The Joy of Actuaries --by Jan Karman The Netherlands almost any thinkable type of life insurance is shown, and because of that importance, developing a special technique for computing the life annuity values seems to pay off. First some actuari~d techniques are discussed. Then the possible use of the life annuity in several well-known types of fife insurance is shown. Finally,, the acquired techniques are implemented in an APL function, which can be used as an Actuarial Desk Calculator. No preliminary knowledge of actuarial science is presumed. k=(O If we now introduce N x as ~ k=0 D+k, Dx then the annuity due becomes: ~ T HE IMPORTANCE OF THE LIFE ANNUITY f o r and the annuity immediate becomes: ~ D (The symbols D x and Nx are called commutation symbols, and were introduced more than a century ago to facilitate life insurance calculations. Since computers became available they were more and more considered as obsolete. It seems, however, that they still are extremely powerful.) Some types of life insurance Conventions of notation i -- annual interest rate per unit (e.g., i = 0.04 means i = 4%); d = discounted value o f / ( d
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The joy of actuaries
Karman, Jan
Follow ACM SIGAPL APL Quote Quad
, Volume 27 (2)
Association for Computing Machinery – Dec 1, 1996
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