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Life table. In actuarial science and demography, a life table (also called a mortality table or actuarial table) is a table which shows, for each age, the probability that a person of that age will die before their next birthday ("probability of death "). In other words, it represents the survivorship of people from a certain population. [ 1 ]
The Gompertz–Makeham law of mortality describes the age dynamics of human mortality rather accurately in the age window from about 30 to 80 years of age. At more advanced ages, some studies have found that death rates increase more slowly – a phenomenon known as the late-life mortality deceleration [2] – but more recent studies disagree.
Value of life. The value of life is an economic value used to quantify the benefit of avoiding a fatality. [ 1 ] It is also referred to as the cost of life, value of preventing a fatality (VPF), implied cost of averting a fatality (ICAF), and value of a statistical life (VSL). In social and political sciences, it is the marginal cost of death ...
"The first 1000-year-old is probably only ~10 years younger than the first 150-year-old."–Aubrey de Grey [1]. In the life extension movement, longevity escape velocity (LEV), actuarial escape velocity [2] or biological escape velocity [3] is a hypothetical situation in which one's remaining life expectancy (not life expectancy at birth) is extended longer than the time that is passing.
Actuarial notation is a shorthand method to allow actuaries to record mathematical formulas that deal with interest rates and life tables. Traditional notation uses a halo system, where symbols are placed as superscript or subscript before or after the main letter. Example notation using the halo system can be seen below.
Life annuity. A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser (or annuitant) is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products. [ 1 ]
Human life expectancy is a statistical measure of the estimate of the average remaining years of life at a given age. The most commonly used measure is life expectancy at birth (LEB, or in demographic notation e0, where ex denotes the average life remaining at age x). This can be defined in two ways.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [ 1 ] These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. [ 2 ] Actuaries provide assessments of financial security systems, with a ...
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