E {DetLifeInsurance}

Pure Endowment

Description

Calculates the Pure endowments.

Usage

E(x, n, i = 0.04, data, prop = 1, assumption = "none", cap = 1)

Arguments

x

An integer. The age of the insuree.

n

The term of the endowment. An integer, for annual coverage, or a numeric for fractional coverage.

i

The interest rate. A numeric type value.

data

A data.frame containing 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 payment.

References

Chapter 2 of Life Contingencies (1952) by Jordan.

Examples

E(45,10,0.04,CSO80MANB,1,"none",1000)
E(24,1.6,0.04,CSO80MANB,1,"constant",17000)
E(26,2.4,0.04,CSO58FALB,1,"UDD",3500)