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DetLifeInsurance

DetLifeInsurance is an R package designed to provide tools for: - Deterministic valuation of actuarial reserves and life insurance and annuities premiums (both constant and variable amounts supported). - Applying fractional age assumptions to life tables, and generating new ones based on mortality laws. - Calculation of equivalent interest-discount rates as well as future and present value of annuities. - Calculation of loan amortization schedule.

In addition, 47 commonly used mortality tables are included as data.

Installation

To install from CRAN, use:

install.packages("DetLifeInsurance")

To install from GitHub, use:

#library(devtools)
devtools::install_github("JoaquinAuza/DetLifeInsurance")

Note: package devtools must be installed.

Example #1

In this example, we obtain the annual net premium of a life insurance coverage of $100000 for a term of 5 years, issued to a male of age 30, using an interest rate of 3.5%.

#library(DetLifeInsurance)

LI <- A.(x=30, h=0, n=5, i = 0.035, data=CSO80MANB, cap = 100000) #Actuarial PV of the LI
Prem <- a(x=30, h=0, n=5, k=1, i=0.035, data=CSO80MANB , assumption="UDD")
Net_Premium <- LI/Prem #Net premium to be paid at the begining of each year

#The same result can be achieved by using PremiumFrac()

Net_Premium <-PremiumFrac(px1=LI, x=30,m=5,i=0.035,k=1,data=CSO80MANB)

Example #2

In this example, we obtain the value of the actuarial reserve for a life insurance coverage where the insuree pays monthly premiums during the first year. UDD assumption is used.

#library(DetLifeInsurance)

LI <- A.(x=30, h=0, n=5, i = 0.035, data=CSO80MANB, cap = 100000) 

Net_Premium <- PremiumFrac(px1=LI,x=30,m=1,k=12,i=0.035,data= CSO80MANB,assumption = "UDD")
Net_Premium_monthly <- Net_Premium/12

V_A.(px=Net_Premium_monthly, x=30, h=0, n=5, k = 1, cantprem = 12,
     premperyear = 12, i = 0.035, data=CSO80MANB, assumption = "UDD", 
     cap=100000, t=60)

Status

Work in progress!

These binaries (installable software) and packages are in development.
They may not be fully stable and should be used with caution. We make no claims about them.