lifecontingencies (version 1.3.12)

Axyzn: Multiple lifes insurances and annuities

Description

Function to evalate the multiple lives insurances and annuities

Usage

Axyzn(tablesList, x, n, i, m, k = 1, status = "joint", type = "EV", 
power=1)
axyzn(tablesList, x, n, i, m, k = 1, status = "joint", type = "EV", 
power=1, payment="advance")

Value

The insurance value is returned.

Arguments

tablesList

A list whose elements are either lifetable or actuarialtable class objects.

x

A vector of the same size of tableList that contains the initial ages.

n

Lenght of the insurance.

i

Interest rate

m

Deferring period.

k

Fractional payment frequency.

status

Either "joint" for the joint-life status model or "last" for the last-survivor status model (can be abbreviated).

type

A string, either "EV" for expected value of the actuarial present value (default) or "ST" for one stochastic realization of the underlying present value of benefits. Alternatively, one can use "expected" or "stochastic" respectively (can be abbreviated).

power

The power of the APV. Default is 1 (mean).

payment

The Payment type, either "advance" for the annuity due (default) or "arrears" for the annuity immediate. Alternatively, one can use "due" or "immediate" respectively (can be abbreviated).

Author

Giorgio Alfredo Spedicato, Kevin J. Owens.

Details

In theory, these functions apply the same concept of life insurances on one head on multiple heads.

References

Broverman, S.A., Mathematics of Investment and Credit (Fourth Edition), 2008, ACTEX Publications.

See Also

axyn,Axyn.

Examples

	data(soaLt)
	soa08Act=with(soaLt, new("actuarialtable",interest=0.06,
	x=x,lx=Ix,name="SOA2008"))
	#evaluate and life-long annuity for an aged 65
	listOfTables=list(soa08Act, soa08Act) 
	#Check actuarial equality
	axyzn(listOfTables,x=c(60,70),status="last")
	axn(listOfTables[[1]],60)+axn(listOfTables[[2]],70)-
	axyzn(listOfTables,x=c(60,70),status="joint")