Whole life gross premium reserve

Computes the Chapter 11 prospective gross premium reserve for a fully discrete whole life insurance with annual premiums and renewal expenses.

Usage

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

tVGx(
  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.

Details

This function is intended for durations after issue, where future expenses are modeled through renewal premium expenses, renewal per-policy expenses, and settlement expense.

Examples

tVGx(
  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] 0.0391081
tVGx(
  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] 0.0391081