Real-Valued Functional Representations of Semi-Independent Joint-Life Calculations

Open Access
Author:
Miller, Brian Adam
Area of Honors:
Actuarial Science
Degree:
Bachelor of Science
Document Type:
Thesis
Thesis Supervisors:
  • Ron Gebhardtsbauer, Thesis Supervisor
  • Ron Gebhardtsbauer, Honors Advisor
  • Evan Garrett Morgan, Faculty Reader
Keywords:
  • actuarial
  • dependence
  • joint life
  • mortality
  • probability
Abstract:
This paper is intended to introduce the actuarial or mathematically-inclined student to the concepts and questions involved when studying the mortality of joint lives. How to represent these events in a continuous way has been a rising question in recent years and has become a very important topic to understand. A brief overview of insurance calculations, followed by explanations of why joint mortality is different is included. After which, data obtained on joint annuitants is used to explain the many different ways in which dependence can be modeled, and finally multiple methods are compared for accuracy, robustness, and ease of use to determine the best available method of modeling dependent and semi-dependent data.