Parameter Name

Description

CurrentAge

Current age of the annuitant (i.e. the age at the valuation date). May be provided as an integer, or as a fractional amount (e.g. years & months). If the age is not a whole number, the result is based on interpolation on results at whole ages.

InterestRate

The interest rate(s) to discount future payments to calculate the present value.

·       Interest may be entered as a rate, e.g. 5% or .05; or 3 segments "i1/i2/i3". Other interest rate definitions that are available for annuities are not available for insurance.

·       Note: A value that is greater than 25% (i.e. 0.25) will be divided by 100; e.g. if you enter 2.75 it will be treated as .0275 or 2.75%.

MortalityTable

Mortality table definition text string.

Term

Number of years for term insurance. May be an integer, or a factional amount (e.g. years & months).
If Term is not a whole number, then the function will interpolate on results for whole numbers.
Optional, default = whole life.

Increasing

TRUE or FALSE to define an increasing life insurance.
Optional, default = FALSE.

AgeSetback

Mortality table age set-back. A negative number is a set-forward.
Note that you can also define a setback using the "/sb" option in the table definition (or "/sf").
Optional, default = 0.

InsTiming

Defines when the payments are made in the year of death.
Optional, default = 1.