Alai, Daniel; Landsman, Zinoviy; Sherris, Michael - ARC Centre of Excellence in Population Ageing Research … - 2012
Systematic improvements in mortality results in dependence in the survival distributions of insured lives. This is not allowed for in standard life tables and actuarial models used for annuity pricing and reserving. Systematic longevity risk also undermines the law of large numbers; a law that...