Mortality Models Flashcards
What is perinatal mortality?
The mortality rate immediately following birth.
What is the accident hump?
Between ages 10 and 20, there is a significant divergence in the pattern of male and female mortality. There is a steeper incline in male mortality due to increased fatalities from accidental deaths.
What are three possible ways to model extra mortality risk in premium calculation?
- Age rating: Adding additional years to a person’s age, effectively treating the person as a different aged risk.
- Adjusting force of mortality: Adding a constant to the force of mortality.
- Adjusting mortality rates: Multiplying the mortality rate for standard lives by a constant.
What are realistic and unrealistic mortality laws?
Realistic mortality laws: include Gompertz’s law and Makeham’s law and reasonably model human mortality.
Unrealistic mortality laws: modeled using the exponential distribution, uniform distribution, and beta distribution. They do not reasonably model human mortality but their calculations are easier.
What is the key idea for the mortality law that uses the exponential distribution?
The force of mortality is constant for all ages and is memoryless; it assumes that age does not matter.
What is the key idea for the mortality law that uses the uniform distribution?
The future lifetime of (0) is uniformly distributed between 0 and ω, where ω is the limiting age and it assumes that an equal number of deaths occur each year. This mortality law is also referred to as Demoivre’s law.
What is the key idea for the mortality law that uses the beta distribution?
The future lifetime of (x) follows a beta distribution with parameters 𝛼 and ω. It is a generalized version of the uniform distribution with 𝛼 = 1.
What is Gompertz’s law of mortality?
As age increases, so does mortality (exponentially). Thus, the force of mortality is a function of age.
What is Makeham’s law of mortality?
Not only does mortality increase as age does, there is an element in the force of mortality that does not depend on age. This reflects the risk of accidental death (the extra risk that is independent of age).
What are the two important fractional age assumptions?
- A uniform distribution of deaths (UDD)
- A constant force of mortality
What is the key idea for a uniform distribution of deaths?
The number of survivors decreases linearly between integer ages. UDD uses linear interpolation.
What is the key idea for a constant force of mortality?
The force of mortality is constant between integer ages. The constant force of mortality uses exponential interpolation.
What is select mortality?
Mortality depends on the age when a person is selected.
What is the select period?
The period after which the age at selection has no effect on mortality.
What is ultimate mortality?
The mortality after the select period.
