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Laws of Mortality Which Satisfy a Uniform Seniority Principle

Published online by Cambridge University Press:  18 August 2016

T. N. E. Greville
Affiliation:
U.S. Social Security Administration

Extract

It is well known that a principle of uniform seniority applies to mortality tables which follow Gompertz's or Makeham's law, and, in a modified form, in the case of certain other laws, such as Makeham's second law and the double geometric law. It is natural to inquire what is the most general class of mortality laws to which such a principle applies. In its most general form the uniform seniority principle implies that the value of a joint-life annuity on m lives of different ages is equal to that of a joint-life annuity (possibly computed at a different interest rate) on k lives of equal age, in such a way that the new interest rate i′, the number of substituted lives k, and the difference between the youngest age and the substituted equal age, depend only on the various differences in age between the youngest life and the other original lives, and not on the actual age of the youngest life.

Type
Research Article
Copyright
Copyright © Institute and Faculty of Actuaries 1956

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References

page 114 note * Several of the results obtained here were previously given by Walter Borland, Jr. in T.F.A. 7, 138. The approach used here has been suggested by that of Aúthos Pagano (Lições de Estatistica, São Paulo, Brazil, 1953, 3, 313–14). He considers, however, only the case of two lives, assumes that i′ = i and k is constant, and obtains only Gompertz's and Makeham's laws as solutions.

page 122 note * In this case, the equations do not fully determine δ′, k and w.

page 122 note † In this case, the equations do not fully determine δ′ and w.