The model used in the technique of the Life Actuary is built oni) probabilities of insured events, e.g. death, survival, disablement...

Based on the notions of value-at-risk and expected shortfall, we consider two functionals, abbreviated VaR and RaC, which represent the economic risk capital of a risky business over some time period required to cover losses with a high probability. These functionals are consistent with the risk...