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On a method of Computing the Temporary Deductions to be made from the Sums Assured, upon Rated-up Lives, in lieu of Extra Premium

Published online by Cambridge University Press:  18 August 2016

George F. Hardy
George F. Hardy
Affiliation:
English and Scottish Law Life Assurance Association
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Extract

The general subject of extra risks, and the special method of meeting such risks by making temporary deductions from the sum assured in lieu of charging an extra premium, have been more than once under discussion at this Institute. The latter problem in particular was somewhat exhaustively considered upon the occasion of a paper by the late Mr. Sunderland, “On a Method frequently adopted of treating Under-Average Lives for Assurance purposes, &c.” (J.I.A., xxix, 419).

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 32 , Issue 3 , October 1895 , pp. 153 - 159
Copyright
Copyright © Institute and Faculty of Actuaries 1896

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References

page 155 note * Strictly, the use of μ x+t in lieu of qx+t involves the substitution of t V x + ½Pxfor t+1 V x and of (m — t — ½ )X for (m — t) X in the formulas (i) and (ii). It was considered sufficiently accurate for the purpose in view, however, to use the values of t V x and (m — t )X, leading to equations (iii) and (iv).