The PV Space#

Present values of the projected cashflows for a single traditional life policy.

This Space defines the Cells that discount the cashflows projected in BaseProj back to time 0. It is one of the base Spaces inherited by Projection.

Each present-value cell is defined recursively in t: the recursion terminates at t > proj_len() by returning 0, where proj_len() is the projection length for the selected policy. Discounting uses the disc_rate_mth() cell that resolves to disc_rate_mth() for the selected scenario.

Cells Summary#

Premiums and Claims#

Present value of premium income and of the claim cashflows by cause.

`pv_premiums`(t)	Present value of premium income
`pv_claims_death`(t)	Present value of death benefits
`pv_claims_mat`(t)	Present value of maturity benefits
`pv_claims_surr`(t)	Present value of surrender benefits
`pv_claims`(t)	Present value of total benefits

Expenses and Commissions#

Present value of acquisition, maintenance and total expenses and of commissions.

`pv_exps_acq`(t)	Present value of acquisition expenses
`pv_commissions`(t)	Present value of commission expenses
`pv_exps_maint`(t)	Present value of maintenance expenses
`pv_expenses`(t)	Present value of total expenses

Net Cashflow#

Present value of the net liability cashflow and the interest accreted on it.

`pv_net_cf`(t)	Present value of net cashflow
`interest_net_cf`(t)	Interest accreted on pv of net cashflows

Validation#

An alternative recursive net-cashflow present value and the check that it agrees with pv_net_cf().

`pv_net_cf_for_check`(t)	Present value of net cashflow computed recursively for validation.
`pv_check`(t)	Difference between `pv_net_cf()` and `pv_net_cf_for_check()`.

Exposure#

Present value of the insurance in force.

pv_sum_insur_if(t)

Present value of insurance in-force

Cells Descriptions#

pv_premiums(t)[source]#: Present value of premium income

pv_claims_death(t)[source]#: Present value of death benefits

pv_claims_mat(t)[source]#: Present value of maturity benefits

pv_claims_surr(t)[source]#: Present value of surrender benefits

pv_claims(t)[source]#: Present value of total benefits

pv_exps_acq(t)[source]#: Present value of acquisition expenses

pv_commissions(t)[source]#: Present value of commission expenses

pv_exps_maint(t)[source]#: Present value of maintenance expenses

pv_expenses(t)[source]#: Present value of total expenses

pv_net_cf(t)[source]#: Present value of net cashflow

interest_net_cf(t)[source]#: Interest accreted on pv of net cashflows

pv_net_cf_for_check(t)[source]#

Present value of net cashflow computed recursively for validation.

An alternative recursive definition of pv_net_cf() used by pv_check() to verify that the closed-form sum and the recursion agree.

pv_check(t)[source]#

Difference between pv_net_cf() and pv_net_cf_for_check().

Used as a numerical sanity check; should be zero (within floating point error) at every t.

pv_sum_insur_if(t)[source]#: Present value of insurance in-force