| A. {DetLifeInsurance} | R Documentation |
Life Insurance
Description
Calculates the present value of the life insurance.
Usage
A.(x, h, n, k = 1, i = 0.04, data, prop = 1, assumption = "none", cap = 1)
Arguments
x |
An integer. The age of the insuree. |
h |
An integer. The deferral period. |
n |
An integer. Number of years of coverage. |
k |
An integer. Number of fractions per year. |
i |
The interest rate. A numeric type value. |
data |
A data.frame of the mortality table, with the first column being the age and the second one the probability of death. |
prop |
A numeric value. It represents the proportion of the mortality table being used (between 0 and 1). |
assumption |
A character string. The assumption used for fractional ages ("UDD" for uniform distribution of deaths, "constant" for constant force of mortality and "none" if there is no fractional coverage). |
cap |
A numeric type value. The value of the payment. |
Value
Returns a numeric value (actuarial present value).
References
Chapter 3 of Life Contingencies (1952) by Jordan, chapter 4 of Actuarial Mathematics (1997) by Bowers, Gerber, Hickman, Jones & Nesbitt.
Examples
A.(50,0,8,1,0.04,CSO80MANB,1,"none",1)
A.(60,3,10,1,0.04,CSO80MANB,1,"none",1)
A.(21,4,7,3,0.04,CSO80MANB,1,"constant",1)
A.(23,4,6,12,0.04,CSO80MANB,1,"UDD",1)