VITA
SAUL W. ADELMAN
HOME ADDRESS:
3559 Woodmoor Drive
Oxford, Ohio 45056
(513) 523-6624
EDUCATION:
OFFICE ADDRESS:
3028 FSB
Miami University
Oxford, Ohio 45056
V: (513) 529-1578
F: (513) 529-8598
The University of Georgia, (Ph.D, 1980)
Major: Risk Management and Insurance.
Minor: Finance.
Dissertation: Optimal Operating Volume and Economies of
Scale in the Independent Insurance Agency: A Cross
Sectional Study.
The University of Georgia, (MBA, 1976)
Major Concentration: Risk Management and Insurance
The University of Florida, (BSBA, 1974; AA, 1972)
ACADEMIC
APPOINTMENTS:
Miami University (Department of Finance) Associate
Professor.
Chair (Department of Finance) 1996 - August 2006;
Acting Chair (Department of Finance 1995-96);
Acting Chair (Department of Finance) 1988-89;
Assistant Professor, 1980-82; Instructor 1979-80.
University of Georgia: Instructor 1976-79, Teaching
Assistant 1974-76.
BOOKS:
Life Insurance and Financial Planning, Dorfman and Adelman,
Irwin, 1986.
Instructor's Manual to Accompany Life Insurance and
Financial Planning, Dorfman and Adelman, Irwin, 1986.
The Dow Jones Irwin Guide to Life Insurance, Dorfman and
Adelman, Dow Jones-Irwin, Inc., 1988. The Guide was
translated into Japanese in 1991.
Life Insurance: A Financial Planning Approach, 2/E
Dorfman and Adelman, Dearborn Financial Services Publishing,
1992.
Instructor's Manual for Introduction to Risk Management
and Insurance, fourth edition, Mark S. Dorfman, PrenticeHall, 1990.
Saul W. Adelman
Instructor's Manual for Introduction to Risk Management
and Insurance, fifth edition, Mark S. Dorfman, PrenticeHall, 1993. Computerized test bank to accompany the
Instructor’s Manual.
Instructor's Manual for Introduction to Risk Management
and Insurance, sixth edition, Mark S. Dorfman, PrenticeHall, 1998. PowerPoint overheads to accompany the
Instructor’s Manual.
Professional Financial Planning: Insuring Economic Security,
3/E Dorfman and Adelman, 1999 - 2004. Published on the WWW.
Instructor's Manual for Introduction to Risk Management
and Insurance, seventh edition, Mark S. Dorfman, PrenticeHall, 2002. PowerPoint overheads to accompany the
Instructor’s Manual.
Instructor's Manual for Introduction to Risk Management
and Insurance, eigth edition, Mark S. Dorfman, PrenticeHall, 2005. PowerPoint overheads to accompany the
Instructor’s Manual.
Instructor's Manual for Introduction to Risk Management
and Insurance, ninth edition, Mark S. Dorfman, PrenticeHall, 2008. PowerPoint overheads to accompany the
Instructor’s Manual.
PUBLICATIONS:
"Property-Liability Premium Growth and the Underwriting
Cycle," (Co-author) Journal of Insurance Issues and
Practices, Winter, 1980, pp 25-37.
"Property-Liability Stockholder Yields and Accounting
Profits," (Co-author) Journal of Business Research, Vol. 8,
No. 4, December, 1980
"Options to Purchase and Risk Management, (Co-author) Risk
Management, August, 1981.
"Insurance and the R/C Hobby," RCM Magazine, February, 1982.
"A Comparison of TDA and Non-TDA Investment Returns,"
(Co-author) Journal of Risk and Insurance, March, 1982, Vol.
XLIX, No. 1.
"Comparing the TDA to a Non-TDA Investment Program for
Accumulating and Liquidating Wealth," (Co-author) the CLU
Journal, January, 1983, Vol. XXXVII, No. 1.
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Saul W. Adelman
"TDA and Non-TDA Investments After the Tax Reform Act of
1986," (Co-author), The CLU Journal, January, 1988, Vol.
XLII, No. 1.
“The Development of Text Material for Advanced Risk
Management and Insurance Courses: Technology to the Rescue,”
(with Mark S. Dorfman), Risk Management and Insurance
Review, 2000, Vol. 3, No. 1, 101 – 112.
“An Analysis of the Quality of Internet Life Insurance
Advice,” (with Mark S. Dorfman), Risk Management and
Insurance Review (RMIR), Fall 2002, Volume 5, Number 2, pp.
135 – 154.
Kemper Award for the best article in 2002 published in the
Risk Management and Insurance Review. “Analysis of the
Quality of Internet Life Insurance Advice,” presented at the
August 2003 American Risk and Insurance Association Annual
Meeting, Denver, CO.
“A Grading System for Evaluating Internet Life Insurance
Needs Calculators” with Mark S. Dorfman and Brenda Wells,
Financial Services Review, Vol 12, No.3 (Fall 2003), pp. 239
- 255.
“Calculating the Weighted Average Cost of Capital for a
Mutual Insurance Company,” (With Mark L. Cross), Corporate
Finance Review, January/February 2005 (Volume 9, Number 4).
Saul W. Adelman and Mark L. Cross, “Use of Roth IRAs by
Young College Graduates for Retirement Planning Purposes,”
Pensions: An International Journal, Vol. 11, No. 1 (December
2005), pp. 47-51.
Adelman, S. W. & Cross, M. L., “Traditional 401(k)s Versus
the New Roth 401(k)s”, Pensions: An International Journal,
Vol.11, No. 3 (May 2006), pps. 185-191.
Adelman, S. W. & Cross, M. L. “Rates of Return:
Understanding Average and Geometric Growth Rates”, Advances
in Financial Education, 4, 48-55, (Spring 2006).
Adelman, S. W. & Cross, M. L. Ohio Higher Education Retiree
Health Benefits Threatened by Financial Pressures. Academe,
May-June 2007.
Adelman, S. W. & Cross, M. L. Teaching Note for a
Retirement Planning Exercise. Risk Management and Insurance
Review, Vol. 10, No. 1 (Spring 2007), 107-119.
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Saul W. Adelman
Adelman, Cross, Marshall, “The Negative Impact on Social
Security Retirement Benefits versus the Tax Savings of
Section 125 Flexible Spending Account Contributions,”
Journal of Financial Services Professionals, March 2007,
Vol. 61., No. 2., pps 58-63.
Adelman, Cross, Marshall, “Home Mortgage Repayment: The
Better Roth IRA?,” Journal of Financial Services
Professionals, Vol. 63, No. 4 (July 2009), pp. 36-48.
“Traditional IRA v Roth IRA – Theory versus Practice,” with
Mark L. Cross, Submitted Risk Management and Insurance
Review (Accepted) April, 2009.
“The “Backdoor” Roth IRA,” with Mark L. Cross, Journal of
Financial Service Professionals, Vol. 63, No. 4 (July 2009),
pp. 10–14.
“Why Do Homeowners Make Mortgage Curtailment Payments?,”
with David Shrider and Mark L. Cross, Journal of Housing
Research, (Accepted) February, 2010.
PAPERS
PRESENTED /
DISCUSSANT
"Performance of Property and Liability Insurance Stocks and
Measurements of Return," November, 1978, Southern Risk and
Insurance Association, New Orleans.
"Economies of Scale in the Independent Insurance Agency:
Additional Evidence," Midwest Business Administration
Association, Chicago, April, 1981
"Optimal Operating Volume in the Independent Insurance
Agency," American Risk and Insurance Association, Kansas
City, August, 1981.
"Comparing the TDA to a Non-TDA Investment Program for
Accumulating and Liquidating Wealth," Midwest Business
Administration Association, Chicago, March, 1982.
Session Chair and Discussant: Academy of Financial Services
(AFS) Session Chair and Discussant, October 1988 (New
Orleans).
"The Efficiency of Annuitizing Tax-Deferred Plans," Risk and
Insurance Management Society (RIMS), Dayton Chapter, May 3,
1989. The Center for Pension and Retirement Research.
Session Chair: American Risk and Insurance Association,
August, 1989 (Denver, Colorado).
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Saul W. Adelman
"The Efficiency of Annuitizing Tax-Deferred Plans," Southern
Risk and Insurance Association, November, 1989 (Nashville,
Tennessee)
Session Chair: Southern Risk and Insurance Association,
November, 1989 (Nashville, Tennessee).
Session Chair: American Risk and Insurance Association,
August, 1990 (Orlando, Florida).
Session Chair: Southern Risk and Insurance Association,
November, 1990 (Amelia Island, Florida).
Session Chair: Southern Risk and Insurance Association,
November, 1991 (Williamsburg, VA).
Session Chair: American Risk and Insurance Association,
Use of Computers for Instruction Round Table. August, 1993
(San Francisco)
“Estimating the Cost of Equity and Firm Value for a Mutual
Insurance Company,” (With Mark L. Cross) American Risk and
Insurance Association, August 18, 1998 (Boston, MA).
Proposal submitted for the 1999 ARIA Les B. Strickler
Innovation in Instruction Award. (February 1999) (March
2000), “The Development of Text Material for Advanced Risk
Management and Insurance Courses: Technology to the Rescue.”
“Calculating the Weighted Average Cost of Capital for a
Mutual Insurance Company,” (With Mark L. Cross) American
Risk and Insurance Association, August 13, 2001
(Indianapolis, IN).
“An Assessment of the Quality of Life Insurance Advice
Provided on the Internet,” (with Mark S. Dorfman) American
Risk and Insurance Association, August 15, 2001
(Indianapolis, IN).
“Calculating the Weighted Average Cost of Capital for a
Mutual Insurance Company,” (With Mark L. Cross) for the
Western Risk and Insurance Association (WRIA), January,
2002, San Diego, CA.
“Calculating the Weighted Average Cost of Capital for a
Mutual Insurance Company,” (With Mark L. Cross) for the
Eastern Finance Association, April 10-13, 2002, Baltimore,
MD.
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Saul W. Adelman
BOOK AND
MANUSCRIPT
REVIEW:
Human Relations in Handling Insurance Claims, by Willis Park
Rokes, Irwin, 1981, Vol XLIX, No. 1. Journal of Risk and
Insurance, March, 1982.
Editorial Consulting for Prentice-Hall Publishing Company,
Holt-Rinehart, Winston Publishing Company.
Manuscript review for Dorfman, Introduction
second, third, fourth, and fifth editions.
to Insurance,
Manuscript review for Boone and Kurtz, Contemporary
Business, third edition.
Review for publisher Gitman, Principles of Managerial
Finance, 6/E Harper Collins, 1991.
Review for publisher, Athearn, Pritchett, Schmit, Risk and
Insurance, 6/E West, 1989.
Review for publisher, Athearn, Pritchett, Schmit, Risk and
Insurance, 7/E West, 1996.
INSTRUCTIONAL
COMPUTER
SOFTWARE:
Risk Management Simulation used in Risk Management and
Insurance. The program allows the student to simulate
losses and test various strategies to select the handling
method that minimizes financial consequences of pure losses.
The Mathematics of Life Insurance is used in the Life
Insurance and Financial Planning course. The program allows
the student to calculate net single premiums, net level
premiums, and the annual statutory policyholder reserve for
life insurance. In addition, the program handles ordinary
and life income annuity computations.
HONORARIES:
Gamma Iota Sigma, UGA (National Insurance Honorary)
Beta Gamma Sigma, UGA, MU; (President at Miami University,
1983-84)
Sigma Iota Epsilon, UGA (National Management Honorary)
PROFESSIONAL
SERVICE:
American Risk and Insurance Association: Program Committee,
(1983); Awards Committee (1984); Awards Committee Chair
(1985); Awards Committee (1988); Kulp-Wright Book Awards
Committee (1989); Program Committee (1990); Kulp-Wright Book
Awards Committee (Chair of the Committee 1991); Program
Committee (1991). Kulp-Wright Book Awards Committee (1993),
Kulp-Wright Book Awards Committee (1994). Kulp-Wright Book
Awards Committee (1995). Kulp-Wright Book Awards Committee
(1996).
Southern Risk and Insurance Association: Board of Directors
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Saul W. Adelman
Elected November 1989 for a three year term.
Associate Editor for the Journal of Insurance Issues and
Practices beginning January 1992.
Academy of Financial Services: 1990 Program Committee.
Miami Employees Federal Credit Union: Board of Directors
(1981- 1994 ); Credit Committee (1980-86); Vice President
of Operations (1981-88).
Ohio Insurance Institute: Director of the OII Insurance
Workshop for Educators; 1985, 1986, 1987, 1988, 1989, 1990,
1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2001.
Graduate Credit of 1.5 hours starting Summer, 1990.
Scripps Foundation Gerontology Center; Research and
statistical analysis on Andrus-Dorfman Grant; Advisory
Committee on Financial Planners Training Seminars (1986-87).
American Association of Nurserymen: Seminar on Risk
Management, Kansas City, August, 1981.
Credit Union Conference, November, 1984, 1985 (Faculty).
Editorial Board Member; Mid-American Journal of Business
(1987-1990); Secretary-Treasurer (1988-1990).
Chair, Finance Department Chair Search Committee (1987-88).
Editorial Review of Manuscripts for The Journal of Insurance
Issues and Practices.
Editorial Review of Manuscripts for The Mid-American Journal
of Business.
Editorial Review for The Ohio CPA Journal.
Research Associate for The Center for Pension and Retirement
Research, 1989 -.
Member of the Risk Management Advisory Council, Corroon &
Black of Ohio, Inc. (Willis - Corroon) (appointed for 19901993).
National Council of Insurance Legislators / Griffith
Foundation, February 4-7, 1993 Understanding Insurance
Seminar. Session on Life Insurance Fundamentals and Issues.
Southern Risk and Insurance Association (SRIA) Officer
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Saul W. Adelman
Nominating Committee, 2004.
PROFESSIONAL
MEMBERSHIPS:
American Risk and Insurance Association
Western Risk and Insurance Association
Midwest Business Administration Association
Southern Risk and Insurance association
Risk and Insurance Management Society (RIMS), Dayton
Chapter - Academic Member
Risk and Insurance Management Society (RIMS), Cincinnati
Chapter - Academic Member
Academy of Financial Services
Chartered Property and Casualty Underwriter (Cincinnati) Academic Member.
EXPERT
WITNESS /
CONSULTING:
Lewis Drugs, Inc. (Middletown, Ohio).
I was hired to value
Lewis Drugs, Inc. in order to set the dollar value of the
firm for purchase purposes.
United States of America vs. H. Wesley Robinson, et. al.
United States District Court, Southern District of Ohio.
Docket No. CR-2-83-39. Defendant pleaded guilty on
criminal violations prior to trial date (November 1983).
I was contacted to testify on the fraudulent use of annuity
insurance contracts to "guarantee" bank loans.
Marcia A. Mikolajewski and Charles J. Mikolajewski, Jr. vs.
Prudential Property and Casualty Company (Case No.
CV87-05-0536, Court of Common Pleas, Butler County, Ohio).
In August 1988, I was contacted by the plaintiff's attorney
to provide expert witness testimony concerning the stacking
of uninsured motorist coverage in the State of Ohio. The
case was settled in favor of the plaintiff before trial.
Ron Friedman vs. S.P. Agency (Case No, A-8605636, Court of
Common Pleas, Hamilton County, Ohio). In February 1987, I
was contacted by the plaintiff's attorney to provide expert
witness testimony concerning the negligent errors and
omissions of an insurance agent. The case went to
arbitration in October, 1988. The plaintiff won the case.
EDITORIAL
REVIEW SPECIFICS:
Starting
June 1, 1989
The Mid-American Journal of Business, "Alleviating Political
Risk: The Role of The Overseas Private Investment
Corporation," June, 1989.
The Journal of Insurance Issues and Practices, "Trends in
Compensation," January, 1990.
The Journal of Insurance Issues and Practices, "Modeling
Employee Choice Under Dual Health Insurance Coverage,"
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Saul W. Adelman
May, 1990.
The Journal of Risk and Insurance, "Pricing the Surviving
Spouse Risk at Retirement: Some Actuarial Considerations,"
March, 1991.
Financial Services Review, "Choosing Between Term and
Permanent Life Insurance: Empirical Evidence,"
August, 1991.
The Journal of Insurance Issues, "Tax-Advantaged Investment
Plans: A Practitioner's Guide to Long-Term Strategy."
September, 1993.
The Journal of Insurance Issues, “Changes in Property
and Liability Insurers Stock Values After the1994 Northridge
Earthquake”, April 1999.
Journal of Developmental Entrepreneurship, “The Microcredit
Challenge: A survey of Programs in California, May, 2000.
“Small Firm Capital Acquisition Decisions” for the Journal
of Developmental Entrepreneurship, February, 2005.
"The Production and Surplus Decisions in a Stock Life
Insurance Company," 1992.
"Voluntary Mediation of Tort and Workers' Compensation
Claims - A Profitable Experience for Plaintiffs, Attorneys,
and Insurers," 1992.
"Cost Differences of Distribution Systems by Line in the
Property and Liability Insurance Industry," 1992.
"Voluntary Mediation of Tort and Workers' Compensation
Claims - A Profitable Experience for Plaintiffs, Attorneys,
and Insurers", 1992.
"The Effect of Reagan Era Public
Retirement Plan Growth," 1992. Also
1994.
Policy on
resubmitted
Private
October
"Cost Differences of Distribution Systems by Line in the
Property and Liability Insurance Industry," 1992 (second
review).
"Cost Differences of Distribution Systems by Line in the
Property and Liability Insurance Industry," February, 1993
(third review and accepted).
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Saul W. Adelman
“The PAP: Is it a Service or a Good in the Context of
Marketing Research and Strategy?: July 1993.
“Impact on Firm Value of Pension Plan Conversion,” September
1993.
“An
Analysis
of
Shareholder
Acquisition,” November, 1993.
"Scale and Scope Economies
Property-Liability Insurance
resubmitted October, 1994.
Gains
for
Insurance
for Direct Writers in the
Industry," May, 1994. Also
“Demutualization and Free Cash Flow,” October, 1994.
“A
Model
of
Personal
Automobile
Insurance
Shopping
Intentions (PAPSI),” March, 1994. Also resubmitted August
1994.
“Lender Collateral Insurance Requirements: The Impact of the
1989 Loma Prieta Earthquake,” January 1995.
“The Run on the Bank” Risk Exposure: Evidence and
Implications for Life Insurer Solvency,” September 1995.
“On the Relationship Between HMO Board Composition and
Financial Performance,” December 1995.
“The Growth of the World’s Fifty
Country, 1985-93,” February 1995.
Largest
Insurers
by
“American Agency System on the Improve? Some Inter-Temporal
Observations,” September 1996.
“The Nature of the Loss
Insurance,” May, 1997.
Ratio
“Insurance
Mergers:
Acquirer
Returns,” December, 1998.
in
Property
and
Target
–
Casualty
Shareholder
“Property – Casualty Operating Expense Predictors,” January,
1999.
2006:
Journal of Insurance Issues, The Cost
Accelerated Benefit Pension Option (National).
of
Journal of Insurance Issues, “Market Pricing of Political
Risk: Evidence from the Property-Liability Insurance
Industry,” JII2008010101, (January 2008).
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an
Saul W. Adelman
Journal of Insurance Issues, “Market Pricing of Political
Risk: Evidence from the Property-Liability Insurance
Industry,” JII2008010101, (September 2008), Second Review.
Journal of Insurance Issues, “Retirement Magnets: The Impact
of Socio-Economics on Retirement Across the United States,”
JII 2008041401, (May 2008).
Journal of Insurance Issues, “Retirement Magnets: The Impact
of Socio-Economics on Retirement Across the United States,”
JII 2008041401, (October 2008), Second Review.
Journal of Financial Education, “Ex Ante Pre-requisite
Knowledge and Student Success in Principles of Finance,”
(October 2008)
JFED Editorial Review: “Determinants of Performance in a
Hybrid Finance Course,” June, 2009.
JFED Editorial Review: “Salary Inversion in Business
Schools: Does a Rising Tide Lift All Boats?” February, 2010.
Journal of Financial Economic Policy, “Insurance Stock
Returns Behavior towards market Risk and Interest Rate
Risk.” March, 2010.
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