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The tables take into account life expectancy and provide a range of discount rates from -2.0% to 3.0% in steps of 0.5%. The discount rate is fixed by the Lord Chancellor under section 1 of the Damages Act 1996; [1] as of 15 July 2019, this rate is -0.25%. [2] The discount rate in Northern Ireland is -1.5%. [3]
In actuarial science and demography, a life table (also called a mortality table or actuarial table) is a table which shows, for each age, the probability that a person of that age will die before their next birthday ("probability of death"). In other words, it represents the survivorship of people from a certain population. [1]
In actuarial science, force of mortality represents the instantaneous rate of mortality at a certain age measured on an annualized basis. It is identical in concept to failure rate , also called hazard function , in reliability theory .
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The input to the model is a matrix of age specific mortality rates ordered monotonically by time, usually with ages in columns and years in rows. The output is a forecasted matrix of mortality rates in the same format as the input. The model uses singular value decomposition (SVD) to find:
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The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities .