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De Moivre's Law is a survival model applied in actuarial science, named for Abraham de Moivre. [ 1 ] [ 2 ] [ 3 ] It is a simple law of mortality based on a linear survival function . Definition
The unconditional density of failure at age x is the product of the probability of survival to age x, and the conditional density of failure at age x, given survival to age x. This is expressed in symbols as () = or equivalently = ().
Survival analysis is a branch of statistics for analyzing the expected duration of time until one event occurs, such as death in biological organisms and failure in mechanical systems. This topic is called reliability theory , reliability analysis or reliability engineering in engineering , duration analysis or duration modelling in economics ...
This is particularly the case in non-life insurance (e.g. the pricing of motor insurance can allow for a large number of risk factors, which requires a correspondingly complex table of expected claim rates). However the expression "life table" normally refers to human survival rates and is not relevant to non-life insurance.
The survival function is also known as the survivor function [2] or reliability function. [3] The term reliability function is common in engineering while the term survival function is used in a broader range of applications, including human mortality. The survival function is the complementary cumulative distribution function of the lifetime ...
Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.
Survival rate is a part of survival analysis.It is the proportion of people in a study or treatment group still alive at a given period of time after diagnosis. It is a method of describing prognosis in certain disease conditions, and can be used for the assessment of standards of therapy.
Dynamic financial analysis (DFA) is method for assessing the risks of an insurance company using a holistic model as opposed to traditional actuarial analysis, which analyzes risks individually. Specifically, DFA reveals the dependencies of hazards and their impacts on the insurance company's financial well being as a whole such as business mix ...