:83%'>of $90= buys nine units of the fund </span></span></div> <div id=3D"_x0000_s159747_462_513" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:81.0%;left:15.16%;width:77.34%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>No interest rate guarantees are typically included= </span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" 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xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0036.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Variable annuity"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"171"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>18</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s175106" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s175106" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Variable annuity</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 75107" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s175107"> <div id=3D"_x0000_s175107_0_66" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:95.69%;height:12.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.91%;width:96.08%;height:48.97%'><= span class=3DBB style=3D'position:absolute;left:-4.07%;top:.3em'>l</span>The su= rrender value is the cash value minus </span><span style=3D'position:absolute; top:51.02%;left:3.91%;width:81.99%;height:48.97%'>the surrender charges= 3;</span></div> <div id=3D"_x0000_s175107_66_199" class=3DB1 style=3D'position:absolute;to= p:49.0%; left:15.16%;width:87.45%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.64%;width:96.35%;height:33.33%'><= span class=3DB1B style=3D'position:absolute;left:-3.77%;top:.3em'>–</span= >These annuities usually have back end loads of </span><span style=3D'position:ab= solute; top:33.33%;left:3.64%;width:96.14%;height:33.33%'>so many basis points that grade to zero in a set </span><span style=3D'position:absolute;top:66.66%; left:3.64%;width:84.79%;height:33.33%'>period of time, e.g., see <p:onmous= eclick hyperlinktype=3D"url" href=3D"Chapter 8 Tables.xls"/><a href=3D"Chapter%208%20Tables.xls" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Table 8-3 </a><span style=3D'mso-special-format:lastCR;display:none'> 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onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>19</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s174082" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s174082" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Variable annuity</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 74083" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s174083"> <div id=3D"_x0000_s174083_0_22" class=3DB style=3D'mso-line-spacing:"80 20= 0"; position:absolute;top:34.5%;left:10.11%;width:82.2%;height:5.25%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Minimum death benefit </span></span></div> <div id=3D"_x0000_s174083_22_177" class=3DB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:39.75%;left:15.16%;width:84.83%;height:11.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.75%;width:96.46%; height:39.13%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.89%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>A death benefit of the minimum of the cash value o= r the </span></span><span style=3D'position:absolute;top:30.43%;left:3.75%;width:94.7%;height:39.13%= '><span style=3D'font-size:83%'>amount invested in the contract is often specified= if the </span></span><span style=3D'position:absolute;top:63.04%;left:3.75%; width:87.41%;height:39.13%'><span style=3D'font-size:83%'>owner dies durin= g the accumulation phase </span></span></div> <div id=3D"_x0000_s174083_177_189" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:51.5%;left:10.11%;width:82.2%;height:5.25%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Liquidation= 3;</span></span></div> <div id=3D"_x0000_s174083_189_233" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:56.75%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>A variety of options exist for decumulation </= span></span></div> <div id=3D"_x0000_s174083_233_443" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:61.25%;left:15.16%;width:90.07%;height:15.0%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.53%;width:91.89%; height:30.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-3.84%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>One option allows variable annuity units to be con= verted </span></span><span style=3D'position:absolute;top:23.33%;left:3.53%;width= :96.67%; height:30.0%'><span style=3D'font-size:83%'>into annuity units and the pay= out to be calculated based on </span></span><span style=3D'position:absolute; top:46.66%;left:3.53%;width:95.21%;height:30.0%'><span style=3D'font-size:= 83%'>the number of annuity units.<span style=3D'mso-spacerun:yes'> </span>The payout will fluctuate with </span></span><span style=3D'position:absolute; top:70.0%;left:3.53%;width:82.32%;height:30.0%'><span style=3D'font-size:8= 3%'>the market, e.g., see </span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"Chapter 8 Tables.xls"/><a href=3D"Chapter%208%20Tables.xls" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Table 8-3</a></span><span style=3D'font-size:83%;display:none'> </span></span></div> <div id=3D"_x0000_s174083_443_454" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:76.25%;left:10.11%;width:82.2%;height:5.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Regulation = ;</span></span></div> <div id=3D"_x0000_s174083_454_493" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:81.5%;left:15.16%;width:77.34%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://www.naic.org/"/><a href=3D"http://www.naic.org/" target=3D= "_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= NAIC</a></span><span style=3D'font-size:83%'><span style=3D'mso-spacerun:yes'> </span>Model variable annuity regulation</span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" 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<oa:animate id=3D"TimeNode42" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s174083_454_493" additive=3D"base" attributeName=3D"ppt_x" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"#ppt_x;#ppt_x"/> <oa:animate id=3D"TimeNode43" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s174083_454_493" additive=3D"base" attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s174083" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>BS not= e two cases of “adverse selection” incentives prompted by the minimum death benefit guarantee.<span style=3D'mso-spacerun:yes'> </span>In the f= irst, the insured has an incentive to purchase multiple variable annuities rath= er than one to take advantage of the floor on death benefits place on each contract.<span style=3D'mso-spacerun:yes'> </span>This is an incent= ive that all rationale insured would want and so there is no change in the composition of the pool of insured that is characteristic of an adverse selection process; indeed there is no asymmetric information because all individuals will behave the same.<span style=3D'mso-spacerun:yes'> </span>In the second case, the insured has an incentive to borrow against= a variable annuity that has suffered capital losses because there is a floo= r on the death benefit that does not account for the capital loss; again, the incentive applies to all and so no asymmetric information arises.<span style=3D'mso-spacerun:yes'> </span>See page 175.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0033.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0033.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Equity-indexed annuity (EIA)= "> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"157"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>20</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s160770" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s160770" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Equity-indexed annuity (EIA)</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 60771" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s160771"> <div id=3D"_x0000_s160771_0_155" class=3DB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.5%;left:10.11%;width:96.06%;height:13.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.89%;width:94.34%; height:38.18%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.13%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>An equity inde= xed annuity is a non-variable annuity </span></span><span style=3D'position:ab= solute; top:30.9%;left:3.89%;width:96.1%;height:38.18%'><span style=3D'font-size:8= 6%'>contract with an interest crediting mechanism tied to </span></span><span style=3D'position:absolute;top:61.81%;left:3.89%;width:90.25%;height:38.18= %'><span style=3D'font-size:86%'>an external index, e.g., the </span><span style=3D'font-size:86%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://www.bigcharts.com/custom/wsjie/public-charting.asp?osymb= =3DSPX&symb=3DSPX&time=3D7&comp=3D&maval=3D0&ma=3D1&= ;compidx=3Daaaaa:0&x=3D0&y=3D0"/><a href=3D"http://www.bigcharts.com/custom/wsjie/public-charting.asp?osymb=3D= SPX&symb=3DSPX&time=3D7&comp=3D&maval=3D0&ma=3D1&co= mpidx=3Daaaaa:0&x=3D0&y=3D0" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">S&P 5= 00 index </a></span><span style=3D'font-size:86%'>(SPX) </span></span></div> <div id=3D"_x0000_s160771_155_237" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:48.25%;left:15.16%;width:91.01%;height:8.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.49%;width:96.5%; height:56.25%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.62%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The EIA provides a floor of typically 3%; this is = an important </span></span><span style=3D'position:absolute;top:46.87%;left:3= .49%; width:81.48%;height:56.25%'><span style=3D'font-size:83%'>downside guarantee </span></span></div> <div id=3D"_x0000_s160771_237_299" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:56.25%;left:15.16%;width:88.2%;height:8.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.6%;width:96.39%; height:56.25%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.74%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Most EIAs are SPDAs and have maturities of from 5 = to 10 </span></span><span style=3D'position:absolute;top:46.87%;left:3.6%;width:84.07%;height:56.25%= '><span style=3D'font-size:83%'>years </span></span></div> <div id=3D"_x0000_s160771_299_427" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:64.25%;left:15.16%;width:89.7%;height:11.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.54%;width:92.27%; height:39.13%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.84%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The EIA has a participation rate equal to the perc= entage </span></span><span style=3D'position:absolute;top:32.6%;left:3.54%;width:= 96.65%; height:39.13%'><span style=3D'font-size:83%'>increase in the index minus a= fixed number of basis points, </span></span><span style=3D'position:absolute; top:63.04%;left:3.54%;width:82.67%;height:39.13%'><span style=3D'font-size= :83%'>e.g., 200. </span></span></div> <div id=3D"_x0000_s160771_427_502" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:76.0%;left:15.16%;width:79.96%;height:8.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.98%;width:96.25%; height:56.25%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.13%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Design choices are available, e.g., </span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://online.wsj.com/documents/charts.htm"/><a href=3D"http://online.wsj.com/documents/charts.htm" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= index choice</a></span><span style=3D'font-size:83%'><span style=3D'mso-spacerun:yes'> </span>and </span></span><span style=3D'position:absolute;top:43.75%;left:3.98%;width:92.74%;height:56.25= %'><span style=3D'font-size:83%'>indexing method, etc. </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 84.0%; left:15.16%;width:77.34%;height:4.5%'><span style=3D'position:absolute; top:0%;left:4.11%;width:95.88%;height:100.0%'><span style=3D'font-size:83%; visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol= ute; left:-4.29%;font-size:75%'>–</span></span><span style=3D'font-size:8= 3%; display:none'> </span></span></div> <div class=3DB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:8= 8.5%; left:10.11%;width:82.2%;height:5.25%'><span style=3D'position:absolute; top:0%;left:4.55%;width:95.44%;height:100.0%'><span style=3D'font-size:86%; visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol= ute; left:-4.77%;font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-size:86%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" 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</style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"158"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>21</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s161794" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s161794" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:93.82%;height:7.75%'>Uses and limitations of annuities</= div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 61795" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" flag=3D"0"/>= </v:shape> <div v:shape=3D"_x0000_s161795"> <div id=3D"_x0000_s161795_0_22" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Tax qu= alified markets </span></div> <div id=3D"_x0000_s161795_22_70" class=3DB1 style=3D'position:absolute;top= :42.75%; left:15.16%;width:89.32%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.56%;width:96.64%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-3.68%;top:.3em'>–</span= >Tax sheltered annuity, TSA (IRC Section 403(b)) </span></div> <div id=3D"_x0000_s161795_70_131" class=3DB1 style=3D'position:absolute;to= p:49.0%; left:15.16%;width:83.52%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.81%;width:96.18%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-3.96%;top:.3em'>–</span= >Public employee deferred compensation plan </span><span style=3D'position:absolut= e; top:52.38%;left:3.81%;width:88.78%;height:50.0%'>(IRC Section 457) </s= pan></div> <div id=3D"_x0000_s161795_131_153" class=3DB1 style=3D'position:absolute;t= op:60.75%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >IRA, Roth IRA, 401(k) </span></div> <div id=3D"_x0000_s161795_153_174" class=3DB style=3D'position:absolute;to= p:67.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Nonqua= lified markets</span></div> </div> </p:slide></div> <p:animation number=3D"-1140426463"/><oa:par id=3D"TimeNode0" dur=3D"indefi= nite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" 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</o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>22</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s178178" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s178178" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Questions</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 78179" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s178179" class=3DB> <div id=3D"_x0000_s178179_0_156" style=3D'mso-line-spacing:"90 20 0";posit= ion: absolute;top:35.0%;left:10.11%;width:93.44%;height:22.75%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.0%;width:90.98%;height:26.37%'><s= pan style=3D'mso-special-format:bullet;position:absolute;left:-4.4%;top:.3em; font-family:Wingdings;font-size:75%'>l</span>Describe some of the purposes annuities </span><span style=3D'position:absolute;top:24.17%;left:4.0%; width:93.78%;height:26.37%'>serve.<span style=3D'mso-spacerun:yes'> </span>With respect to these purposes, do </span><span style=3D'position:a= bsolute; top:49.45%;left:4.0%;width:95.99%;height:26.37%'>they retain any advantages over alternative </span><span style=3D'position:absolute;top:73.62%;left:4= .0%; width:83.96%;height:26.37%'>retirement funding vehicles? </span></div> <div id=3D"_x0000_s178179_156_242" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:58.5%;left:10.11%;width:96.06%;height:11.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.89%;width:84.79%;height:52.17%'><= span style=3D'mso-special-format:bullet;position:absolute;left:-4.59%;top:.3em; font-family:Wingdings;font-size:75%'>l</span>Compare and contrast the objectives of </span><span style=3D'position:absolute;top:50.0%;left:3.89%; width:96.1%;height:52.17%'>variable annuities and variable life insurance&= #13;</span></div> <div id=3D"_x0000_s178179_242_368" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:71.0%;left:10.11%;width:92.69%;height:17.25%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.04%;width:90.1%;height:34.78%'><s= pan style=3D'mso-special-format:bullet;position:absolute;left:-4.48%;top:.3em; font-family:Wingdings;font-size:75%'>l</span>Annuities may be classified in numerous </span><span style=3D'position:absolute;top:33.33%;left:4.04%; width:95.95%;height:34.78%'>ways.<span style=3D'mso-spacerun:yes'> </span>Suggest an alternative classification </span><span style=3D'positio= n: absolute;top:65.21%;left:4.04%;width:89.89%;height:34.78%'>scheme to that presented in this chapter </span></div> <div style=3D'mso-line-spacing:"90 20 0";position:absolute;top:89.0%;left:= 10.11%; width:82.2%;height:6.0%'><span style=3D'position:absolute;top:0%;left:4.55= %; 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path=3D"m,l,21600r21600,l21600,xe" filled=3D"f" = fillcolor=3D"#bbe0e3 [4]" stroked=3D"f" strokecolor=3D"black [1]"> <v:fill color2=3D"white [0]" o:detectmouseclick=3D"t"/> <v:stroke joinstyle=3D"miter" o:forcedash=3D"t"/> <v:shadow color=3D"gray [2]"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> <o:lock v:ext=3D"edit" grouping=3D"t"/> <p:placeholder type=3D"slideNumber" position=3D"5" size=3D"quarter"/></v:s= hapetype> <div v:shape=3D"_x0000_s96263" class=3DO style=3D'text-align:right'><span style=3D'font-size:50%;mso-field-code:meta16'>‹#›</span><span style=3D'font-size:50%;mso-special-format:lastCR'> </span></div> <p:notes id=3D"1" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"112"/> </o:shapelayout><v:shape id=3D"_x0000_s114690" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1146= 91" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"2" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"116"/> </o:shapelayout><v:shape id=3D"_x0000_s118786" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1187= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"17" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"95"/> </o:shapelayout><v:shape id=3D"_x0000_s97282" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9728= 3" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s97283" class=3DN>Comment on the many different con= ceptions and uses of annuities.<span style=3D'mso-spacerun:yes'> </span>Loans= such as those for car, houses, etc. take the form of an annuity.<span style=3D'mso-spacerun:yes'> </span>Comment on the structure of these= .<span style=3D'mso-spacerun:yes'> </span>Even corporate bonds can be descr= ibed as an annuity plus a principal repayment.</div> </p:notes><p:notes id=3D"19" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"128"/> </o:shapelayout><v:shape id=3D"_x0000_s131074" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1310= 75" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s131075" class=3DN>Draw some analogies between the = uses of the two funds, e.g., the life insurance fund covers the lives of those who= die early with the premiums of those who do not while the life annuity fund co= vers the lives of those who die late with the premiums of those who die early.<= span style=3D'mso-spacerun:yes'> </span>Note how this changes the nature = of the adverse selection problem.</div> </p:notes><p:notes id=3D"18" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"175"/> </o:shapelayout><v:shape id=3D"_x0000_s179202" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1792= 03" type=3D"#_x0000_m96261" 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left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1822= 75" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"23" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"163"/> </o:shapelayout><v:shape id=3D"_x0000_s166914" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1669= 15" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s166915" class=3DN>Discuss the various payout optio= ns available.<span style=3D'mso-spacerun:yes'> </span>Look at the resul= ting cash flows and consider the possible valuation.</div> </p:notes><p:notes id=3D"24" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"165"/> </o:shapelayout><v:shape id=3D"_x0000_s168962" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1689= 63" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s168963" class=3DN>Note that the payout may be deno= minated in a variety of currencies.<span style=3D'mso-spacerun:yes'> </span>Consider the risk to insured and insurer if this option is elected.<span style=3D'mso-spacerun:yes'> </span>What is happening t= o the dollar now? <div> </div> The payout may also be expressed in units or shares of ownership.<span style=3D'mso-spacerun:yes'> </span>This will be the case with variab= le and equity indexed annuities.</div> </p:notes><p:notes id=3D"25" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"141"/> </o:shapelayout><v:shape id=3D"_x0000_s144386" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1443= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s144387" class=3DN>Describe the accumulation of the= fund based on investment in a fixed or variable annuity and then describe the decumulation process. <div> </div> <div>Describe decumulation for </div> <div> </div> <div>Annuities certain </div> <div>Pure life annuities </div> <div>Life annuities with refund features</div> </div> </p:notes><p:notes id=3D"27" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"166"/> </o:shapelayout><v:shape id=3D"_x0000_s169986" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1699= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s169987" class=3DN>Just note the basic types here a= nd that variable and equity indexed annuities are special cases of the first three types.</div> </p:notes><p:notes id=3D"28" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"153"/> </o:shapelayout><v:shape id=3D"_x0000_s156674" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1566= 75" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s156675" class=3DN>This is table 8-1.<span style=3D'mso-spacerun:yes'> </span>Also, see http://macminn.org/life/Chapter 8 Tables.xls</div> </p:notes><p:notes id=3D"29" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"167"/> </o:shapelayout><v:shape id=3D"_x0000_s171010" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1710= 11" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s171011" class=3DN>Note the difference between the = tax free accumulation and the opposite.</div> </p:notes><p:notes id=3D"30" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"168"/> </o:shapelayout><v:shape id=3D"_x0000_s172034" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1720= 35" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s172035"> <div class=3DN>Note the front end and back end loads as well as the bailout provision. </div> <div class=3DN> </div> <div class=3DN1>Market value annuity allows the owner to lock in a guarant= eed interest rate over a fixed period, e.g., 3-10 years.<span style=3D'mso-spacerun:yes'> </span>If the contract is surrendered th= en there is a market value adjustment that depends on changes in market rates. </div> <div class=3DN1> </div> <div class=3DN1>Certificate of annuity (COA) is like a certificate of depo= sit except that it is tax deferred.<span style=3D'mso-spacerun:yes'> </s= pan>It provides a guarantee rate of interest for a fixed period.</div> </div> </p:notes><p:notes id=3D"31" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"169"/> </o:shapelayout><v:shape id=3D"_x0000_s173058" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1730= 59" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s173059" class=3DN>Note where the money may come fr= om to pay for these annuities.<span style=3D'mso-spacerun:yes'> </span>Not= e that death benefits of some life insurance may be structured this way.</div> </p:notes><p:notes id=3D"32" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"179"/> </o:shapelayout><v:shape id=3D"_x0000_s183298" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1832= 99" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"36" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"180"/> </o:shapelayout><v:shape id=3D"_x0000_s184322" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1843= 23" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"35" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"172"/> </o:shapelayout><v:shape id=3D"_x0000_s176130" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1761= 31" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s176131" class=3DN>BS note two cases of “adve= rse selection” incentives prompted by the minimum death benefit guarantee.<span style=3D'mso-spacerun:yes'> </span>In the first, the insured has an incentive to purchase multiple variable annuities rather th= an one to take advantage of the floor on death benefits place on each contract.<span style=3D'mso-spacerun:yes'> </span>This is an incenti= ve that all rationale insured would want and so there is no change in the composition of the pool of insured that is characteristic of an adverse selection process; indeed there is no asymmetric information because all individuals will behave the same.<span style=3D'mso-spacerun:yes'> </span>In the second case, the insured has an incentive to borrow against a variable annuity that has suffered capital losses because there is a floor= on the death benefit that does not account for the capital loss; again, the incentive applies to all and so no asymmetric information arises.<span style=3D'mso-spacerun:yes'> </span>See page 175.</div> </p:notes><p:notes id=3D"33" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"181"/> </o:shapelayout><v:shape id=3D"_x0000_s185346" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1853= 47" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> 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------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/script.js Content-Transfer-Encoding: quoted-printable Content-Type: application/javascript; charset="us-ascii" function LoadSld() { var sld=3DGetObj("SlideObj") if( !g_supportsPPTHTML ) { =09 sld.style.visibility=3D"visible" return } if( MakeNotesVis() ) return runAnimations =3D _InitAnimations(); =09 if( IsWin("PPTSld") ) parent.SldUpdated(GetSldId()) g_origSz=3DparseInt(SlideObj.style.fontSize) g_origH=3Dsld.style.posHeight g_origW=3Dsld.style.posWidth g_scaleHyperlinks=3D(document.all.tags("AREA").length>0) if( g_scaleHyperlinks ) InitHLinkArray() if( g_scaleInFrame||(IsWin("PPTSld") && parent.IsFullScrMode() ) ) document.body.scroll=3D"no" _RSW() if( IsWin("PPTSld") && parent.IsFullScrMode() ) FullScrInit(); =09 MakeSldVis(); ChkAutoAdv() if( runAnimations ) { if( document.all("NSPlay") ) document.all("NSPlay").autoStart =3D false; if( sld.filters && sld.filters.revealtrans ) setTimeout( "document.body.start()", sld.filters.revealtrans.duration * = 1000 ); else document.body.start(); } } function MakeSldVis()=20 { var fTrans=3Dg_showAnimation && SldHasTrans() if( fTrans )=09 { if( g_bgSound ) { idx=3Dg_bgSound.indexOf(","); pptSound.src=3Dg_bgSound.substr( 0, idx ); pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1))); } SlideObj.filters.revealtrans.Apply()=09 } SlideObj.style.visibility=3D"visible" if( fTrans ) SlideObj.filters.revealtrans.Play() } function MakeNotesVis()=20 { if( !IsNts() ) return false=20 SlideObj.style.display=3D"none" nObj =3D document.all.item("NotesObj") parent.SetHasNts(0) if( nObj ) {=20 nObj.style.display=3D"" parent.SetHasNts(1) } return 1 } function ChkAutoAdv() { if(SldHasTrans()) SlideObj.onfilterchange=3DAutoAdv else AutoAdv() } function AutoAdv() { if(!IsWin("PPTSld") || !gUseSldTimings )return var sld=3DGetCurSld() if( (sld.mAdvDelay>0) && !parent.IsFramesMode() ) setTimeout("parent.GoToNextSld()",sld.mAdvDelay) } function GetObj(id) { if(g_supportsPPTHTML) return document.all(id); else return document.getElementById(id); } function SldHasTrans() { return SlideObj.style.filter !=3D ""; } function GetSldId() { return sId=3Dlocation.href.substring(location.href.la= stIndexOf('/')+1) } function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx= tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl= e.display=3D'none'; return true } return false } function IsWin( name ) { return window.name =3D=3D name } function IsNts() { return IsWin("PPTNts") } function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) } function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"= && navigator.appVersion.indexOf("Windows")>0 ) } function SupportsPPTHTML() { var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0 if( msie >=3D 0 ) ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) ) else ver=3DparseInt(appVer) return( ver >=3D 4 && msie >=3D 0 ) } function _RSW() { if( !g_supportsPPTHTML || IsNts() || ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) ) return var padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii<collSeq.length;ii++) { if( collSeq[ii].getAttribute( "p:nodeType" ) =3D=3D "mainSeq" ) { g_animMainSequence =3D collSeq[ii]; break; } } } =09 if( g_animItemsToHide && document.body.playAnimations !=3D false ) { for(jj =3D 0; jj < g_animItemsToHide.length; jj++) { if( hideObj =3D GetObj(g_animItemsToHide[jj]) ) hideObj.runtimeStyle.visibility=3D"hidden"; } } if( g_animInteractiveItems ){ for(jj =3D 0; jj < g_animInteractiveItems.length; jj++) { if( triggerObj =3D GetObj(g_animInteractiveItems[jj]) ) triggerObj.runtimeStyle.cursor=3D"hand"; } } =09 if( gUseSldTimings && ''+g_animSlideTime !=3D 'undefined' ) { adjustedTime =3D document.body.calculateAutoAdvanceTimes( g_animSlideTim= e, g_animEffectTimings ); if( IsWin("PPTSld") && adjustedTime !=3D g_animSlideTime ) { var sld =3D GetCurSld(); sld.mAdvDelay =3D adjustedTime * 1000; } } } return g_animUseRuntime; } gSldJump =3D 0, gSldJumpTrack =3D 0, gSldJumpIdx =3D ""; function _KPH() {=20 if( IsNts() ) return; if( !parent.IsFramesMode() && event.keyCode =3D=3D 27 && !HideMenu() ) parent.window.close( self ); else if( event.keyCode =3D=3D 32 ) { if( window.name =3D=3D "PPTSld" ) parent.PPTSld.DocumentOnClick(); else parent.GoToNextSld(); } CatchNumKeys( parent, event ); } function CatchNumKeys( win, event ) { if( win.IsFullScrMode() && (48<=3Devent.keyCode) && (event.keyCode<=3D57) = ) { gSldJump =3D 1; gSldJumpIdx +=3D (event.keyCode-48).toString(); } if( win.IsFullScrMode() && gSldJump && event.keyCode =3D=3D 13 ) { var numSlds =3D parent.GetSldList().mList.length if ( gSldJumpIdx > numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } }function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && (window.name=3D=3D"PPTSld") && !parent.IsFrames= Mode() ) || (event && event.keyCode=3D=3D32) ) { =09 if( g_animUseRuntime && g_animMainSequence && g_animMainSequence.cangonex= t ) return; parent.GoToNextSld(); } } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram= es", gIsEndShow=3D0, NUM_VIS_SLDS=3D17, SCRIPT_HREF=3D"script.js", FULLSCR_= HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO= tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(= "slide0002.htm",1,-1,1),new hrefList("slide0017.htm",1,-1,1),new hrefList("= slide0019.htm",1,-1,1),new hrefList("slide0018.htm",1,-1,1),new hrefList("s= lide0020.htm",0,-1,1),new hrefList("slide0021.htm",0,-1,1),new hrefList("sl= ide0022.htm",0,-1,1),new hrefList("slide0023.htm",0,-1,1),new hrefList("sli= de0024.htm",0,-1,1),new hrefList("slide0025.htm",1,-1,1),new hrefList("slid= e0027.htm",1,-1,1),new hrefList("slide0028.htm",1,-1,1),new hrefList("slide= 0029.htm",1,-1,1),new hrefList("slide0030.htm",1,-1,1),new hrefList("slide0= 031.htm",1,-1,1),new hrefList("slide0032.htm",1,-1,1),new hrefList("slide00= 36.htm",1,-1,1),new hrefList("slide0035.htm",1,-1,1),new hrefList("slide003= 3.htm",1,-1,1),new hrefList("slide0034.htm",1,-1,1),new hrefList("slide0037= .htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii<GetSldList().mList.length; ii++) { if ( GetSldList().mList[ii].mSldHref =3D=3D href ) return ii+1 } return 1 } function GetHrefObj( sldIdx ){ return GetSldList().mList[sldIdx-1] } function IsFramesMode(){ return ( SCREEN_MODE =3D=3D "Frames" ) } function IsFullScrMode(){ return ( SCREEN_MODE =3D=3D "FullScreen" ) } function GoToNextSld() { ii=3DgCurSld + 1 if( GetHrefObj( ii-1 ).mOrigVis =3D=3D 0 ) { if( ii<=3DGetSldList().mList.length ) { obj=3DGetHrefObj(ii) obj.mVis=3D1 GoToSldNum(ii) return } } else { obj=3DGetHrefObj( ii ) while ( obj && ( obj.mOrigVis =3D=3D 0 ) ) obj=3DGetHrefObj(++ii) if( obj && obj.mOrigVis ) { GoToSldNum(ii) return } } if( gSldStack.length > 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('<html><body dir=3D' + dir + ' bgcolor=3Dblack onload=3Dparent= .SetupEndShow() onunload=3Dparent.Unload()><center><p><font face=3DTahoma c= olor=3Dwhite size=3D2><br><b>' + ENDSHOW_MESG + '</b></font></p></center></= body></html>') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii<arr.length;ii++) { this.mList[ii] =3D new hrefList( arr[ii].mSldHref, arr[ii].mOrigVis, arr[= ii].mAdvDelay, arr[ii].mAdvOnClk ); if( arr[ii].mOrigVis ) this.mList[ii].mSldIdx =3D idx++; } this.mNumVisSlds =3D idx-1; this.fEndShow =3D fEnd; } function GetSldList() { return gSldStack[gSldStack.length-1] } function GetCurSld() { return parent.GetSldList().mList[parent.gCurSld - 1]= } gSldStack =3D new Array(); gSldStack[0] =3D new SldList(gMainDoc,gCurSld,1) function ToggleOtlPane() { frmset=3Ddocument.all("PPTHorizAdjust") frm=3Ddocument.all("PPTOtl") if( gOtlOpen ) frmset.cols=3D"*,100%" else frmset.cols=3D"25%,*" gOtlOpen=3D!gOtlOpen frm.noResize=3D!frm.noResize UpdOtNavPane() } function ToggleNtsPane() { frmset=3Ddocument.all("PPTVertAdjust") frm=3Ddocument.all("PPTNts") if( gNtsOpen ) frmset.rows=3D"100%,*" else frmset.rows=3D"*,20%" gNtsOpen=3D!gNtsOpen UpdNtsPane() } /********************************************* Custom Shows implementation When ViewCustomShow() is called, we create a new array that is a subset of the slides in=20 the main doc. This list pushed on a stack so we can return after the end of the custom show. *********************************************/ function ViewCustomShow(idx,fEnd) { if( !IsFullScrMode() ) return; var sldList =3D new Array(); var custShow =3D custShowList[idx-1]; var jj =3D 0; for( ii=3D0;ii<custShow.length;ii++ ) { if( custShow[ii] <=3D gMainDoc.length ) sldList[jj++] =3D gMainDoc[custShow[ii]-1]; } if (sldList.length > 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var elem=3DPPTSld.document.createElement("DIV") node.insertBefore( elem ) return elem } function SetCMBorder( o,ltClr,rbClr ) { var s=3Do.style s.backgroundColor=3D"menu" s.borderStyle=3D"solid" s.borderWidth=3D1 s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr } ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/fullscreen.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\fullscreen.htm" id=3D"webarch_temp_base_tag"> <![endif]><script src=3Dscript.js></script> <script> </script> </head>

MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_01C533AD.6A23FF70" This document is a Single File Web Page, also known as a Web Archive file. If you are seeing this message, your browser or editor doesn't support Web Archive files. Please download a browser that supports Web Archive, such as Microsoft Internet Explorer. ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Economic Security and the Economics of Life and Health Insurance</ti= tle>  <link rel=3DPresentation-XML href=3D"lifeannuities_files/pres.xml"> <meta name=3DDescription content=3D"3/28/2005: Life Annuities"> <meta http-equiv=3Dexpires content=3D0> <![if !ppt]><script>  </script><![endif]> </head> <body> <script></script><font face=3DArial size=3D2><b> <p>This presentation contains content that your browser may not be able to = show properly. This presentation was optimized for more recent versions of Micro= soft Internet Explorer.</p> <p>If you would like to proceed anyway, click <a href=3D"lifeannuities_files/frame.htm">here</a>.</p> </b></font><script></script> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/master08.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\master08.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DRobots content=3DNoIndex> <link rel=3DStylesheet href=3D"master08_stylesheet.css"> <![if !ppt]><script src=3Dscript.js></script> <script>  </script> <![endif]> </head> <body> <div v:shape=3D"_x0000_m1031" class=3DT>Click to edit Master title style</d= iv> <div v:shape=3D"_x0000_m1032"> <div class=3DB>Click to edit Master text styles </div> <div class=3DB1>Second level </div> <div class=3DB2>Third level </div> <div class=3DB3>Fourth level </div> <div class=3DB4>Fifth level</div> </div> <div v:shape=3D"_x0000_s1037" class=3DO style=3D'text-align:right'><span la= ng=3DEN-US style=3D'font-size:42%;mso-field-code:meta0'>‹date/time›</span>= <span style=3D'font-size:42%;mso-special-format:lastCR'> </span></div> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center'><span style=3D'font-size:42%;mso-field-code:meta15'>‹footer›</span><s= pan style=3D'font-size:42%;mso-special-format:lastCR'> </span></div> <div v:shape=3D"_x0000_s1039" class=3DO><span style=3D'font-size:42%;color:= white; mso-color-index:0;mso-field-code:meta16'><b>‹#›</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:las= tCR'><b> </b></span></div> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/master08.xml Content-Transfer-Encoding: quoted-printable Content-Type: text/xml; charset="utf-8" <xml xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation"> <p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"1"/> <o:regrouptable v:ext=3D"edit"> <o:entry new=3D"1" old=3D"0"/> <o:entry new=3D"2" old=3D"0"/> </o:regrouptable> 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style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master09.xml"> <p:shaperange href=3D"master09.xml#_x0000_s8193"/><![if !ppt]><p:shaperange href=3D"master09.xml#_x0000_s8213"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8213,_x0000_s8194,_x0000_s8195" src=3D"master09_image0= 01.gif" style=3D'position:absolute;top:0%;left:0%;width:64.41%;height:100.5%'><![e= ndif]><p:shaperange href=3D"master09.xml#_x0000_s8210"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8210,_x0000_s8204,_x0000_s8205" src=3D"master09_image0= 02.gif" style=3D'position:absolute;top:71.25%;left:39.7%;width:53.55%;height:5.0%'= ><![endif]><p:shaperange href=3D"master09.xml#_x0000_s8206"/> <div v:shape=3D"_x0000_s8206" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:27.71%;width:21.53%;height:2.25%'><span lang=3DEN-US style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta0'= >Monday, March 28, 2005</span><span style=3D'font-size:42%;color:white;mso-color-in= dex: 0;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8207"/> <div v:shape=3D"_x0000_s8207" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>Copyright MacMinn.org</span><span style=3D'font-siz= e: 42%;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8209"/> <div v:shape=3D"_x0000_s8209" class=3DO style=3D'position:absolute;top:95.= 5%; left:1.87%;width:4.49%;height:2.25%'><span style=3D'font-size:42%;color:wh= ite; mso-color-index:0;mso-field-code:meta16'><b>1</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master09.xml#_x0000_m8211"/><v:shape id=3D= "_x0000_s67590" type=3D"#_x0000_m8211" style=3D'position:absolute;left:54pt;top:78pt;widt= h:9in; height:150pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"centerTitle"/></v:shape><p:shaperange href=3D"master09.xml#_x0000_m8197"/><v:shape id=3D"_x0000_s67591" type=3D= "#_x0000_m8197" style=3D'position:absolute;left:368pt;top:330pt;width:316pt;height:44pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"subTitle" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s67590" class=3DCT style=3D'position:absolute;top:2= 4.5%; left:11.42%;width:82.39%;height:7.75%'>Life Annuities</div> <div v:shape=3D"_x0000_s67591" class=3DCB style=3D'text-align:center;posit= ion:absolute; top:65.75%;left:52.05%;width:41.94%;height:3.25%'><span style=3D'font-size= :50%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/"/><a href=3D"http://mac= minn.org/" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Richard M= acMinn</a></span><span style=3D'font-size:50%;mso-special-format:lastCR;display:none'> </span= ></div> </p:slide></div> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/master09_image001.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhWAGSAXcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAABX AZABgQAAAJnMmf///wECAwL/jI+py+0Po5y02ouzlqD7D4biSJZmuaXqyrbuC6fnTNd2GOf6zve+ dgsKh52f8YhMKi3EphO1jEqnVNjzigVUt9yud5ENE7/ksvkoTt/O7LZbpY7P3vS6vSHPk+78/lsP COI3SOgVeKhVqLiohBjICBnJ4wgoaXnJQqmHydnJpCnnKTqKBxpHippqepra6rmq5iqLCZs2extZ K4bLq6gb1hvs95slbGxHjHW87JZ8xQxt5vwUXW043WStXYWdvf291D0GTo4mLlSe7nOOru6ewx70 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oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO style=3D'position:absolute;top:95.= 5%; left:3.74%;width:2.8%;height:2.25%'><span style=3D'font-size:42%;color:whi= te; mso-color-index:0;mso-field-code:meta16'><b>2</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s70658" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s70658" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Objectives</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 0659" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s70659" class=3DB> <div id=3D"_x0000_s70659_0_57" style=3D'position:absolute;top:35.5%;left:1= 0.11%; width:85.01%;height:12.25%;white-space:nowrap'><span style=3D'position:abs= olute; top:0%;left:4.4%;width:95.59%;height:48.97%'><span class=3DBB style=3D'pos= ition: absolute;left:-4.6%;top:.3em'>l</span>Describe the purpose and design of l= ife </span><span style=3D'position:absolute;top:51.02%;left:4.4%;width:92.29%;height:48.97%= '>annuity products </span></div> <div id=3D"_x0000_s70659_57_97" style=3D'position:absolute;top:49.25%;left= :10.11%; width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolu= te; top:0%;left:4.55%;width:95.44%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.77%;top:.3em'>l</span>Explain the classification of annuities </span></div> <div id=3D"_x0000_s70659_97_132" style=3D'position:absolute;top:56.75%;lef= t:10.11%; width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolu= te; top:0%;left:4.55%;width:95.44%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.77%;top:.3em'>l</span>Note the various uses of annuities&= #13;</span></div> <div id=3D"_x0000_s70659_132_176" style=3D'position:absolute;top:64.0%;lef= t:10.11%; width:90.26%;height:6.0%;white-space:nowrap'><span style=3D'position:absol= ute; top:0%;left:4.14%;width:95.85%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.32%;top:.3em'>l</span>Describe the tax implications for annuities </span></div> <div style=3D'position:absolute;top:71.5%;left:10.11%;width:82.2%;height:6= .0%'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span style=3D'visibility:hidden'><span class=3DBB style=3D'position:absolute;le= ft:-4.77%'>l</span></span> </span></div> <div style=3D'position:absolute;top:79.0%;left:10.11%;width:82.2%;height:6= .0%'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span style=3D'visibility:hidden'><span class=3DBB style=3D'position:absolute;le= ft:-4.77%'>l</span></span><span style=3D'mso-special-format:lastCR;display:none'> </span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" 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onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>3</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s95234" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s95234" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>The nature of annuities</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s9= 5235" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:564pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s95235"> <div id=3D"_x0000_s95235_0_21" class=3DB style=3D'position:absolute;top:35= .5%; left:10.11%;width:76.4%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.9%;width:95.09%;height:100.0%'><s= pan class=3DBB style=3D'position:absolute;left:-5.15%;top:.3em'>l</span>The an= nuity contract </span></div> <div id=3D"_x0000_s95235_21_120" class=3DB1 style=3D'position:absolute;top= :42.75%; left:15.16%;width:76.96%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.13%;width:95.86%;height:33.33%'><= span class=3DB1B style=3D'position:absolute;left:-4.31%;top:.3em'>–</span= >The contract specifies a series of periodic </span><span style=3D'position:abs= olute; top:33.33%;left:4.13%;width:88.8%;height:33.33%'>payments for either a fix= ed period or a </span><span style=3D'position:absolute;top:66.66%;left:4.13%; width:88.8%;height:33.33%'>person’s life. </span></div> <div id=3D"_x0000_s95235_120_201" class=3DB1 style=3D'position:absolute;to= p:59.75%; left:15.16%;width:80.89%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.93%;width:96.29%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-4.08%;top:.3em'>–</span= >The annuity designed to pay for a fixed time </span><span style=3D'position:ab= solute; top:50.0%;left:3.93%;width:84.49%;height:50.0%'>period is called an annuity certain </span></div> <div id=3D"_x0000_s95235_201_279" class=3DB1 style=3D'position:absolute;to= p:71.5%; left:15.16%;width:82.02%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.88%;width:96.34%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-4.02%;top:.3em'>–</span= >The annuity designed to pay for an indefinite </span><span style=3D'position:a= bsolute; top:50.0%;left:3.88%;width:83.33%;height:50.0%'>period is called a life annuity </span></div> <div class=3DB1 style=3D'position:absolute;top:83.25%;left:15.16%;width:71= .53%; height:5.25%'><span style=3D'position:absolute;top:0%;left:4.45%;width:95.= 54%; height:100.0%'><span style=3D'visibility:hidden'><span class=3DB1B style=3D'position:absolute;left:-4.65%'>–</span></span><span style=3D'mso-special-format:lastCR;display:none'> </span></span></div> </div> <v:shapetype id=3D"_x0000_t202" coordsize=3D"21600,21600" o:spt=3D"202" pa= th=3D"m,l,21600r21600,l21600,xe"> <v:stroke joinstyle=3D"miter"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> </v:shapetype><v:shape id=3D"_x0000_s95236" type=3D"#_x0000_t202" style=3D= 'position:absolute; left:408pt;top:24pt;width:282pt;height:256pt' filled=3D"f" fillcolor=3D"#= 3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"8" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s95236_AllText" v:shape=3D"_x0000_s95236" style=3D'posit= ion:absolute; top:5.25%;left:57.67%;width:41.94%;height:46.0%;white-space:nowrap'> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'position:absolute;top:0%;left:23.66%;width:65.17%;height:8.69%'><= span style=3D'font-size:75%'>A </span><span style=3D'font-size:75%'><b>temporar= y life </b></span></span><span style=3D'position:absolute;top:8.69%;left:23.66%;width:76.33%;height:8.69%= '><span style=3D'font-size:75%'><b>annuity</b></span><span style=3D'font-size:75%'= > pays for a fixed </span></span><span style=3D'position:absolute;top:17.39%; left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:75%'>perio= d or until death </span></span><span style=3D'position:absolute;top:26.08%; left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:75%'>while= a </span><span style=3D'font-size:75%'><b>whole life </b></span></span><span style=3D'pos= ition: absolute;top:34.78%;left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:75%'><b>annuity</b></span><span style=3D'font-size:75%'= > pays until </span></span><span style=3D'position:absolute;top:43.47%;left:23.66= %; width:65.17%;height:8.69%'><span style=3D'font-size:75%'>death. </span= ></span></div> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:a= bsolute; top:52.71%;left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size= :75%; display:none'> </span></div> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'position:absolute;top:61.41%;left:23.66%;width:70.98%;height:8.69= %'><span style=3D'font-size:75%'>Consider how to value </span></span><span style=3D'position:absolute;top:70.1%;left:23.66%;width:65.17%;height:8.69%= '><span style=3D'font-size:75%'>them. </span></span></div> <div class=3DO2 style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:a= bsolute; top:78.8%;left:23.66%;width:65.17%;height:8.69%'><span style=3D'font-size:= 75%; display:none'> </span></div> <div class=3DO style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-ki= nsoku-overflow: 0;position:absolute;top:91.84%;left:0%;width:88.83%;height:8.69%'><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></div> </div> <v:shape id=3D"_x0000_s95237" type=3D"#_x0000_t202" style=3D'position:abso= lute; left:0;top:276pt;width:132pt;height:169.5pt' filled=3D"f" fillcolor=3D"#3= cc [4]" stroked=3D"f" strokecolor=3D"#036 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</span></span><span style=3D'position= :absolute; top:53.33%;left:0%;width:90.47%;height:13.33%'><span style=3D'font-size:75= %'>various kinds </span></span></div> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0'><span style=3D'position:absolute;top:73.33%;left:0%;width:94.28%;height= :13.33%'><span style=3D'font-size:75%'>Consider how </span></span><span style=3D'position= :absolute; top:86.66%;left:0%;width:100.0%;height:13.33%'><span style=3D'font-size:75= %'>to value these.</span></span></div> </div> </p:slide></div> <p:animation number=3D"-1012871173"/><oa:par id=3D"TimeNode0" dur=3D"indefi= nite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" 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yParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd= =3D"false"/><oa:buildParagraph targetElement=3D"_x0000_s95236" groupID=3D"0" build=3D"asAWhole" buildLeve= l=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s95237" groupID=3D"0" build=3D"asAWhole" buildLeve= l=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s95237" groupID=3D"1" build=3D"asAWhole" buildLeve= l=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Commen= t on the many different conceptions and uses of annuities.<span style=3D'mso-spacerun:yes'> </span>Loans such as those for car, hou= ses, etc. take the form of an annuity.<span style=3D'mso-spacerun:yes'> </span>Comment on the structure of these.<span style=3D'mso-spacerun:yes'> </span>Even corporate bonds can be desc= ribed as an annuity plus a principal repayment.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0019.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0019.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Purpose of annuities"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"127"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>4</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s130050" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s130050" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Purpose of annuities</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 30051" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s130051"> <div id=3D"_x0000_s130051_0_15" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:82.2%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.77%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Longevity risk = </span></span></div> <div id=3D"_x0000_s130051_15_58" class=3DB1 style=3D'position:absolute;top= :41.5%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>This is the r= isk of outliving one’s wealth </span></span></div> <div id=3D"_x0000_s130051_58_126" class=3DB style=3D'position:absolute;top= :47.0%; left:10.11%;width:96.62%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.87%;width:96.12%;height:50.0%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.03%; top:.3em'>l</span></span><span style=3D'font-size:86%'>The purpose of a wh= ole life annuity is to manage the </span></span><span style=3D'position:absolu= te; top:52.38%;left:3.87%;width:81.2%;height:50.0%'><span style=3D'font-size:8= 6%'>longevity risk </span></span></div> <div id=3D"_x0000_s130051_126_390" class=3DB style=3D'position:absolute;to= p:58.75%; left:10.11%;width:97.75%;height:26.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.83%;width:96.16%;height:19.81%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 3.98%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Just as life insura= nce is concerned with the formation </span></span><span style=3D'position:absolut= e; top:20.75%;left:3.83%;width:95.4%;height:19.81%'><span style=3D'font-size:= 86%'>of a fund to manage the risk of premature death, i.e., </span></span><span style=3D'position:absolute;top:40.56%;left:3.83%;width:88.12%;height:19.81= %'><span style=3D'font-size:86%'>brevity risk, the life annuity is concerned with t= he </span></span><span style=3D'position:absolute;top:60.37%;left:3.83%;width:85.63%;height:19.81= %'><span style=3D'font-size:86%'>liquidation of a fund to manage the risk of living= </span></span><span style=3D'position:absolute;top:80.18%;left:3.83%;width:83.52%;height:19.81= %'><span 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style=3D'mso-spacerun:yes'> </span>Note h= ow this changes the nature of the adverse selection problem.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0018.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= 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v:shape=3D"_s129091" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:45.75%;left:45.31%;width:14.98%;height:3.25%'><span style=3D'font-size:63%'>Classification </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:49.25%;left:46.06%;width:13.48%;height:3.25%'><span style=3D'font-size:63%'>Scheme</span></div> </div> <div v:shape=3D"_s129092" class=3DO onclick=3D"parent.GoToSld('slide0020.h= tm');" style=3D'cursor:hand;position:absolute;top:58.75%;left:10.86%;width:13.1%; height:10.0%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Number </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:35.0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>of </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:67.5%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Lives</span></div> </div> <div v:shape=3D"_s129093" class=3DO onclick=3D"parent.GoToSld('slide0023.h= tm');" style=3D'cursor:hand;position:absolute;top:58.75%;left:64.04%;width:13.1%; height:10.0%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Disposition </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:35.0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>of </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:67.5%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>proceeds</span></div> </div> <div v:shape=3D"_s129094" class=3DO onclick=3D"parent.GoToSld('slide0024.h= tm');" style=3D'cursor:hand;position:absolute;top:58.75%;left:80.52%;width:15.73%; height:10.0%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Denomination </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:35.0%;left:8.33%;width:83.33%;height:32.5%'><span style=3D'font-size:63%'>of </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:67.5%;left:8.33%;width:83.33%;height:32.5%'><span style=3D'font-size:63%'>values</span></div> </div> <div v:shape=3D"_s129098" class=3DO onclick=3D"parent.GoToSld('slide0022.h= tm');" style=3D'cursor:hand;position:absolute;top:60.5%;left:46.25%;width:13.1%; height:6.75%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:48.14%'><span style=3D'font-size:63%'>Initial </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:48.14%;left:0%;width:100.0%;height:48.14%'><span style=3D'font-size:63%'>payment</span></div> </div> <div v:shape=3D"_s129100" class=3DO onclick=3D"parent.GoToSld('slide0021.h= tm');" style=3D'cursor:hand;position:absolute;top:58.75%;left:28.65%;width:13.1%; height:10.0%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Premium </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:35.0%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>Payment </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:67.5%;left:0%;width:100.0%;height:32.5%'><span style=3D'font-size:63%'>method</span></div> </div> </p:slide></div> 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width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div 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onclick=3D"window.event.cancelBubble=3Dtrue;">Lives</a><span style=3D'mso-= special-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 34156" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" = flag=3D"0"/></v:shape> <div v:shape=3D"_x0000_s134156"> <div id=3D"_x0000_s134156_0_32" class=3DHB style=3D'position:absolute;top:= 35.25%; left:10.11%;width:39.32%;height:8.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%;height:51.42%'><= span style=3D'font-size:83%'><span class=3DHBB style=3D'position:absolute;left:= -10.52%; top:.3em'>l</span></span><span style=3D'font-size:83%'>Joint and last-surv= ivor </span></span><span style=3D'position:absolute;top:51.42%;left:9.52%;width:90.47%;height:51.42= %'><span style=3D'font-size:83%'>annuity </span></span></div> <div id=3D"_x0000_s134156_32_108" class=3DHB1 style=3D'position:absolute;t= op:45.0%; left:15.16%;width:39.32%;height:12.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:8.09%;width:79.52%;height:33.33%'><= span style=3D'font-size:90%'><span class=3DHB1B style=3D'position:absolute;left= :-10.17%; top:.3em'>–</span></span><span style=3D'font-size:90%'>This annuity provides </span></span><span style=3D'position:absolute;top:33.33%;left:8.= 09%; width:87.61%;height:33.33%'><span style=3D'font-size:90%'>payment as long = as either </span></span><span style=3D'position:absolute;top:66.66%;left:8.09= %; width:91.9%;height:33.33%'><span style=3D'font-size:90%'>of two or more pe= rsons live </span></span></div> <div id=3D"_x0000_s134156_108_121" class=3DHB1 style=3D'position:absolute; top:57.75%;left:15.16%;width:34.45%;height:4.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.23%;width:90.76%;height:100.0%'><= span style=3D'font-size:90%'><span class=3DHB1B style=3D'position:absolute;left= :-10.17%; top:.3em'>–</span></span><span style=3D'font-size:90%'>Note premium&= #13;</span></span></div> <div id=3D"_x0000_s134156_121_153" class=3DHB style=3D'position:absolute;t= op:62.74%; left:10.11%;width:41.57%;height:8.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.0%;width:90.99%;height:51.42%'><s= pan style=3D'font-size:83%'><span class=3DHBB style=3D'position:absolute;left:= -9.9%; top:.3em'>l</span></span><span style=3D'font-size:83%'>Joint and two-thirds (one-</span></span><span style=3D'position:absolute;top:51.42%;left:9.0%; width:85.58%;height:51.42%'><span style=3D'font-size:83%'>half) </span= ></span></div> <div id=3D"_x0000_s134156_153_172" class=3DHB style=3D'position:absolute;t= op:72.5%; left:10.11%;width:39.32%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DHBB style=3D'position:absolute;left:= -10.52%; top:.3em'>l</span></span><span style=3D'font-size:83%'>Joint-life annuity&= #13;</span></span></div> <div id=3D"_x0000_s134156_172_220" class=3DHB1 style=3D'position:absolute; top:77.75%;left:15.16%;width:35.2%;height:8.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.04%;width:88.82%;height:50.0%'><s= pan style=3D'font-size:90%'><span class=3DHB1B style=3D'position:absolute;left= :-10.17%; top:.3em'>–</span></span><span style=3D'font-size:90%'>This annuity provides </span></span><span style=3D'position:absolute;top:50.0%;left:9.0= 4%; width:90.95%;height:50.0%'><span style=3D'font-size:90%'>payment until fir= st death </span></span></div> <div class=3DHB style=3D'position:absolute;top:86.75%;left:10.11%;width:39= .32%; height:4.5%'><span 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onclick=3D"window.event.cancelBubble=3Dtrue;">Premium</a><span style=3D'ms= o-tab-count: 1;width:10.33%'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 36211" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/= ></v:shape> <div v:shape=3D"_x0000_s136211"> <div id=3D"_x0000_s136211_0_7" class=3DHB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:39.32%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%;height:100.0%'><= span class=3DHBB style=3D'position:absolute;left:-10.52%;top:.3em'>l</span>Sing= le </span></div> <div id=3D"_x0000_s136211_7_65" class=3DHB1 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mso-kinsoku-overflow:0;position:absolute;top:68.0%;left:25.84%;width:12.35= %; height:4.0%'><span style=3D'font-size:75%'>Currency</span></div> <div v:shape=3D"_s140298" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:68.0%;left:57.49%;width:11.42= %; height:4.0%'><span style=3D'font-size:75%'>Units</span></div> <div v:shape=3D"_s140303" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:77.5%;left:18.53%;width:11.42= %; height:3.25%'><span style=3D'font-size:63%'>national</span></div> <div v:shape=3D"_s140305" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:77.5%;left:34.08%;width:11.23= %; height:3.25%'><span style=3D'font-size:63%'>foreign</span></div> <div v:shape=3D"_s140307" class=3DO style=3D'text-align:center;mso-char-wr= ap:0; mso-kinsoku-overflow:0;position:absolute;top:77.5%;left:49.81%;width:11.23= %; height:3.25%'><span 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style=3D'position:absolute;top:35.25%;left:9.36%;width:33.7%;height:38.0%; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 30 0"'><span style=3D'position:absolut= e; top:0%;left:0%;width:100.0%;height:10.52%'><span style=3D'font-size:75%; layout-flow:vertical'>Note that the payout may </span></span><span style=3D'position:absolute;top:10.52%;left:0%;width:83.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>be denominated in a </span></= span><span style=3D'position:absolute;top:21.05%;left:0%;width:83.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>variety of currencies.<span style=3D'mso-spacerun:yes'> </span></span></span><span style=3D'posi= tion: absolute;top:31.57%;left:0%;width:83.33%;height:10.52%'><span style=3D'font-size:75%;layout-flow:vertical'>Consider the risk to </span><= /span><span style=3D'position:absolute;top:42.1%;left:0%;width:100.0%;height:10.52%'><= span style=3D'font-size:75%;layout-flow:vertical'>insured and insurer if this <= /span></span><span style=3D'position:absolute;top:52.63%;left:0%;width:93.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>option is elected.<span style=3D'mso-spacerun:yes'> </span>What </span></span><span style=3D'position:absolute;top:63.81%;left:0%;width:100.0%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>is happening to the dollar </= span></span><span style=3D'position:absolute;top:74.34%;left:0%;width:83.33%;height:10.52%'>= <span style=3D'font-size:75%;layout-flow:vertical'>now? </span></span></div> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0;position:absolute;top:90.13%;left:0%;width:83.33%;height:10.52%'><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></div> </div> <v:shape id=3D"_x0000_s140314" type=3D"#_x0000_t202" style=3D'position:abs= olute; left:474pt;top:210pt;width:210pt;height:137pt' filled=3D"f" fillcolor=3D"= #3cc [4]" 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userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Note t= hat the payout may be denominated in a variety of currencies.<span style=3D'mso-spacerun:yes'> </span>Consider the risk to insured and insurer if this option is elected.<span style=3D'mso-spacerun:yes'> </span>What is happening to the dollar now?</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>The pa= yout may also be expressed in units or shares of ownership.<span style=3D'mso-spacerun:yes'> </span>This will be the case with varia= ble and equity indexed annuities.</font><br> </td> </tr> </table> </div> <![endif]> </body> 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</tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Descri= be the accumulation of the fund based on investment in a fixed or variable annui= ty and then describe the decumulation process.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Descri= be decumulation for</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Annuit= ies certain</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Pure l= ife annuities</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Life a= nnuities with refund features</font><br> </td> 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annuity</a><span style=3D'mso-special-format:lastCR;display:none'>= </span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s148483_0_34" attributeName=3D"style.visibili= ty" to=3D"visible"/> <oa:animate id=3D"TimeNode6" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s148483_0_34" additive=3D"base" attributeName= =3D"ppt_x" 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attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s148483" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Just n= ote the basic types here and that variable and equity indexed annuities are special cas= es of the first three types.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0028.htm Content-Transfer-Encoding: quoted-printable Content-Type: 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style=3D'mso-spacerun:yes'> </span>8.37 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149643" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.96 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149642" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>8.46 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149641" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.77 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149640" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>11.35 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149639" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:91.26%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>13.05 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149638" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:91.26%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>80</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149637" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.28 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149636" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.85 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149635" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>7.68 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149634" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.15 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149633" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>9.06 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149632" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:82.09%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>10.47 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149631" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:82.09%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>75</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149630" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.42 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149629" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.93 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149628" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>6.83 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149627" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.40 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149626" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.46 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149625" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:72.48%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>8.57 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149624" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:72.48%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>70</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149623" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.73 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149622" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.19 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149621" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>6.06 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149620" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.64 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149619" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.34 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149618" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:63.31%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>7.22 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149617" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:63.31%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>65</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149616" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.18 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149615" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.58 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149614" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>5.41 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149613" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.95 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149612" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.54 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149611" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:54.14%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>6.26 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149610" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:54.14%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>60</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149609" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>4.75 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149608" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.09 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149607" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </spa= n>4.90 </span><span style=3D'mso-special-format:lastCR;display:none'> </span>= </div> <div v:shape=3D"_x0000_s149606" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.37 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149605" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>4.97 </spa= n><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149604" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:44.54%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>5.54 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149603" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:44.54%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>55</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149602" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:86.5%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$ 4.40 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149601" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:73.45%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$4.68 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149600" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:57.96%; width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$<span style=3D'mso-spacerun:yes'> </span>4.51 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149599" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:44.91%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$4.91 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149598" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:30.75%; width:11.94%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$ 4.54 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149597" class=3DTbl style=3D'mso-line-spacing:"100= 0 0"; mso-vertical-align-special:bottom;position:absolute;top:35.37%;left:17.92%; width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family:Arial;font-= size: 75%'><span style=3D'mso-spacerun:yes'> </span>$5.00 </span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149596" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:35.37%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'>50</span><span style=3D'mso-special-format:lastCR;display:n= one'> </span></div> <div v:shape=3D"_x0000_s149595" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:86.28%;width:12.38%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Female</b></span><span style=3D'mso-special-format:lastC= R; display:none'> </span></div> <div v:shape=3D"_x0000_s149594" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:73.45%;width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Male</b></span><span style=3D'mso-special-format:lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149593" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:57.96%;width:13.49%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Female</b></span><span style=3D'mso-special-format:lastC= R; display:none'> </span></div> <div v:shape=3D"_x0000_s149592" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:44.91%;width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Male</b></span><span style=3D'mso-special-format:lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149591" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:30.53%;width:12.38%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Female</b></span><span style=3D'mso-special-format:lastC= R; display:none'> </span></div> <div v:shape=3D"_x0000_s149590" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:17.92%;width:10.61%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Male</b></span><span style=3D'mso-special-format:lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149589" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:26.2%; left:1.1%;width:14.6%;height:6.98%'><span style=3D'mso-bidi-font-family:Ar= ial; font-size:75%'><b>Birthday</b></span><span style=3D'mso-special-format:las= tCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149587" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:73.45%;width:24.77%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>Cash Refund</b></span><span style=3D'mso-special-format:= lastCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149585" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:44.46%;width:27.21%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>and Continuous</b></span><span style=3D'mso-special-form= at: lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149583" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:17.92%;width:24.77%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/life/Chapter 8 Tables.xls"/><a href=3D"http://macminn.org/life/Chapter%208%20Tables.xls" target=3D"_paren= t" onclick=3D"window.event.cancelBubble=3Dtrue;">Pure</a></b></span><span style=3D'mso-special-format:lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149582" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:17.03%; left:.88%;width:15.26%;height:6.98%'><span style=3D'mso-bidi-font-family:A= rial; font-size:75%'><b>Age Last</b></span><span style=3D'mso-special-format:las= tCR; display:none'> </span></div> <div v:shape=3D"_x0000_s149581"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:86.5%;width:11.94%;height:9.17%'><span style=3D'mso-special= -format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149580"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:73.45%;width:10.61%;height:9.17%'><span style=3D'mso-specia= l-format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149578" class=3DTbl style=3D'text-align:center;mso= -line-spacing: "100 0 0";mso-vertical-align-special:bottom;position:absolute;top:7.42%; left:44.24%;width:27.87%;height:6.98%'><span style=3D'mso-bidi-font-family= :Arial; font-size:75%'><b>10 Years Certain</b></span><span style=3D'mso-special-fo= rmat: lastCR;display:none'> </span></div> <div v:shape=3D"_x0000_s149577"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:30.75%;width:11.94%;height:9.17%'><span style=3D'mso-specia= l-format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149576"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:17.92%;width:10.61%;height:9.17%'><span style=3D'mso-specia= l-format: lastCR;display:none'> </span></span></div> </div> <div v:shape=3D"_x0000_s149575"> <div class=3DTbl1 style=3D'mso-margin-left-alt:288'></div> <div class=3DTbl2 style=3D'mso-margin-left-alt:576'></div> <div class=3DTbl3 style=3D'mso-margin-left-alt:864'></div> <div class=3DTbl4 style=3D'mso-margin-left-alt:1152'></div> <div class=3DTbl style=3D'mso-margin-left-alt:0'><span style=3D'position:a= bsolute; top:5.24%;left:1.1%;width:14.6%;height:9.17%'><span style=3D'mso-special-f= ormat: lastCR;display:none'> </span></span></div> </div> <![if !ppt]></div> <![endif]><v:shapetype id=3D"_x0000_t202" coordsize=3D"21600,21600" o:spt= =3D"202" path=3D"m,l,21600r21600,l21600,xe"> <v:stroke joinstyle=3D"miter"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> </v:shapetype><v:shape id=3D"_x0000_s149689" type=3D"#_x0000_t202" style= =3D'position:absolute; left:468pt;top:78pt;width:210pt;height:72.125pt' filled=3D"f" fillcolor= =3D"#3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"2" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s149689_AllText" v:shape=3D"_x0000_s149689" class=3DO style=3D'position:absolute;top:15.25%;left:65.91%;width:27.9%;height:12.0%; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 50 0";mso-char-wrap:0;mso-kinsoku-over= flow: 0'><span style=3D'position:absolute;top:0%;left:0%;width:97.98%;height:33.= 33%'><span style=3D'font-size:75%;color:#006666;mso-color-index:3'><b>Immediate Life = </b></span></span><span style=3D'position:absolute;top:33.33%;left:0%;width:97.98%;height:33.33%'>= <span style=3D'font-size:75%;color:#006666;mso-color-index:3'><b>Annuity Monthly= </b></span></span><span style=3D'position:absolute;top:66.66%;left:0%;width:100.0%;height:33.33%'>= <span style=3D'font-size:75%;color:#006666;mso-color-index:3'><b>Incomes per $1,= 000</b></span></span></div> </div> </p:slide></div> <p:animation number=3D"2035783200"/><oa:par id=3D"TimeNode0" dur=3D"indefin= ite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" 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buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd= =3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>This i= s table 8-1.<span style=3D'mso-spacerun:yes'> </span>Also, see http://macminn.org/life/Chapter 8 Tables.xls</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0028_image010.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhxAHlAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAOADC AasAgAAAAAAAAAL/hI+py+3fgpy02ouz3rz7D4biSJbmiaYqCrXuC8fyTNe2E9z6zvdH7gsKh8Si 8YgcApPMJmTpjEqn1KoVBr1qg9mt9wsOixXdsflRPqvX7LYs7VbD4/S6PTy/f/P6vv+vBGjGJ1ho 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B/Qvu/Am/C6ADDfckz8FAAA7 ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0029.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0029.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Flexible-premium deferred annuity (FPDA)"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"150"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>14</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s153602" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s153602" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:87.45%;height:6.75%'><span style=3D'font-size= :89%'>Flexible-premium deferred annuity </span></span><span style=3D'position:absolute;top:19.5%; left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:89%'>(FPDA= )</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 53603" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s153603" class=3DB> <div id=3D"_x0000_s153603_0_126" style=3D'position:absolute;top:35.5%;left= :10.11%; width:92.5%;height:15.75%;white-space:nowrap'><span style=3D'position:abso= lute; top:0%;left:4.04%;width:94.33%;height:33.33%'><span style=3D'font-size:86%= '><span class=3DBB style=3D'position:absolute;left:-4.29%;top:.3em'>l</span></span= ><span style=3D'font-size:86%'>the flexible-premium deferred annuity permits the = </span></span><span style=3D'position:absolute;top:33.33%;left:4.04%;width:95.95%;height:33.33= %'><span style=3D'font-size:86%'>owner to pay premiums at any time in any amount </= span></span><span style=3D'position:absolute;top:66.66%;left:4.04%;width:84.81%;height:33.33= %'><span style=3D'font-size:86%'>subject to insurer minimums </span></span></di= v> <div id=3D"_x0000_s153603_126_200" style=3D'position:absolute;top:52.5%; left:10.11%;width:82.2%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:50.0%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.77%; top:.3em'>l</span></span><span style=3D'font-size:86%'>The cash value can = be used in the future to </span></span><span style=3D'position:absolute;top:5= 0.0%; left:4.55%;width:95.44%;height:50.0%'><span style=3D'font-size:86%'>purcha= se an immediate annuity </span></span></div> <div id=3D"_x0000_s153603_200_275" style=3D'position:absolute;top:64.25%; left:10.11%;width:88.2%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.24%;width:95.75%;height:50.0%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.43%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Funds accumulate ta= x free in the United States, </span></span><span style=3D'position:absolute;top:5= 0.0%; left:4.24%;width:88.95%;height:50.0%'><span style=3D'font-size:86%'>Canada= and other countries </span></span></div> <div id=3D"_x0000_s153603_275_325" style=3D'position:absolute;top:75.75%; left:10.11%;width:94.75%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.95%;width:96.04%;height:100.0%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.11%; top:.3em'>l</span></span><span style=3D'font-size:86%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/life/Chapter 8 Tables.xl= s"/><a href=3D"http://macminn.org/life/Chapter%208%20Tables.xls" target=3D"_paren= t" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Table 8-2</a></span><span style=3D'font-size:86%'><span style=3D'mso-spacerun:yes'> </span>prov= ides an example of the accumulation</span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s153603_0_126" attributeName=3D"style.visibil= ity" to=3D"visible"/> <oa:animate id=3D"TimeNode6" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s153603_0_126" additive=3D"base" attributeNam= e=3D"ppt_x" 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targetElement=3D"_x0000_s153603_275_325" additive=3D"base" attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s153603" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Note t= he difference between the tax free accumulation and the opposite.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0030.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0030.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Single-premium deferred annuity (SPDA)"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> 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style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>15</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s157698" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s157698" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:83.7%;height:6.75%'><span style=3D'font-size:= 89%'>Single-premium deferred annuity </span></span><span style=3D'position:absolute;top:19.5%; left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:89%'>(SPDA= )</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 57699" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s157699" class=3DB> <div id=3D"_x0000_s157699_0_106" style=3D'mso-line-spacing:"90 20 0";posit= ion: absolute;top:35.0%;left:10.11%;width:91.19%;height:14.75%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.1%;width:88.5%;height:35.59%'><sp= an style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.64%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:86%'>The single-premium is descriptive since it is a </= span></span><span style=3D'position:absolute;top:32.2%;left:4.1%;width:95.89%;height:35.59%'= ><span style=3D'font-size:86%'>deferred annuity contract purchased with a single = </span></span><span style=3D'position:absolute;top:64.4%;left:4.1%;width:86.03%;height:35.59%'= ><span style=3D'font-size:86%'>premium </span></span></div> <div id=3D"_x0000_s157699_106_266" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:50.5%;left:10.11%;width:97.19%;height:19.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.85%;width:96.14%;height:26.92%'><= span style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.0%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><s= pan style=3D'font-size:86%'>A minimum stated rate of interest is guaranteed fo= r a </span></span><span style=3D'position:absolute;top:24.35%;left:3.85%;width:89.98%;height:26.92= %'><span style=3D'font-size:86%'>specified period and sometimes in layers with the = </span></span><span style=3D'position:absolute;top:48.71%;left:3.85%;width:89.21%;height:26.92= %'><span style=3D'font-size:86%'>guaranteed interest increasing 25 basis point per = </span></span><span style=3D'position:absolute;top:73.07%;left:3.85%;width:80.73%;height:26.92= %'><span style=3D'font-size:86%'>layer </span></span></div> <div id=3D"_x0000_s157699_266_356" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:70.75%;left:10.11%;width:97.75%;height:10.0%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:3.83%;width:96.16%;height:52.5%'><s= pan style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-3.98%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:86%'>The rate actually credited is a function of the in= surers </span></span><span style=3D'position:absolute;top:47.5%;left:3.83%;width:= 80.26%; height:52.5%'><span style=3D'font-size:86%'>current investment earnings rate </span></span></div> <div id=3D"_x0000_s157699_356_370" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:81.25%;left:10.11%;width:82.2%;height:5.25%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span style=3D'font-size:86%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.77%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:86%'>Types of SPDA</span></span></div> </div> <v:shapetype id=3D"_x0000_t202" coordsize=3D"21600,21600" o:spt=3D"202" pa= th=3D"m,l,21600r21600,l21600,xe"> <v:stroke joinstyle=3D"miter"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> </v:shapetype><v:shape id=3D"_x0000_s157700" type=3D"#_x0000_t202" style=3D= 'position:absolute; left:276pt;top:366pt;width:426pt;height:137pt' filled=3D"f" fillcolor=3D"= #3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"9" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s157700_AllText" v:shape=3D"_x0000_s157700" class=3DO1 style=3D'position:absolute;top:68.75%;left:44.38%;width:62.54%;height:24.0= %; white-space:nowrap'> <div style=3D'mso-line-spacing:"100 30 0"'><span style=3D'position:absolut= e; top:0%;left:0%;width:100.0%;height:16.66%'><span style=3D'font-size:75%; layout-flow:vertical'><b>Market value annuity (MVA)</b></span><span style=3D'font-size:75%;layout-flow:vertical'> allows the owner </span></sp= an><span style=3D'position:absolute;top:16.66%;left:0%;width:90.11%;height:16.66%'>= <span style=3D'font-size:75%;layout-flow:vertical'>to lock in a guaranteed inter= est rate over a </span></span><span style=3D'position:absolute;top:33.33%; left:0%;width:98.8%;height:16.66%'><span style=3D'font-size:75%;layout-flo= w: vertical'>fixed period, e.g., 3-10 years.<span style=3D'mso-spacerun:yes'>= </span>If the contract is </span></span><span style=3D'position:absolute; top:50.0%;left:0%;width:86.52%;height:16.66%'><span style=3D'font-size:75%; layout-flow:vertical'>surrendered then there is a market value </span></sp= an><span style=3D'position:absolute;top:66.66%;left:0%;width:100.0%;height:16.66%'>= <span style=3D'font-size:75%;layout-flow:vertical'>adjustment that depends on ch= anges in market </span></span><span style=3D'position:absolute;top:83.33%;left:0= %; width:83.53%;height:16.66%'><span style=3D'font-size:75%;layout-flow:verti= cal'>rates.</span></span></div> </div> <v:shape id=3D"_x0000_s157701" type=3D"#_x0000_t202" style=3D'position:abs= olute; left:300pt;top:354pt;width:300pt;height:147.875pt' filled=3D"f" fillcolor= =3D"#3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]"> <v:fill color2=3D"white [0]"/> <v:shadow color=3D"#669 [2]"/> <v:textbox style=3D'mso-fit-shape-to-text:t'/> <p:animation number=3D"7" delay=3D"0" type=3D"object" effect=3D"cut" direction=3D"noBlack"/></v:shape> <div id=3D"_x0000_s157701_AllText" v:shape=3D"_x0000_s157701" style=3D'pos= ition: absolute;top:66.5%;left:42.69%;width:46.25%;height:26.0%;white-space:nowra= p'> <div class=3DO1 style=3D'mso-line-spacing:"100 30 0"'><span style=3D'posit= ion:absolute; top:0%;left:10.93%;width:85.42%;height:15.38%'><span style=3D'font-size:75= %; layout-flow:vertical'><b>Certificate of annuity (COA)</b></span><span style=3D'font-size:75%;layout-flow:vertical'> </span></span><span style=3D'position:absolute;top:15.38%;left:10.93%;width:81.37%;height:15.3= 8%'><span style=3D'font-size:75%;layout-flow:vertical'>is like a certificate of depo= sit </span></span><span style=3D'position:absolute;top:30.76%;left:10.93%;width:89.06%;height:15.3= 8%'><span style=3D'font-size:75%;layout-flow:vertical'>except that it is tax deferred.<span style=3D'mso-spacerun:yes'> </span>It </span></span><= span style=3D'position:absolute;top:46.15%;left:10.93%;width:81.37%;height:15.3= 8%'><span style=3D'font-size:75%;layout-flow:vertical'>provides a guarantee rate of = </span></span><span style=3D'position:absolute;top:61.53%;left:10.93%;width:75.3%;height:15.38= %'><span style=3D'font-size:75%;layout-flow:vertical'>interest for a fixed period.&= #13;</span></span></div> 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buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:buildParagraph targetElement=3D"_x0000_s157700" groupID=3D"0" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s157700" groupID=3D"1" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s157701" groupID=3D"0" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/><oa:b= uildParagraph targetElement=3D"_x0000_s157701" groupID=3D"1" build=3D"asAWhole" buildLev= el=3D"1" reverse=3D"false" buildAdvance=3D"onclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D20 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D2><font face=3DArial size=3D3>Note t= he front end and back end loads as well as the bailout provision.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D2><br> </td> </tr> <tr> <td colspan=3D2></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Market= value annuity allows the owner to lock in a guaranteed interest rate over a fixed perio= d, e.g., 3-10 years.<span style=3D'mso-spacerun:yes'> </span>If the co= ntract is surrendered then there is a market value adjustment that depends on changes in market rates.</font><br> </td> </tr> <tr> <td colspan=3D2></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D2></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Certif= icate of annuity (COA) is like a certificate of deposit except that it is tax deferred.<span style=3D'mso-spacerun:yes'> </span>It provides a gua= rantee rate of interest for a fixed period.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0031.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0031.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Single-premium immediate annuity (SPIA)"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"155"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>16</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s158722" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s158722" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:88.76%;height:6.75%'><span style=3D'font-size= :89%'>Single-premium immediate annuity </span></span><span style=3D'position:absolute;top:19.5%; left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:89%'>(SPIA= )</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 58723" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s158723"> <div id=3D"_x0000_s158723_0_119" class=3DB style=3D'position:absolute;top:= 35.5%; left:10.11%;width:92.88%;height:18.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.03%;width:86.69%;height:32.43%'><= span class=3DBB style=3D'position:absolute;left:-4.65%;top:.3em'>l</span>The si= ngle premium immediate annuity </span><span style=3D'position:absolute;top:33.7= 8%; left:4.03%;width:95.96%;height:32.43%'>provides annuity benefits subsequen= t to an </span><span style=3D'position:absolute;top:67.56%;left:4.03%;width:90.= 92%; height:32.43%'>immediate payment of a single premium. </span></div> <div id=3D"_x0000_s158723_119_130" class=3DB style=3D'position:absolute;to= p:55.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Other uses </span></div> <div id=3D"_x0000_s158723_130_160" class=3DB1 style=3D'position:absolute;t= op:62.5%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Structured settlement annuity </span></div> <div id=3D"_x0000_s158723_160_213" class=3DB2 style=3D'position:absolute;t= op:68.75%; left:20.22%;width:78.65%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.09%;width:96.9%;height:100.0%'><s= pan class=3DB2B style=3D'position:absolute;left:-3.19%;top:.3em'>l</span>This = annuity can be used in personal injury lawsuits </span></div> <div 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<![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Note w= here the money may come from to pay for these annuities.<span style=3D'mso-spacerun:yes'> </span>Note that death benefits of some= life insurance may be structured this way.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0032.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta 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onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>17</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s159746" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s159746" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Variable annuity</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 59747" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s159747"> <div id=3D"_x0000_s159747_0_132" class=3DB style=3D'mso-line-spacing:"90 2= 0 0"; position:absolute;top:35.0%;left:10.11%;width:96.62%;height:14.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.87%;width:96.12%; height:35.59%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.03%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>A variable ann= uity is a contract with cash values and </span></span><span style=3D'position:a= bsolute; top:32.2%;left:3.87%;width:95.93%;height:35.59%'><span style=3D'font-size:= 86%'>benefit payments that vary directly with those assets </span></span><span style=3D'position:absolute;top:64.4%;left:3.87%;width:81.2%;height:35.59%'= ><span style=3D'font-size:86%'>that back the contract. </span></span></div> <div id=3D"_x0000_s159747_132_225" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:50.24%;left:15.16%;width:85.01%;height:8.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.74%;width:96.47%; height:52.94%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.88%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The assets, e.g., portfolios or mutual funds, back= ing the </span></span><span style=3D'position:absolute;top:47.05%;left:3.74%; width:87.22%;height:52.94%'><span style=3D'font-size:83%'>contract are in a separate account </span></span></div> <div id=3D"_x0000_s159747_225_307" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:59.25%;left:15.16%;width:88.01%;height:8.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.61%;width:96.38%; height:52.94%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.75%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The variable annuity value directly reflects the investment </span></span><span style=3D'position:absolute;top:47.05%;left:= 3.61%; width:84.25%;height:52.94%'><span style=3D'font-size:83%'>results of the assets </span></span></div> <div id=3D"_x0000_s159747_307_462" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:68.0%;left:15.16%;width:90.26%;height:12.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.52%;width:96.68%; height:36.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-3.64%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Funds are specified in </span><span style=3D'font-= size: 83%'><b>units</b></span><span style=3D'font-size:83%'> and units are valued based on </span></span><span style=3D'position:absolute;top:32.0%;left:3.5= 2%; width:95.43%;height:36.0%'><span style=3D'font-size:83%'>investment results.<span style=3D'mso-spacerun:yes'> </span>If the unit value i= s $10 then a premium </span></span><span style=3D'position:absolute;top:64.0%; left:3.52%;width:82.15%;height:36.0%'><span style=3D'font-size:83%'>of $90= buys nine units of the fund </span></span></div> <div id=3D"_x0000_s159747_462_513" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:81.0%;left:15.16%;width:77.34%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>No interest rate guarantees are typically included= </span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" 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xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0036.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Variable annuity"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"171"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>18</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s175106" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s175106" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Variable annuity</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 75107" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s175107"> <div id=3D"_x0000_s175107_0_66" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:95.69%;height:12.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.91%;width:96.08%;height:48.97%'><= span class=3DBB style=3D'position:absolute;left:-4.07%;top:.3em'>l</span>The su= rrender value is the cash value minus </span><span style=3D'position:absolute; top:51.02%;left:3.91%;width:81.99%;height:48.97%'>the surrender charges= 3;</span></div> <div id=3D"_x0000_s175107_66_199" class=3DB1 style=3D'position:absolute;to= p:49.0%; left:15.16%;width:87.45%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.64%;width:96.35%;height:33.33%'><= span class=3DB1B style=3D'position:absolute;left:-3.77%;top:.3em'>–</span= >These annuities usually have back end loads of </span><span style=3D'position:ab= solute; top:33.33%;left:3.64%;width:96.14%;height:33.33%'>so many basis points that grade to zero in a set </span><span style=3D'position:absolute;top:66.66%; left:3.64%;width:84.79%;height:33.33%'>period of time, e.g., see <p:onmous= eclick hyperlinktype=3D"url" href=3D"Chapter 8 Tables.xls"/><a href=3D"Chapter%208%20Tables.xls" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Table 8-3 </a><span style=3D'mso-special-format:lastCR;display:none'> 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onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>19</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s174082" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s174082" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Variable annuity</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 74083" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s174083"> <div id=3D"_x0000_s174083_0_22" class=3DB style=3D'mso-line-spacing:"80 20= 0"; position:absolute;top:34.5%;left:10.11%;width:82.2%;height:5.25%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Minimum death benefit </span></span></div> <div id=3D"_x0000_s174083_22_177" class=3DB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:39.75%;left:15.16%;width:84.83%;height:11.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.75%;width:96.46%; height:39.13%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.89%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>A death benefit of the minimum of the cash value o= r the </span></span><span style=3D'position:absolute;top:30.43%;left:3.75%;width:94.7%;height:39.13%= '><span style=3D'font-size:83%'>amount invested in the contract is often specified= if the </span></span><span style=3D'position:absolute;top:63.04%;left:3.75%; width:87.41%;height:39.13%'><span style=3D'font-size:83%'>owner dies durin= g the accumulation phase </span></span></div> <div id=3D"_x0000_s174083_177_189" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:51.5%;left:10.11%;width:82.2%;height:5.25%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Liquidation= 3;</span></span></div> <div id=3D"_x0000_s174083_189_233" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:56.75%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>A variety of options exist for decumulation </= span></span></div> <div id=3D"_x0000_s174083_233_443" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:61.25%;left:15.16%;width:90.07%;height:15.0%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.53%;width:91.89%; height:30.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-3.84%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>One option allows variable annuity units to be con= verted </span></span><span style=3D'position:absolute;top:23.33%;left:3.53%;width= :96.67%; height:30.0%'><span style=3D'font-size:83%'>into annuity units and the pay= out to be calculated based on </span></span><span style=3D'position:absolute; top:46.66%;left:3.53%;width:95.21%;height:30.0%'><span style=3D'font-size:= 83%'>the number of annuity units.<span style=3D'mso-spacerun:yes'> </span>The payout will fluctuate with </span></span><span style=3D'position:absolute; top:70.0%;left:3.53%;width:82.32%;height:30.0%'><span style=3D'font-size:8= 3%'>the market, e.g., see </span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"Chapter 8 Tables.xls"/><a href=3D"Chapter%208%20Tables.xls" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Table 8-3</a></span><span style=3D'font-size:83%;display:none'> </span></span></div> <div id=3D"_x0000_s174083_443_454" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:76.25%;left:10.11%;width:82.2%;height:5.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Regulation = ;</span></span></div> <div id=3D"_x0000_s174083_454_493" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:81.5%;left:15.16%;width:77.34%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://www.naic.org/"/><a href=3D"http://www.naic.org/" target=3D= "_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= NAIC</a></span><span style=3D'font-size:83%'><span style=3D'mso-spacerun:yes'> </span>Model variable annuity regulation</span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" 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<oa:animate id=3D"TimeNode42" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s174083_454_493" additive=3D"base" attributeName=3D"ppt_x" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"#ppt_x;#ppt_x"/> <oa:animate id=3D"TimeNode43" dur=3D"0.5" fill=3D"hold" targetElement=3D"_x0000_s174083_454_493" additive=3D"base" attributeName=3D"ppt_y" calcmode=3D"linear" valueType=3D"number" keyTimes=3D"0.0;1.0" values=3D"1+#ppt_h/2;#ppt_y"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s174083" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>BS not= e two cases of “adverse selection” incentives prompted by the minimum death benefit guarantee.<span style=3D'mso-spacerun:yes'> </span>In the f= irst, the insured has an incentive to purchase multiple variable annuities rath= er than one to take advantage of the floor on death benefits place on each contract.<span style=3D'mso-spacerun:yes'> </span>This is an incent= ive that all rationale insured would want and so there is no change in the composition of the pool of insured that is characteristic of an adverse selection process; indeed there is no asymmetric information because all individuals will behave the same.<span style=3D'mso-spacerun:yes'> </span>In the second case, the insured has an incentive to borrow against= a variable annuity that has suffered capital losses because there is a floo= r on the death benefit that does not account for the capital loss; again, the incentive applies to all and so no asymmetric information arises.<span style=3D'mso-spacerun:yes'> </span>See page 175.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/slide0033.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\slide0033.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"3/28/2005: Equity-indexed annuity (EIA)= "> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"157"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>20</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s160770" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s160770" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Equity-indexed annuity (EIA)</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 60771" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s160771"> <div id=3D"_x0000_s160771_0_155" class=3DB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.5%;left:10.11%;width:96.06%;height:13.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.89%;width:94.34%; height:38.18%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.13%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>An equity inde= xed annuity is a non-variable annuity </span></span><span style=3D'position:ab= solute; top:30.9%;left:3.89%;width:96.1%;height:38.18%'><span style=3D'font-size:8= 6%'>contract with an interest crediting mechanism tied to </span></span><span style=3D'position:absolute;top:61.81%;left:3.89%;width:90.25%;height:38.18= %'><span style=3D'font-size:86%'>an external index, e.g., the </span><span style=3D'font-size:86%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://www.bigcharts.com/custom/wsjie/public-charting.asp?osymb= =3DSPX&symb=3DSPX&time=3D7&comp=3D&maval=3D0&ma=3D1&= ;compidx=3Daaaaa:0&x=3D0&y=3D0"/><a href=3D"http://www.bigcharts.com/custom/wsjie/public-charting.asp?osymb=3D= SPX&symb=3DSPX&time=3D7&comp=3D&maval=3D0&ma=3D1&co= mpidx=3Daaaaa:0&x=3D0&y=3D0" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">S&P 5= 00 index </a></span><span style=3D'font-size:86%'>(SPX) </span></span></div> <div id=3D"_x0000_s160771_155_237" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:48.25%;left:15.16%;width:91.01%;height:8.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.49%;width:96.5%; height:56.25%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.62%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The EIA provides a floor of typically 3%; this is = an important </span></span><span style=3D'position:absolute;top:46.87%;left:3= .49%; width:81.48%;height:56.25%'><span style=3D'font-size:83%'>downside guarantee </span></span></div> <div id=3D"_x0000_s160771_237_299" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:56.25%;left:15.16%;width:88.2%;height:8.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.6%;width:96.39%; height:56.25%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.74%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Most EIAs are SPDAs and have maturities of from 5 = to 10 </span></span><span style=3D'position:absolute;top:46.87%;left:3.6%;width:84.07%;height:56.25%= '><span style=3D'font-size:83%'>years </span></span></div> <div id=3D"_x0000_s160771_299_427" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:64.25%;left:15.16%;width:89.7%;height:11.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.54%;width:92.27%; height:39.13%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.84%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>The EIA has a participation rate equal to the perc= entage </span></span><span style=3D'position:absolute;top:32.6%;left:3.54%;width:= 96.65%; height:39.13%'><span style=3D'font-size:83%'>increase in the index minus a= fixed number of basis points, </span></span><span style=3D'position:absolute; top:63.04%;left:3.54%;width:82.67%;height:39.13%'><span style=3D'font-size= :83%'>e.g., 200. </span></span></div> <div id=3D"_x0000_s160771_427_502" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:76.0%;left:15.16%;width:79.96%;height:8.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.98%;width:96.25%; height:56.25%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.13%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Design choices are available, e.g., </span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://online.wsj.com/documents/charts.htm"/><a href=3D"http://online.wsj.com/documents/charts.htm" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= index choice</a></span><span style=3D'font-size:83%'><span style=3D'mso-spacerun:yes'> </span>and </span></span><span style=3D'position:absolute;top:43.75%;left:3.98%;width:92.74%;height:56.25= %'><span style=3D'font-size:83%'>indexing method, etc. </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 84.0%; left:15.16%;width:77.34%;height:4.5%'><span style=3D'position:absolute; top:0%;left:4.11%;width:95.88%;height:100.0%'><span style=3D'font-size:83%; visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol= ute; left:-4.29%;font-size:75%'>–</span></span><span style=3D'font-size:8= 3%; display:none'> </span></span></div> <div class=3DB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:8= 8.5%; left:10.11%;width:82.2%;height:5.25%'><span style=3D'position:absolute; top:0%;left:4.55%;width:95.44%;height:100.0%'><span style=3D'font-size:86%; visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol= ute; left:-4.77%;font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-size:86%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" 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</style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"158"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>21</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s161794" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s161794" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:93.82%;height:7.75%'>Uses and limitations of annuities</= div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 61795" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" flag=3D"0"/>= </v:shape> <div v:shape=3D"_x0000_s161795"> <div id=3D"_x0000_s161795_0_22" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Tax qu= alified markets </span></div> <div id=3D"_x0000_s161795_22_70" class=3DB1 style=3D'position:absolute;top= :42.75%; left:15.16%;width:89.32%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.56%;width:96.64%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-3.68%;top:.3em'>–</span= >Tax sheltered annuity, TSA (IRC Section 403(b)) </span></div> <div id=3D"_x0000_s161795_70_131" class=3DB1 style=3D'position:absolute;to= p:49.0%; left:15.16%;width:83.52%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.81%;width:96.18%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-3.96%;top:.3em'>–</span= >Public employee deferred compensation plan </span><span style=3D'position:absolut= e; top:52.38%;left:3.81%;width:88.78%;height:50.0%'>(IRC Section 457) </s= pan></div> <div id=3D"_x0000_s161795_131_153" class=3DB1 style=3D'position:absolute;t= op:60.75%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >IRA, Roth IRA, 401(k) </span></div> <div id=3D"_x0000_s161795_153_174" class=3DB style=3D'position:absolute;to= p:67.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Nonqua= lified markets</span></div> </div> </p:slide></div> <p:animation number=3D"-1140426463"/><oa:par id=3D"TimeNode0" dur=3D"indefi= nite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" 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</o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>22</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s178178" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s178178" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Questions</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 78179" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s178179" class=3DB> <div id=3D"_x0000_s178179_0_156" style=3D'mso-line-spacing:"90 20 0";posit= ion: absolute;top:35.0%;left:10.11%;width:93.44%;height:22.75%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.0%;width:90.98%;height:26.37%'><s= pan style=3D'mso-special-format:bullet;position:absolute;left:-4.4%;top:.3em; font-family:Wingdings;font-size:75%'>l</span>Describe some of the purposes annuities </span><span style=3D'position:absolute;top:24.17%;left:4.0%; width:93.78%;height:26.37%'>serve.<span style=3D'mso-spacerun:yes'> </span>With respect to these purposes, do </span><span style=3D'position:a= bsolute; top:49.45%;left:4.0%;width:95.99%;height:26.37%'>they retain any advantages over alternative </span><span style=3D'position:absolute;top:73.62%;left:4= .0%; width:83.96%;height:26.37%'>retirement funding vehicles? </span></div> <div id=3D"_x0000_s178179_156_242" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:58.5%;left:10.11%;width:96.06%;height:11.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.89%;width:84.79%;height:52.17%'><= span style=3D'mso-special-format:bullet;position:absolute;left:-4.59%;top:.3em; font-family:Wingdings;font-size:75%'>l</span>Compare and contrast the objectives of </span><span style=3D'position:absolute;top:50.0%;left:3.89%; width:96.1%;height:52.17%'>variable annuities and variable life insurance&= #13;</span></div> <div id=3D"_x0000_s178179_242_368" style=3D'mso-line-spacing:"90 20 0";pos= ition: absolute;top:71.0%;left:10.11%;width:92.69%;height:17.25%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.04%;width:90.1%;height:34.78%'><s= pan style=3D'mso-special-format:bullet;position:absolute;left:-4.48%;top:.3em; font-family:Wingdings;font-size:75%'>l</span>Annuities may be classified in numerous </span><span style=3D'position:absolute;top:33.33%;left:4.04%; width:95.95%;height:34.78%'>ways.<span style=3D'mso-spacerun:yes'> </span>Suggest an alternative classification </span><span style=3D'positio= n: absolute;top:65.21%;left:4.04%;width:89.89%;height:34.78%'>scheme to that presented in this chapter </span></div> <div style=3D'mso-line-spacing:"90 20 0";position:absolute;top:89.0%;left:= 10.11%; width:82.2%;height:6.0%'><span style=3D'position:absolute;top:0%;left:4.55= %; 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path=3D"m,l,21600r21600,l21600,xe" filled=3D"f" = fillcolor=3D"#bbe0e3 [4]" stroked=3D"f" strokecolor=3D"black [1]"> <v:fill color2=3D"white [0]" o:detectmouseclick=3D"t"/> <v:stroke joinstyle=3D"miter" o:forcedash=3D"t"/> <v:shadow color=3D"gray [2]"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> <o:lock v:ext=3D"edit" grouping=3D"t"/> <p:placeholder type=3D"slideNumber" position=3D"5" size=3D"quarter"/></v:s= hapetype> <div v:shape=3D"_x0000_s96263" class=3DO style=3D'text-align:right'><span style=3D'font-size:50%;mso-field-code:meta16'>‹#›</span><span style=3D'font-size:50%;mso-special-format:lastCR'> </span></div> <p:notes id=3D"1" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"112"/> </o:shapelayout><v:shape id=3D"_x0000_s114690" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1146= 91" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"2" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"116"/> </o:shapelayout><v:shape id=3D"_x0000_s118786" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1187= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"17" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"95"/> </o:shapelayout><v:shape id=3D"_x0000_s97282" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9728= 3" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s97283" class=3DN>Comment on the many different con= ceptions and uses of annuities.<span style=3D'mso-spacerun:yes'> </span>Loans= such as those for car, houses, etc. take the form of an annuity.<span style=3D'mso-spacerun:yes'> </span>Comment on the structure of these= .<span style=3D'mso-spacerun:yes'> </span>Even corporate bonds can be descr= ibed as an annuity plus a principal repayment.</div> </p:notes><p:notes id=3D"19" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"128"/> </o:shapelayout><v:shape id=3D"_x0000_s131074" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1310= 75" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s131075" class=3DN>Draw some analogies between the = uses of the two funds, e.g., the life insurance fund covers the lives of those who= die early with the premiums of those who do not while the life annuity fund co= vers the lives of those who die late with the premiums of those who die early.<= span style=3D'mso-spacerun:yes'> </span>Note how this changes the nature = of the adverse selection problem.</div> </p:notes><p:notes id=3D"18" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"175"/> </o:shapelayout><v:shape id=3D"_x0000_s179202" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1792= 03" type=3D"#_x0000_m96261" 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left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1822= 75" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"23" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"163"/> </o:shapelayout><v:shape id=3D"_x0000_s166914" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1669= 15" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s166915" class=3DN>Discuss the various payout optio= ns available.<span style=3D'mso-spacerun:yes'> </span>Look at the resul= ting cash flows and consider the possible valuation.</div> </p:notes><p:notes id=3D"24" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"165"/> </o:shapelayout><v:shape id=3D"_x0000_s168962" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1689= 63" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s168963" class=3DN>Note that the payout may be deno= minated in a variety of currencies.<span style=3D'mso-spacerun:yes'> </span>Consider the risk to insured and insurer if this option is elected.<span style=3D'mso-spacerun:yes'> </span>What is happening t= o the dollar now? <div> </div> The payout may also be expressed in units or shares of ownership.<span style=3D'mso-spacerun:yes'> </span>This will be the case with variab= le and equity indexed annuities.</div> </p:notes><p:notes id=3D"25" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"141"/> </o:shapelayout><v:shape id=3D"_x0000_s144386" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1443= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s144387" class=3DN>Describe the accumulation of the= fund based on investment in a fixed or variable annuity and then describe the decumulation process. <div> </div> <div>Describe decumulation for </div> <div> </div> <div>Annuities certain </div> <div>Pure life annuities </div> <div>Life annuities with refund features</div> </div> </p:notes><p:notes id=3D"27" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"166"/> </o:shapelayout><v:shape id=3D"_x0000_s169986" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1699= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s169987" class=3DN>Just note the basic types here a= nd that variable and equity indexed annuities are special cases of the first three types.</div> </p:notes><p:notes id=3D"28" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"153"/> </o:shapelayout><v:shape id=3D"_x0000_s156674" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1566= 75" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s156675" class=3DN>This is table 8-1.<span style=3D'mso-spacerun:yes'> </span>Also, see http://macminn.org/life/Chapter 8 Tables.xls</div> </p:notes><p:notes id=3D"29" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"167"/> </o:shapelayout><v:shape id=3D"_x0000_s171010" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1710= 11" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s171011" class=3DN>Note the difference between the = tax free accumulation and the opposite.</div> </p:notes><p:notes id=3D"30" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"168"/> </o:shapelayout><v:shape id=3D"_x0000_s172034" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1720= 35" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s172035"> <div class=3DN>Note the front end and back end loads as well as the bailout provision. </div> <div class=3DN> </div> <div class=3DN1>Market value annuity allows the owner to lock in a guarant= eed interest rate over a fixed period, e.g., 3-10 years.<span style=3D'mso-spacerun:yes'> </span>If the contract is surrendered th= en there is a market value adjustment that depends on changes in market rates. </div> <div class=3DN1> </div> <div class=3DN1>Certificate of annuity (COA) is like a certificate of depo= sit except that it is tax deferred.<span style=3D'mso-spacerun:yes'> </s= pan>It provides a guarantee rate of interest for a fixed period.</div> </div> </p:notes><p:notes id=3D"31" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"169"/> </o:shapelayout><v:shape id=3D"_x0000_s173058" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1730= 59" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s173059" class=3DN>Note where the money may come fr= om to pay for these annuities.<span style=3D'mso-spacerun:yes'> </span>Not= e that death benefits of some life insurance may be structured this way.</div> </p:notes><p:notes id=3D"32" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"179"/> </o:shapelayout><v:shape id=3D"_x0000_s183298" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1832= 99" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"36" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"180"/> </o:shapelayout><v:shape id=3D"_x0000_s184322" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1843= 23" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"35" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"172"/> </o:shapelayout><v:shape id=3D"_x0000_s176130" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1761= 31" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s176131" class=3DN>BS note two cases of “adve= rse selection” incentives prompted by the minimum death benefit guarantee.<span style=3D'mso-spacerun:yes'> </span>In the first, the insured has an incentive to purchase multiple variable annuities rather th= an one to take advantage of the floor on death benefits place on each contract.<span style=3D'mso-spacerun:yes'> </span>This is an incenti= ve that all rationale insured would want and so there is no change in the composition of the pool of insured that is characteristic of an adverse selection process; indeed there is no asymmetric information because all individuals will behave the same.<span style=3D'mso-spacerun:yes'> </span>In the second case, the insured has an incentive to borrow against a variable annuity that has suffered capital losses because there is a floor= on the death benefit that does not account for the capital loss; again, the incentive applies to all and so no asymmetric information arises.<span style=3D'mso-spacerun:yes'> </span>See page 175.</div> </p:notes><p:notes id=3D"33" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"181"/> </o:shapelayout><v:shape id=3D"_x0000_s185346" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:90.625pt;top:53.875pt;width:358.875pt;height:269.125pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1853= 47" type=3D"#_x0000_m96261" style=3D'position:absolute;left:54pt;top:341pt;wi= dth:6in; height:323pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> 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------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/script.js Content-Transfer-Encoding: quoted-printable Content-Type: application/javascript; charset="us-ascii" function LoadSld() { var sld=3DGetObj("SlideObj") if( !g_supportsPPTHTML ) { =09 sld.style.visibility=3D"visible" return } if( MakeNotesVis() ) return runAnimations =3D _InitAnimations(); =09 if( IsWin("PPTSld") ) parent.SldUpdated(GetSldId()) g_origSz=3DparseInt(SlideObj.style.fontSize) g_origH=3Dsld.style.posHeight g_origW=3Dsld.style.posWidth g_scaleHyperlinks=3D(document.all.tags("AREA").length>0) if( g_scaleHyperlinks ) InitHLinkArray() if( g_scaleInFrame||(IsWin("PPTSld") && parent.IsFullScrMode() ) ) document.body.scroll=3D"no" _RSW() if( IsWin("PPTSld") && parent.IsFullScrMode() ) FullScrInit(); =09 MakeSldVis(); ChkAutoAdv() if( runAnimations ) { if( document.all("NSPlay") ) document.all("NSPlay").autoStart =3D false; if( sld.filters && sld.filters.revealtrans ) setTimeout( "document.body.start()", sld.filters.revealtrans.duration * = 1000 ); else document.body.start(); } } function MakeSldVis()=20 { var fTrans=3Dg_showAnimation && SldHasTrans() if( fTrans )=09 { if( g_bgSound ) { idx=3Dg_bgSound.indexOf(","); pptSound.src=3Dg_bgSound.substr( 0, idx ); pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1))); } SlideObj.filters.revealtrans.Apply()=09 } SlideObj.style.visibility=3D"visible" if( fTrans ) SlideObj.filters.revealtrans.Play() } function MakeNotesVis()=20 { if( !IsNts() ) return false=20 SlideObj.style.display=3D"none" nObj =3D document.all.item("NotesObj") parent.SetHasNts(0) if( nObj ) {=20 nObj.style.display=3D"" parent.SetHasNts(1) } return 1 } function ChkAutoAdv() { if(SldHasTrans()) SlideObj.onfilterchange=3DAutoAdv else AutoAdv() } function AutoAdv() { if(!IsWin("PPTSld") || !gUseSldTimings )return var sld=3DGetCurSld() if( (sld.mAdvDelay>0) && !parent.IsFramesMode() ) setTimeout("parent.GoToNextSld()",sld.mAdvDelay) } function GetObj(id) { if(g_supportsPPTHTML) return document.all(id); else return document.getElementById(id); } function SldHasTrans() { return SlideObj.style.filter !=3D ""; } function GetSldId() { return sId=3Dlocation.href.substring(location.href.la= stIndexOf('/')+1) } function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx= tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl= e.display=3D'none'; return true } return false } function IsWin( name ) { return window.name =3D=3D name } function IsNts() { return IsWin("PPTNts") } function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) } function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"= && navigator.appVersion.indexOf("Windows")>0 ) } function SupportsPPTHTML() { var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0 if( msie >=3D 0 ) ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) ) else ver=3DparseInt(appVer) return( ver >=3D 4 && msie >=3D 0 ) } function _RSW() { if( !g_supportsPPTHTML || IsNts() || ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) ) return var padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii<collSeq.length;ii++) { if( collSeq[ii].getAttribute( "p:nodeType" ) =3D=3D "mainSeq" ) { g_animMainSequence =3D collSeq[ii]; break; } } } =09 if( g_animItemsToHide && document.body.playAnimations !=3D false ) { for(jj =3D 0; jj < g_animItemsToHide.length; jj++) { if( hideObj =3D GetObj(g_animItemsToHide[jj]) ) hideObj.runtimeStyle.visibility=3D"hidden"; } } if( g_animInteractiveItems ){ for(jj =3D 0; jj < g_animInteractiveItems.length; jj++) { if( triggerObj =3D GetObj(g_animInteractiveItems[jj]) ) triggerObj.runtimeStyle.cursor=3D"hand"; } } =09 if( gUseSldTimings && ''+g_animSlideTime !=3D 'undefined' ) { adjustedTime =3D document.body.calculateAutoAdvanceTimes( g_animSlideTim= e, g_animEffectTimings ); if( IsWin("PPTSld") && adjustedTime !=3D g_animSlideTime ) { var sld =3D GetCurSld(); sld.mAdvDelay =3D adjustedTime * 1000; } } } return g_animUseRuntime; } gSldJump =3D 0, gSldJumpTrack =3D 0, gSldJumpIdx =3D ""; function _KPH() {=20 if( IsNts() ) return; if( !parent.IsFramesMode() && event.keyCode =3D=3D 27 && !HideMenu() ) parent.window.close( self ); else if( event.keyCode =3D=3D 32 ) { if( window.name =3D=3D "PPTSld" ) parent.PPTSld.DocumentOnClick(); else parent.GoToNextSld(); } CatchNumKeys( parent, event ); } function CatchNumKeys( win, event ) { if( win.IsFullScrMode() && (48<=3Devent.keyCode) && (event.keyCode<=3D57) = ) { gSldJump =3D 1; gSldJumpIdx +=3D (event.keyCode-48).toString(); } if( win.IsFullScrMode() && gSldJump && event.keyCode =3D=3D 13 ) { var numSlds =3D parent.GetSldList().mList.length if ( gSldJumpIdx > numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } }function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && (window.name=3D=3D"PPTSld") && !parent.IsFrames= Mode() ) || (event && event.keyCode=3D=3D32) ) { =09 if( g_animUseRuntime && g_animMainSequence && g_animMainSequence.cangonex= t ) return; parent.GoToNextSld(); } } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram= es", gIsEndShow=3D0, NUM_VIS_SLDS=3D17, SCRIPT_HREF=3D"script.js", FULLSCR_= HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO= tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(= "slide0002.htm",1,-1,1),new hrefList("slide0017.htm",1,-1,1),new hrefList("= slide0019.htm",1,-1,1),new hrefList("slide0018.htm",1,-1,1),new hrefList("s= lide0020.htm",0,-1,1),new hrefList("slide0021.htm",0,-1,1),new hrefList("sl= ide0022.htm",0,-1,1),new hrefList("slide0023.htm",0,-1,1),new hrefList("sli= de0024.htm",0,-1,1),new hrefList("slide0025.htm",1,-1,1),new hrefList("slid= e0027.htm",1,-1,1),new hrefList("slide0028.htm",1,-1,1),new hrefList("slide= 0029.htm",1,-1,1),new hrefList("slide0030.htm",1,-1,1),new hrefList("slide0= 031.htm",1,-1,1),new hrefList("slide0032.htm",1,-1,1),new hrefList("slide00= 36.htm",1,-1,1),new hrefList("slide0035.htm",1,-1,1),new hrefList("slide003= 3.htm",1,-1,1),new hrefList("slide0034.htm",1,-1,1),new hrefList("slide0037= .htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii<GetSldList().mList.length; ii++) { if ( GetSldList().mList[ii].mSldHref =3D=3D href ) return ii+1 } return 1 } function GetHrefObj( sldIdx ){ return GetSldList().mList[sldIdx-1] } function IsFramesMode(){ return ( SCREEN_MODE =3D=3D "Frames" ) } function IsFullScrMode(){ return ( SCREEN_MODE =3D=3D "FullScreen" ) } function GoToNextSld() { ii=3DgCurSld + 1 if( GetHrefObj( ii-1 ).mOrigVis =3D=3D 0 ) { if( ii<=3DGetSldList().mList.length ) { obj=3DGetHrefObj(ii) obj.mVis=3D1 GoToSldNum(ii) return } } else { obj=3DGetHrefObj( ii ) while ( obj && ( obj.mOrigVis =3D=3D 0 ) ) obj=3DGetHrefObj(++ii) if( obj && obj.mOrigVis ) { GoToSldNum(ii) return } } if( gSldStack.length > 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('<html><body dir=3D' + dir + ' bgcolor=3Dblack onload=3Dparent= .SetupEndShow() onunload=3Dparent.Unload()><center><p><font face=3DTahoma c= olor=3Dwhite size=3D2><br><b>' + ENDSHOW_MESG + '</b></font></p></center></= body></html>') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii<arr.length;ii++) { this.mList[ii] =3D new hrefList( arr[ii].mSldHref, arr[ii].mOrigVis, arr[= ii].mAdvDelay, arr[ii].mAdvOnClk ); if( arr[ii].mOrigVis ) this.mList[ii].mSldIdx =3D idx++; } this.mNumVisSlds =3D idx-1; this.fEndShow =3D fEnd; } function GetSldList() { return gSldStack[gSldStack.length-1] } function GetCurSld() { return parent.GetSldList().mList[parent.gCurSld - 1]= } gSldStack =3D new Array(); gSldStack[0] =3D new SldList(gMainDoc,gCurSld,1) function ToggleOtlPane() { frmset=3Ddocument.all("PPTHorizAdjust") frm=3Ddocument.all("PPTOtl") if( gOtlOpen ) frmset.cols=3D"*,100%" else frmset.cols=3D"25%,*" gOtlOpen=3D!gOtlOpen frm.noResize=3D!frm.noResize UpdOtNavPane() } function ToggleNtsPane() { frmset=3Ddocument.all("PPTVertAdjust") frm=3Ddocument.all("PPTNts") if( gNtsOpen ) frmset.rows=3D"100%,*" else frmset.rows=3D"*,20%" gNtsOpen=3D!gNtsOpen UpdNtsPane() } /********************************************* Custom Shows implementation When ViewCustomShow() is called, we create a new array that is a subset of the slides in=20 the main doc. This list pushed on a stack so we can return after the end of the custom show. *********************************************/ function ViewCustomShow(idx,fEnd) { if( !IsFullScrMode() ) return; var sldList =3D new Array(); var custShow =3D custShowList[idx-1]; var jj =3D 0; for( ii=3D0;ii<custShow.length;ii++ ) { if( custShow[ii] <=3D gMainDoc.length ) sldList[jj++] =3D gMainDoc[custShow[ii]-1]; } if (sldList.length > 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var elem=3DPPTSld.document.createElement("DIV") node.insertBefore( elem ) return elem } function SetCMBorder( o,ltClr,rbClr ) { var s=3Do.style s.backgroundColor=3D"menu" s.borderStyle=3D"solid" s.borderWidth=3D1 s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr } ------=_NextPart_01C533AD.6A23FF70 Content-Location: file:///C:/70CBB113/lifeannuities_files/fullscreen.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../lifeannuities.htm"> <link rel=3DPreview href=3Dpreview.wmf> <![if IE]> <base href=3D"file:///C:\70CBB113\lifeannuities_files\fullscreen.htm" id=3D"webarch_temp_base_tag"> <![endif]><script src=3Dscript.js></script> <script> </script> </head>