Actuarial Notation Flashcards

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1
Q

Define Tx

A
  • Tx* is the future lifetime of a person aged x.
  • T* is shortening of T0
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2
Q

Define ω

A

ω is the** Limiting age of a person** (max age person can reach – usually 100 – 120 in models)

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3
Q

Define Fx(t) - tqx

A

Fx(t) is the distribution function of Tx

In actuarial notation, Fx(t) is tqx

Fx(t) = P[Tx ≤ t]

This represents the probability of death for a life aged x by age x + t.

Example. The probability of a 40 year-old dying in the next 20 years is denoted by F40(20) = P[T40 ≤ 20].

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4
Q

Define Sx(t) - tpx

A

Sx(t) is the survival function of Tx

In actuarial notation Sx(t) is tpx

  • Sx(t)*, represents the probability that a life, aged x, survives for t years:
  • Sx(t) = P[Tx > t]*

Example. The probability of a 40 year-old surviving for the next 20 years is denoted by S40(20) = P[T40 > 20].

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5
Q

Define μx

A

μx is the force of mortality at age x

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