Whole life expense reserve

Computes the Chapter 11 expense reserve for a fully discrete whole life insurance with renewal expenses.

Computes the Chapter 11 expense reserve for a fully discrete whole life insurance with renewal expenses.

Usage

tVEx(
  x,
  t,
  i,
  G,
  benefit = 1,
  renewal_premium_pct = 0,
  renewal_policy_exp = 0,
  settlement_exp = 0,
  tbl = NULL,
  model = NULL,
  ...
)

tVEx(
  x,
  t,
  i,
  G,
  benefit = 1,
  renewal_premium_pct = 0,
  renewal_policy_exp = 0,
  settlement_exp = 0,
  tbl = NULL,
  model = NULL,
  ...
)

Arguments

x

Issue age.

t

Duration.

i

Effective annual interest rate.

G

Gross annual premium.

benefit

Insurance amount. Default 1.

renewal_premium_pct

Renewal percent-of-premium expense.

renewal_policy_exp

Renewal per-policy expense.

settlement_exp

Settlement expense at death.

tbl

Optional life table object.

model

Optional parametric survival model.

...

Additional model parameters.

Value

Numeric vector.

Numeric vector.

Examples

tVEx(
  x = 40, t = 10, i = 0.05, G = 0.03,
  benefit = 1, renewal_premium_pct = 0.10,
  renewal_policy_exp = 0.002, settlement_exp = 0.02,
  model = "uniform", omega = 100
)
#> [1] -0.03339664
tVEx(
  x = 40, t = 10, i = 0.05, G = 0.03,
  benefit = 1, renewal_premium_pct = 0.10,
  renewal_policy_exp = 0.002, settlement_exp = 0.02,
  model = "uniform", omega = 100
)
#> [1] -0.03339664