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Stumm
January 5th 2006, 04:41 PM
This is probably a novice question, but I am looking for definitions on the difference between "Actuarial Soundness" and "Actuarial Fairness" along with the reference.
I have heard a program or book-of-business can be actuarially sound, but within that book, their might be inequity on the fairness of premiums.