Services
When are FBFSA services needed?
- Economic Losses arising from personal injuries, wrongful deaths, wrongful discharge, medical malpractice, discrimination issues, breach of contract, etc. - requiring analyses and projections of future earning capacity, cost of future medical or institutional life care, cost of lost household services, likelihood of recoveries, etc.
- Divorce Settlements for determining the value of compensation and benefi ts for property settlements in marital dissolution cases - analyses and projections of each spouse’s income (including non-working spouse’s potential income), determining the present value of accrued pensions and utilization of qualifi ed domestic relations orders.
- Calculation of Reserves for determining appropriate reserve levels for certain contingent events using alternative approaches (including the deterministic and developmental methods). Th is would apply primarily to reserves for medical and pension coverage.
- Other Support Services with respect to mergers and acquisitions, ERISA cases, insurance company contracts, structured settlements, income tax implications, etc.
In what form are services provided?
Actuarial Opinion Letters - Where the attorney has clear facts and less complex situations and states that a settlement is highly likely, FBFSA can prepare a brief opinion letter with some tables. If the case subsequently goes to trial the Opinion Letter can be expanded into a more detailed Actuarial Report.
Actuarial Report - There would be extensive data gathering, fact finding and research to determine the rationale for actuarial assumptions and data to be used in the calculations. the Actuarial Report is an expanded Opinion Letter where assumptions and methods are well documented to ensure they are defensible in a court of law.
Actuarial Testimony - Although cases are usually settled out of court, actuarial testimony in the form of a deposition, written testimony and/or court appearance may be needed. The Actuary may be asked to review another expert's report and offer an opinion on the opposing expert's report. To present actuarial testimony as concisely and accurately as possible, the actuary will usually prepare graphs, charts, and exhibits.