Continuous multi-life insurance

Computes continuous joint-life, last-survivor, and contingent whole-life insurance values for two independent lives.

Usage

Abarxy(x, y, i, tbl = NULL, model = NULL, ...)

Abarxybar(x, y, i, tbl = NULL, model = NULL, ...)

Abarxy1(x, y, i, tbl = NULL, model = NULL, ...)

Abaryx1(x, y, i, tbl = NULL, model = NULL, ...)

Abarxy2(x, y, i, tbl = NULL, model = NULL, ...)

Abaryx2(x, y, i, tbl = NULL, model = NULL, ...)

Arguments

x

Age of the first life. May be scalar or vector.

y

Age of the second life. May be scalar or vector.

i

Effective annual interest rate. May be scalar or vector.

tbl

Optional life table object retained for backward compatibility. Continuous calculations currently require model.

model

Parametric survival model.

...

Additional parameters passed to the survival and hazard functions.

Value

A numeric vector of actuarial present values.

Details

Abarxy() computes joint-life insurance payable at the first death.

Abarxybar() computes last-survivor insurance payable at the second death.

Abarxy1() and Abaryx1() compute contingent insurance payable when the specified life dies first.

Abarxy2() and Abaryx2() compute contingent insurance payable when the specified life dies second.

These functions require a parametric survival model.

Under independence, Abarxy() represents insurance payable at the first death and Abarxybar() represents insurance payable at the second death.

The contingent functions distinguish both the life whose death triggers payment and whether that death occurs first or second.

Examples

Abarxy(
  x = 40,
  y = 50,
  i = 0.05,
  model = "uniform",
  omega = 100
)
#> [1] 0.4899262

Abarxy1(
  x = 40,
  y = 50,
  i = 0.05,
  model = "uniform",
  omega = 100
)
#> [1] 0.2137821