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On a general method of approximation to the Values of Annuities and Assurances, for long terms of years, depending on One or Two Lives

Published online by Cambridge University Press:  18 August 2016

Samuel Brown Esq.*
Affiliation:
Mutual Life Assurance Society

Extract

The discovery of some general Law of Mortality, by means of which the values of the contingencies, depending upon human life, might be expressed in some simple formulæ, without the necessity of performing the numerous calculations which are required even for the chances of a single life, and still more in the various eases, in which two or more lives are involved, has occupied the attention and labours of many scientific men. But the result has not hitherto been satisfactory, in spite of the skill with which their investigations have been conducted, and the unwearied patience which they have brought to the task. The failure has probably arisen from the want of a sufficient number of observations, the authenticity of which could be relied upon; or for want of that accuracy in the data, without which it is in vain to attempt to find the traces of a regular law, disturbed as it must be by the peculiar circumstances under which the observations were made, or by the ignorance, and, in some cases it may be, by the wilful errors of those who have been employed to collect the facts.

Type
Research Article
Copyright
Copyright © Institute and Faculty of Actuaries 1851

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References

page 22 note * The recent paper by Mr. Higham, “On the Value of Selection amongst Assured Lives,” read before the Institute of Actuaries, March 25, 1850, and ordered by the Council to be printed, contains some newly-formed Tables of Expectation, amongst the classes of Lives, selected at different ages, which are most skilfully prepared, and merit particular attention.

page 25 note * It may be observed that the use of these Tables will be found to shorten very much some portion of the work in the approximation now proposed. It will be seen on inspection by those who know the formation of them.