 Posted: Wed Jan 20, 2010 3:40 pm Post subject: |
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Just to be on the safe side:
Actuaries are the people who calculate insurance risks for the insurance companies and the premiums required to cover those risks. Using industry data, graphs, charts, studies, and statistical data relating to life-expectancy, actuaries compute the probability of the occurrence of various contingencies of life, such as death, birth, sickness, marriage, unemployment, accidents, and retirement.
Actuaries who work in the Property and Casualty marketplace evaluate the hazards of property damage or loss and the legal liability for the well-being and safety of individuals.
Actuaries often prepare and utilize statistical studies to establish basic mortality and morbidity tables. This data is used to develop risk factors, premium rates, underwriting practices and procedures, determine the amounts of premiums required to assure the payment of benefits, analyze company earnings, and counsel with the company accounting staff in organizing records and statements. In many insurance companies the actuary is an officer of the company.
Some actuaries serve as consultants, and some are employed by large industrial corporations and governments to advise on insurance and pension matters.
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Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away. |
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InsInvestigator
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| Posted: Sun Jan 24, 2010 4:07 am Post subject: |
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Wanted to post a copy of the CSO2001 "Ultimate" mortality table, but I can't get it below the 256kb file size as a JPG -- send me an email, and I'll send you a 118kb PDF.
Life now ends at age 121 -- at least on paper. Used to be age 100.
There will probably be a new set of annuity tables in the next few years. They are not exactly the same as the CSO mortality tables. Annuity tables typically pegged ultimate mortality at age 115 when the CSO was at 100. So I'm guessing that new annuity tables might trail out to 130 or so. The effect is to lower the payments in order to protect against an annuitant living too long.
Age 115 has worked well until now. Seems that it's the age our seniors manage to get to before the "oldest one" in Florida or California croaks on a regular basis. But the medical experts have long been suggesting that life expectancy of age 150 will not be unreasonable in the future.
Unless Congress passes a new National Health Care bill. In that event, we might be better off making friends with Jack Kevorkian.
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