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1.1. In the education and training of actuaries, Life Contingencies (or the Mathematical Basis of Life Assurance) has been taught traditionally as a deterministic branch of applied mathematics. There are many justifications for this practice. Three are given below:
1.1.1. Actuaries in life assurance practice deal with problems concerning population groups of large numbers of homogeneous lives. Then, regarding, for example, a life table function as only an estimate (in the strict statistical sense) of an unknown population parameter adds little to the practical value of the theory as the variances of such estimates would be negligible.
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- Copyright © Institute and Faculty of Actuaries 1980
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