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Actuarial Science 3. Present Value of Joint Life and Last Survivor Assurances and Annuities.
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Contingent Assurances. This is where the payment of the sum-assured depends on an event (or events) in addition to the death of the life assured..
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. Contingent Assurances. Application of Contingent Life Expectancy.
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4. Lump sum benefit on death. Immediate payment. Payment on first death.
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Teacher Cartoon Vector Images (over 23,000). Now, lets prove these to be true….
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6. Application of Contingent Life Expectancy.
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7. Application of Contingent Life Expectancy.
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8. Homework Show, using actuarial notation only, that there is a simpler way to complete the proof for (3). Complete the proof for (5).
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Examples. Example 1 On 1 January 2009, a life insurance company issues joint life whole life assurance to couples where the male and female were aged 60 and 55 exact respectively. Under the policy, a sum assured of R100 000 is payable immediately on the second of the two lives to die. Premiums are payable annually in advance while at least one of the lives is alive. Calculate the annual premium if the insurer uses the following assumptions to price the policy: Mortality: PMA/PFA92C20 Interest: 4% per annum Expenses: Nil.
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Solution. 60. 55. Application of Contingent Life Expectancy.
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. Reversionary annuities. Applications of Contingent Life Expectancy.
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s. S=t. t. 12. . Applications of Contingent Life Expectancy.
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Hand drawn dead emoji, ink brush dead emoticon smiley icon on a white background. Vector. Stock Vector | Adobe Stock.
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14. . Also…. Applications of Contingent Life Expectancy.
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We’ll do this on together in a live session. Example 2 A life insurance company issues a joint life annuity policy to a male and female aged 60 and 62 exact respectively. Under the policy the following benefits are secured: An annuity of R50 000 per annum, guaranteed to be payable for the first 10 years and then for the lifetime of the male life. On the death of the male, an annuity of R20 000 per annum is payable to the female (provided she is still alive). This annuity commences on the annual payment date next following, or coincident with the death of the male, or from the 10 th policy anniversary if later. Determine the expected present value of this policy using the following assumptions: Annuity payments are in arrear Mortality: PMA/PFA92C20 Interest: 4% per annum.
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