Actuarial Tables: Overview

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Overview

Introduction

Actuarial tables are essential components of actuarial models. For example, premium rate tables and cash value tables are parts of product features. We need those tables in the models in order to project policy cash flows. Another common use case of actuarial tables is mortality assumptions. A mortality assumption is usually set based on a mortality table derived from industry or company experience studies.

In a series of posts, I would like to demonstrate how Rgogo Framework implements actuarial tables. In particular, the posts will cover the following topics:

  • types of tables implemented in Rgogo Framework,
  • how to create a table,
  • how to import table values from external sources,
  • how to make tables shareable among modeling projects,
  • how to look up a table, and
  • how to export an Rgogo table object to external destination.

This series about actuarial tables consists of the following articles:

This article provides an overvirew of the types of table implemented in Rgogo Framework. Based on the shape and lookup method, an actuarial table can be one-dimensional, two-dimensional or a composite form involveing both of the above.

  1. Actuarial Tables: Creating Tables, Part 1

In the second article of the series, I will describe types of one-dimensional table implemented in Rgogo, and how you can create such a table. I will also introduce how you can import table values from an external source.

  1. Actuarial Tables: Creating Tables, Part 2

In the third article of the series, I will continue the topic of how to create a table by focusing on two-dimensional tables and a composite type of table, namely select and ultimate table. I will also illustrate how you can make your own table library that can be shared by other modeling projects.

  1. Actuarial Tables: Using Tables

In the last article of the series, I will show you how to look up a table and export a table to an Excel file.

I also summarize all important table functions in a how-to guide: How to Work with Tables for ease of reference.

Table Classes

Based on the shape and lookup method, Rgogo implements the following six table classes:

Class Description Shape Lookup Key
Table.AA Attained age table One-dimensional Attained age
Table.IA Issue age table One-dimensional Issue age
Table.PY Policy year table One-dimensional Policy year
Table.IAPY Issue age by policy year table Two-dimensional Issue age and policy year
Table.AABY Attained age by birth year table Two-dimensional Attained age and birth year
Table.SU Select and ultimate table Select table: two-dimensional
Ultimate table: one-dimensional
Issue age and policy year

Table Naming Rules

In Rgogo, a table object has an identifier attribute that allows you to give a name to the table. An identifier is a string that is used to identify a modeling object. Rgogo has special rules for naming the identifiers of certain types of table.

The rules are as follows:

Table Type Identifier Must Start with ...
Premium table Prem.
Cash value table CV.
Mortality table Mort.
Lapse rate table Lapse.

Sample Project

I will use a sample project to illustrate examples throughout the series of acticles. Before diving into the details, I suggest that you download SampleTables project from GitHub. The download URL is: https://github.com/ActPersp/SampleTables

Next articls: Actuarial Table: Creating Tables, Part 1