Actuarial mathematics for life contingent risks by D C M Dickson; Mary Hardy; H R Waters

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By D C M Dickson; Mary Hardy; H R Waters

Balancing rigour and instinct, and emphasizing functions, this contemporary textual content is perfect for college classes and actuarial examination preparation.

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These are known as morbidity risks. Income protection insurance When a person becomes sick and cannot work, their income will, eventually, be affected. For someone in regular employment, the employer may cover salary for a period, but if the sickness continues the salary will be decreased, and ultimately will stop being paid at all. For someone who is self-employed, the effects of sickness on income will be immediate. Income protection policies replace at least some income during periods of sickness.

D) Invest the capital and live on the interest income. (e) Invest the capital and draw $40 000 per year to live on. What are the advantages and disadvantages of each option? 1 Summary In this chapter we represent the future lifetime of an individual as a random variable, and show how probabilities of death or survival can be calculated under this framework. We then define an important quantity known as the force of mortality, introduce some actuarial notation, and discuss some properties of the distribution of future lifetime.

5092 . Since we know under this model that all lives will die before age 120, it makes sense that the uncertainty in the future lifetime should be greater for younger lives than for older lives. 6 is that we can obtain formulae for ◦ quantities of interest such as ex , but for many models this is not possible. For example, when we model mortality using Gompertz’ law, there is no explicit ◦ formula for ex and we must use numerical integration to calculate moments of Tx . In Appendix B we describe in detail how to do this.

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