Introduction to Life Tables
Introduction to Life Tables Definition : A life table is a statistical tool used in demography and actuarial science to summarize mortality patterns in a population. Purpose : i) Provides a snapshot of mortality conditions. ii) Helps in estimating survival probabilities for different age groups. iii) Essential for demographic studies, insurance, and public health planning. Key Components of Life Tables Radix (Base Population) : The starting number of individuals (often set at 100,000) to track mortality over time. Age Intervals : The life table is divided into age groups (e.g., 0-1, 1-5, 5-10, etc.). Helps in analyzing mortality trends across different life stages Probability of Dying (qx) : Denoted as qx , it represents the probability that a person of age x will die before reaching age x+1 . Computed from observed mortality data Number of Survivors (lx) : Denoted as lx , it rep...