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Continuous Insurance
Ax : n | = E[Z ] = vt t px ( x + t )dt E[ Z 2 ] = v2 t t p x ( x + t ) dt = Ax : n |
1
n n 2 1
0 0
2
Var[Z ]= Ax :n| Ax: n|
1
( ) 1
2
( )
A x = E [Z ] = vt t p x ( x + t ) dt
2 2
0
Var[ Z ]= A x A x
Var[ Z ]= A 1 A 1
2
A 1 = E [Z ] = v n n p x = n E x x : n| x : n|
( )
x: n | 2
= v2 n n px vn n px = v 2 n n p x n qx
( )
x : n| 2 2
Var[ Z ]= Ax :n | Ax :n |
= vt t px ( x + t ) dt + v n n px
n
(IA ) x
= E[Z ] = t + 1v t t p x ( x + t )dt
0
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Chapter 4: Life Insurance Formula Summary
(IA ) 1
x :n |
n
= E[Z ] = t + 1v t t p x ( x + t )dt
0
(I ( m)
A ) = E[ Z ] =
tm + 1 v t t p ( x + t )dt
x x
0 m
(IA) x
= E[ Z ] = tv t t px ( x + t ) dt =
0
0 s|
Ax ds
(DA ) 1
x :n | = E [ Z ] = (n t )v t t p x ( x + t )dt
0
n
Var[ Z ]= 2A1 A1
x: n | x :n|
k =0
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Chapter 4: Life Insurance Formula Summary
x :n|
1
x: n | x :n|
m| n Ax = E[ Z ] = v
k=m
k +1
k p x q x+ k
k =0
k =0
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Chapter 4: Life Insurance Formula Summary
Recursion:
A1 = vq x + vpx A 1 Ax = vqx + vpx Ax +1 = A1 + vn n px Ax + n
x:n | x +1: n 1 x: n
( IA)x:n 1
= (IA )1x:n Ax:n = A1 + A 1 =
i
A1 + A 1
x:n
i x :n x:n x :n
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