In this paper, only one APL primitive is involved: decode (⊥). Decode (or base-value) gives us the evaluation of a polynomial. The life annuity, which is of crucial importance in actuarial practice, is a polynomial, and it is plausible that the APL primitive decode is very useful in this respect.The paper starts with an introduction in the fundamentals of mortality tables, continues with the derivation of the life annuity and finally comes to an extremely powerful use of the base-value primitive.It is emphasized that the actuarial theory in general is applicable to any kind of large population, whether consisting of light bulbs, refrigerators, television sets, motor cars, or books in a library 1. For instance, replacement of consumer durables in case of break-down within a guarantee period is a term insurance.Further, a term insurance, as almost any contract of life insurance, can be expressed as a function of a life annuity.
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Base-value in actuarial practice
Karman, Jan
Follow ACM SIGAPL APL Quote Quad
, Volume 21 (3)
Association for Computing Machinery – Mar 1, 1991
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