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On the Value of Selection Among Assured Lives, and its Effect Upon the Adjustment of a Scale of Premiums, as Between Persons Assuring at Different Ages

Published online by Cambridge University Press:  28 May 2015

John Adams Higham
John Adams Higham*
Affiliation:
The Institute of Actuaries of Great Britain and Ireland
*
Royal Exchange Life Office
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Extract

I cannot better introduce the subject of this paper than by a quotation from Mr. Morgan's Preface to his Tables of the experience of the Equitable Society. He writes as follows, viz.:—

“In a body of lives of the same age, all selected as healthy from the general mass of mankind, it is obvious that the rate of mortality must be considerably less for the first ten or twenty years after selection, than amongst those from whom they are thus chosen. As, however, these selected lives advance in age, their general health and the rate of mortality amongst them will naturally approximate to the common standard.

Type
Research Article
Information
Transactions of the Institute of Actuaries , Volume 1 , 1849 , pp. 1 - 16
Copyright
Copyright © Institute and Faculty of Actuaries 1849

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References

page 5 note * The Council have been deterred from printing the very judiciously constructed Tables appended to this paper, in consideration of the expense it would involve. They trust that the omission will be less felt inasmuch as the results are all given in the following pages.

page 6 note * For example:—

page 9 note * I am aware that both these modes of addition have been employed by Insurance Companies, although I do not know that any have combined them.

page 15 note * P represents the “pure” annual premium, c the rate of commission, p the constant addition to the Single Premium, for profit, and e the constant addition to the Annual Premium, for expenses.