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An Investigation of some of the Methods for deducing the Rates of Mortality, and of Withdrawal, in Years of Duration; with the Application of such Methods to the computation of the Rates experienced, and the Special Benefits granted, by Clerks' Associations

Published online by Cambridge University Press:  18 August 2016

Thomas G. Ackland
Affiliation:
Institute of Actuaries

Extract

The investigation of the experience, and valuation of the liabilities, of what are known as Clerks' Associations, present some features of special interest; and I have thought that it might he useful to discuss and explain some of the methods that have been employed in analyzing the data, and in deducing therefrom the tables of money values appropriate for the valuation of the risks.

Type
Research Article
Copyright
Copyright © Institute and Faculty of Actuaries 1898

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References

page 71 note * If this modification be introduced, Care must, however, be taken that the cases of death are throughout located in their true years of duration.

page 74 note * The function Ē[x]+1 really represents the number exposed [in the (t + l)th year] to risk of death or withdrawal; and would be appropriately employed in calculations (1) of benefits the continuance of which depends upon the member's being alive and in full membership (such as the annuity by which the members' subscriptions would be valued) (2) of benefits which would necessarily cease on the occurrence of either death or withdrawal (such as an allowance during sickness or non-employment).

page 77 note * The formulæ are numbered consecutively in the Appendices; and to avoid confusion, the same numbering has been employed in those formulæ cited in the text.

page 89 note * It would thus appear that the ratio of withdrawals as deduced from the values in column (4) would give some approximation to the force of withdrawal; and this suggestion, which appears to have been originally made by Mr. G. King, is referred to by Mr. Ryan (J.I.A., xxxi, 310). I cannot, however, trace the original reference, attributed to Mr. King, in the pages of the Journal. The divisor E[x]+t , in column (8), is not appropriate for deducing the true force of withdrawal (as is pointed out by Mr. Ryan, loc. cit.); and I have been unable, from the values given in columns (2) to (8) of Schedule (D), to deduce any expression which would give a true (or very approximate) representation of the rate of withdrawal in successive years of duration.