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LIFE TABLES
ex:n = E[Wx ] =
t px dt
0
n dx
Kx = bTx c
ex:n = E[Kx n] =
E[Wx2 ] = 2
k px
k=1
n
X
DE MOIVRES LAW
`x = k ( x)
t t px dt
0
FORCE OF MORTALITY
Intuitively, x+t dt is the probability that a life
age x + t will die in the next instant.
CUMULATIVE DISTRIBUTION
Probability of (x) dying before age x + t.
Fx (t) = Pr(Tx t)
t qx
d `
dt
x+t
`x+t
n px
d
p
dt t x
= (n px )k
= t px x+t
= t px x+t
ACTUARIAL NOTATION
= Sx (t)
t+u px
t qx
= t px u px+t
n px
ex =
t qx
= 1 t px
t|u qx
t| qx
t|u qx
= Sx (t) Sx (t + u)
= t px t+u px
= t+u qx t qx
= t px u qx+t
for all x
= en = (px )n
1
1
2
Recursion
ex = px (1 + ex+1 )
ex:n = ex (1 n px )
ex:n = ex (1 n px )
Discrete Constant Force Kx geometric
fKx (k) = pk q
ex = E[Kx ] =
ex = E[Tx ] =
t px dt
Z 0
E[Tx2 ] = 2
t t px dt
Var[Kx ] =
p
q2
m
x
xn
x
x
2
ex:n
a(x) =
1
2
Discrete DML
=
x =
`x+t = `x et
k=1
1
x
MODIFIED DML
Sx (t) = et
= x
n
x
k| qx
Var[Tx ] =
n px
X
ex = E[Kx ] =
k px
n qx
xt
x
1
x
qx =
CONSTANT FORCE
ex =
t qx = Fx (t)
n|m qx
Sx (t) =
ex px 1+ ex+1 + qx 12
x+t =
Sx (t) = Pr(Tx > t) = 1 Fx (t)
ex = ex:n +n px ex+n
If x+t = k x+t :
d
q
dt t x
SURVIVAL DISTRIBUTION
fx (t)
Sx (t)
=
= dtp
t x
Rn
n px = exp 0 x+t dt
x+t =
1
x
x =
Recursion
p
q
a
x
`x = ( x)a
a
Sx (t) = xt
x
a
xn
n px =
x
ex =
x
a+1
FRACTIONAL AGES
Uniform Distribution of Deaths (UDD)
- Use linear interpolation.
ex = ex +
1
2
ex:1 = px + qx ( 12 )
c
2013
The Infinite Actuary
GOMPERTZ LAW
x = Bcx
c > 1, B > 0
i
B
cx (ct 1)
t px = exp ln c
h
MAKEHAM LAW
x = A + Bcx
c > 1, B > 0, A B
h
i
B
cx (ct 1)
t px = exp(At) exp ln c
c
2013
The Infinite Actuary