Transcription of Actuarial Mathematics and Life-Table Statistics
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Actuarial Mathematics and Life-Table Statistics
Actuarial Mathematicsand Life-Table StatisticsEric V. SludMathematics DepartmentUniversity of Maryland, College Parkc 2006 Chapter 6 Commutation Functions,Reserves & Select MortalityIn this Chapter, we consider first the historically important topic ofCommu-tation Functionsfor Actuarial calculations, and indicate why they lose theircomputational usefulness as soon as the insurer entertains the possibility (asdemographers often do) that Life-Table survival probabilities display someslow secular trend with respect to year of birth. We continue ourtreatmentof premiums and insurance contract valuation by treating briefly the ideaof insurance reserves and policy cash values as the life-contingent analogueof mortgage amortization and refinancing. The Chapter concludes with abrief section on Select Mortality, showing how models for select-populationmortality can be used to calculate whether modified premium and deferraloptions are sufficient protections for insurers to insure such Idea of Commutation FunctionsThe Commutation Functions are a computational device to ensure that netsingle premiums for life annuities, endowments, and insurancesfrom the samelife table and figured at the same interes
Actuarial Mathematics and Life-Table Statistics Eric V. Slud Mathematics Department University of Maryland, College Park c 2006. Chapter 6 Commutation Functions, Reserves & Select Mortality In this Chapter, we consider first the historically important topic of Commu-
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