Papers and reports

By courtesy of the Government Actuary, the preliminary data relating to the proposed English Life Tables (no.14) were made available to the author. In this paper we describe briefly the graduation of the underlying crude mortality rates by cubic splines and give an outline of the salient features of the graduations finally adopted.

The paper considers systems of payments which are not fully funded, i.e. partially funded or fully unfunded. Generally, the objective is to be able to establish a premium formula which is consistent with long term planning as to e.g. a target rate of funding, limited variation in premiums from year to year, etc. The premium formulas considered are those which relate premiums to prior years’ premiums, claims experience and accumulated funds.