A Perpetuity, Life Annuity, and Life Insurance Related to a Decomposition of 1
This note is about the historical development of the expression ... , where i is an annual interest rate and ... is a life annuity for a person age x. This expression has meaning in its own right, but it also equals ... , where ... is the expected present value of insurance of 1 unit paid at the end...
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| Veröffentlicht in: | Journal of legal economics 2014-10, Vol.21 (1), p.57 |
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| container_title | Journal of legal economics |
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| creator | Skoog, Gary R Ciecka, James E |
| description | This note is about the historical development of the expression ... , where i is an annual interest rate and ... is a life annuity for a person age x. This expression has meaning in its own right, but it also equals ... , where ... is the expected present value of insurance of 1 unit paid at the end of the year of death. The equation ... provides a foundation for taxation in life estate and inheritance matters in which ... captures income from a life estate and ... represents the remainder. When ... is placed on the right side, the equation ... states that 1 consists of life annuity and life insurance components. Three problems play central roles in the development of the equation ... one problem is due to Abraham de Moivre (1667-1754), another to Thomas Simpson (1710-1761), and the third to Richard Price (1723-1791). Sections II and III discuss these problems after brief sketches of de Moivre, Simpson, and Price. Section IV is a conclusion. (ProQuest: ... denotes formulae/symbols omitted.) |
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This expression has meaning in its own right, but it also equals ... , where ... is the expected present value of insurance of 1 unit paid at the end of the year of death. The equation ... provides a foundation for taxation in life estate and inheritance matters in which ... captures income from a life estate and ... represents the remainder. When ... is placed on the right side, the equation ... states that 1 consists of life annuity and life insurance components. Three problems play central roles in the development of the equation ... one problem is due to Abraham de Moivre (1667-1754), another to Thomas Simpson (1710-1761), and the third to Richard Price (1723-1791). Sections II and III discuss these problems after brief sketches of de Moivre, Simpson, and Price. Section IV is a conclusion. 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This expression has meaning in its own right, but it also equals ... , where ... is the expected present value of insurance of 1 unit paid at the end of the year of death. The equation ... provides a foundation for taxation in life estate and inheritance matters in which ... captures income from a life estate and ... represents the remainder. When ... is placed on the right side, the equation ... states that 1 consists of life annuity and life insurance components. Three problems play central roles in the development of the equation ... one problem is due to Abraham de Moivre (1667-1754), another to Thomas Simpson (1710-1761), and the third to Richard Price (1723-1791). Sections II and III discuss these problems after brief sketches of de Moivre, Simpson, and Price. Section IV is a conclusion. (ProQuest: ... denotes formulae/symbols omitted.)</abstract><cop>Florence</cop><pub>American Academy of Economic and Financial Experts</pub></addata></record> |
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| identifier | ISSN: 1054-3023 |
| ispartof | Journal of legal economics, 2014-10, Vol.21 (1), p.57 |
| issn | 1054-3023 |
| language | eng |
| recordid | cdi_proquest_journals_1757725504 |
| source | HeinOnline Law Journal Library |
| subjects | Actuarial science Age Annuities Approximation Binomial distribution Interest rates Life annuities Life insurance Mathematicians Nominations Present value Probability distribution Studies |
| title | A Perpetuity, Life Annuity, and Life Insurance Related to a Decomposition of 1 |
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