Life Tables
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What are life expectancy tables and why are they important for life insurance companies?
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Solution Summary
This solution discusses life expectancy tables and explains why they are important to maintain the profitability of life insurance companies. Additionally, this solution includes a series of suggested sources to aid with further research on the topic.
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A "life table" is used in actuarial science by insurance companies to determine life insurance pricing. It is a table that basically shows the probability that a person of a specific age will die before his or her next birthday. From this, the probably of surviving until a given age and the life expectancy for people can be calculated.
An excellent example of this in film is the movie About Schmidt, starring Jack Nicholson. He plays an actuary in the movie. After his wife of 42 years dies, he calculates, with certain accuracy, that he himself has a 75% chance of dying within the next nine years, unless he gets remarried. It is the death of his wife that decreases his chance of survival ...
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