ALU 202 - Ch 3 Life Tables,
Underwriting, and an
Introduction to Mortality
Analysis Comprehensive Study
Guide + Exam Questions &
Solutions Graded A+
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The Origins of Life Tables
True or False:
The earliest attempts at life insurance were sponsored by
friendly societies in the 17th and 18th centuries. - Answer:
True
The Origins of Life Tables
_______________ were comprised of individuals who banded
together for mutual benefit, including providing for the widows
and orphans of deceased members. - Answer: Friendly
societies
The Origins of Life Tables
,Initially, friendly societies used a "post-death" method of
funding death benefits in which each member of the society
agreed to pay a specified amount of money when a fellow
member died.
List the 3 problems with this method: - Answer: 1)
Contributions were voluntary and thus the death benefit
couldn't be guaranteed
2) Unless new members were recruited, the size of the group
gradually diminished due to continued deaths and, as a result,
death benefits decreased
3) The number of claims increased each year because the group
as a whole aged. Therefore, the amount each beneficiary
received further diminished in proportion to the increase in
claims
The Origins of Life Tables
1) To cope with these problems, friendly societies adopted
what became known as the _______________ method of
funding in which protection was offered for a specified period
, of time (usually a year) and the necessary money to fund this
plan was raised by assessing each member an equal amount in
advance.
2) However, this required that a reliable method be devised to
project the number of deaths likely to occur over the covered
period and this, in turn, depended on the development of
__________________. - Answer: 1) assessment
2) life tables
The Origins of Life Tables
Who is credited with the first serious attempt at developing a
population life table and in 1662 published a "Table of
Survivors" based on his records of the weekly burials and
deaths occurring in London? - Answer: John Graunt
The Origins of Life Tables
Variations of the ______________ tables of 1771-1783 were
used by the Society for Equitable Assurances on Lives and
Survivorships (now the Equitable Life Assurance Society) to
Underwriting, and an
Introduction to Mortality
Analysis Comprehensive Study
Guide + Exam Questions &
Solutions Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
, WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic
Support
Helping Students Achieve Academic Excellence
The Origins of Life Tables
True or False:
The earliest attempts at life insurance were sponsored by
friendly societies in the 17th and 18th centuries. - Answer:
True
The Origins of Life Tables
_______________ were comprised of individuals who banded
together for mutual benefit, including providing for the widows
and orphans of deceased members. - Answer: Friendly
societies
The Origins of Life Tables
,Initially, friendly societies used a "post-death" method of
funding death benefits in which each member of the society
agreed to pay a specified amount of money when a fellow
member died.
List the 3 problems with this method: - Answer: 1)
Contributions were voluntary and thus the death benefit
couldn't be guaranteed
2) Unless new members were recruited, the size of the group
gradually diminished due to continued deaths and, as a result,
death benefits decreased
3) The number of claims increased each year because the group
as a whole aged. Therefore, the amount each beneficiary
received further diminished in proportion to the increase in
claims
The Origins of Life Tables
1) To cope with these problems, friendly societies adopted
what became known as the _______________ method of
funding in which protection was offered for a specified period
, of time (usually a year) and the necessary money to fund this
plan was raised by assessing each member an equal amount in
advance.
2) However, this required that a reliable method be devised to
project the number of deaths likely to occur over the covered
period and this, in turn, depended on the development of
__________________. - Answer: 1) assessment
2) life tables
The Origins of Life Tables
Who is credited with the first serious attempt at developing a
population life table and in 1662 published a "Table of
Survivors" based on his records of the weekly burials and
deaths occurring in London? - Answer: John Graunt
The Origins of Life Tables
Variations of the ______________ tables of 1771-1783 were
used by the Society for Equitable Assurances on Lives and
Survivorships (now the Equitable Life Assurance Society) to
