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Two "q" tables are included with the programs: (1) CSO80 Commissioners 1980 Standard Ordinary Mortality Table for Males
and (2) IAM83 - 1983 Individual Annuity Table for Males. Their
source is the 1992 Life Insurance Fact Book published by the
American Council of Life Insurance. It is IMPORTANT to note that
the "q" tables begin with age 0 (zero) if you want to use other
mortality tables. All the programs are based on this fact. The
Installing Programs
z: q
y: radix
x: percent interest rate
"q" can be either the CSO80 or IAM83 tables (or other "q" table
you may want to use); just enter the list onto the stack.
Life Probabilities
Life Insurance
1. SP - single premium
2. AP - annual premium
3. INS - amount of insurance
Only SP, AP, INS, and RES can be calculated, given the other
variables. TERM, AGE, and N must be entered, if appropriate, and
are used to get values from the commutation tables; they cannot
be calculated.
NOTE: The commutation functions (DX, NX, CX, MX) appear in the
SOLVR menu. DO NOT ENTER ANYTHING INTO THEM.
Examples:
Press APWL for annual premium whole life insurance. The equation
is entered in EQ and the SOLVR started.
Press CST again to get back to the custom menu. Press PLRE to
calculate a policy reserve. If 25 annual premiums have been
paid, what is the policy reserve? Enter 25 for N, the number of
premiums already paid. The other values are already entered.
Press left-shift RES to calculate the reserve: 9,919.11.
Press CST. Press NPTL to set up the SOLVR for N payment term
insurance.
INS = 100,000
AGE = 35
TERM = 10
N=5
AP = 473.51 a year for 5 years (calculated)
Change AP to 500.
INS = 105,593.60 (calculated)
INS = 100,000
AGE = 25
TERM = 20
N=1
AP (pure endowment) = 29,719.65 (Use ENDW program)
AP (endowment insurance) = 32,171.93 (Use ENIN program)
Life Annuities
1. SP - single premium
2. AP - annual premium
3. AN - annuity amount
4. TERM - years of a term annuity
5. N - number of premium payments
6. AGE - age at which annuity is purchased
7. K - number of years annuity payments are deferred
1. WA - whole-life annuity
2. WAD - whole-life annuity due
3. DWA - deferred whole-life annuity
4. DWAD - deferred whole-life annuity due
5. TA - term annuity
6. TAD - term annuity due
7. DTA - deferred term annuity
8. DTAD - deferred term annuity due
AN = 25,000
AGE = 64
SP = 214,766.05 (calculated)
AN = 25,000
AGE = 25
K = 40
N = 40
AP = 1,116.12 (calculated)
AN = 25,000
AGE = 25
TERM = 25
K = 40
N = 40
AP = 1108,08 (calculated)
Other Matters
There are many things one can do with the commutation tables
in actuarial mathematics. I have set up only the basic
equations. If you want to pursue matters further, get out some
textbooks and practice, practice, practice.
Disclaimer