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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.
The term should not be thought of narrowly in terms of a bank account or general ledger account, but rather the broader concept of all the investments or assets of the insurance company available to meet a claim. Unlike a separate account, the general account is not attributable to any single policyholder or liability.
Venn diagram for "A or B", with inclusive or (OR) Venn diagram for "A or B", with exclusive or (XOR). The fallacy lies in concluding that one disjunct must be false because the other disjunct is true; in fact they may both be true because "or" is defined inclusively rather than exclusively.
Each account in the chart of accounts is typically assigned a name. Accounts may also be assigned a unique account number by which the account can be identified. Account numbers may be structured to suit the needs of an organization, such as digit/s representing a division of the company, a department, the type of account, etc.
An intriguing aspect of life insurance, especially within whole life policies, is the concept of limited-pay life insurance. This variation allows for a more accelerated premium payment schedule ...
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). ). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life
Traditional life insurance policies, including term and permanent life insurance, typically contain a suicide clause that applies for a specific period. After this period expires, the policy ...
Words with specific British English meanings that have different meanings in American and/or additional meanings common to both languages (e.g. pants, cot) are to be found at List of words having different meanings in American and British English. When such words are herein used or referenced, they are marked with the flag [DM] (different meaning).