Actuarial Life Terminology

Actuarial Life Terminology

The following terminology is applied to the definitions for the Actuarial Life category.

Terms

Qx is the short name of a mortality table that is a list of probabilities of dying between Age and Age + 1 from Age 0 to Z(final age).
Ages for Qx tables are integer.

NB. The first 10 values in the table:
   10{. ALT_2010_12_M
0.00476 0.00039 0.00021 0.00016 0.00012 0.00011 0.00011 0.0001 0.0001 9e_5   

Qx tables are taken from the published material and not modified or extended. A list of Qx tables has been made available that can be used for calculations and experiments. The list can be viewed in the Execution Window:
For the list of short names and a description of all the Qx tables: Qx_ALL
For the list of the short names of all Australian Life Tables Qx tables: Qx_ALT.

The values in a Qx table can be exended to final value of 1 to allow all lives to be terminated.
The values in the Qx tables all start at Age = 0 and continue to the final Age Z as in the published table. The final Age various with the different tables. All the tables have a short name eg: ALT_2010_12_M and a general description. The short name is used for calculations.

The Qx tables can be used by simply inserting the short name of the table with the definition. The values of the Qx table can be viewd by executing the short name of the table in the Execution window.

Is the probability of a life dying between Age and Age + 1 for mortality table Qx.
Also called the rate of mortlaity at Age. Simply it is the proportion of lives at Age that are expected to die before Age +1.

NB. The probability of a male life dying between Age 65 and 66 assuming Qx table ALT_2010_12_M.
   (ALT_2010_12_M)qx(65) 
???   
or
    65{ ALT_2010_12_M
0.01063    

Is the probability of a life surviving from Age to Age + 1 for the mortality table Qx.

NB. The probability of a female life surviving from Age 65 to 66 assuming ALT_2010_12_F.
   (ALT_2010_12_F)px(65) 
???   
or
    1 - 65{ ALT_2010_12_F
0.99368

The following two Qx tables are the default mortality tables that are used in the various examples and definitions.

Short Name   Description
--------------------------------------------------
QxF          Australian Life Table 2010-12 Females
QxM          Australian Life Table 2010-12 Males