Simulation of longevity risk models
| Order ID |
53563633773 |
| Type |
Essay |
| Writer Level |
Masters |
| Style |
APA |
| Sources/References |
4 |
| Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Simulation of longevity risk models
Longevity risk is the risk that life expectancies and actual survival rates exceed expectations or pricing assumptions, resulting in greater-than-anticipated cash flow needs on the part of insurance companies or pension funds. This risk can be mitigated through the use of longevity risk models, which are mathematical tools that estimate the probability of survival for a given population.
There are a number of different longevity risk models available, each with its own strengths and weaknesses. Some of the most common models include:
Mortality tables: These tables provide estimates of the probability of death for a given population at a given age.
Demographic models: These models use data on birth rates, death rates, and migration to estimate the future size and age structure of a population.
Simulation models: These models use Monte Carlo methods to generate a large number of possible future scenarios, each of which is based on a different set of assumptions about mortality, fertility, and migration.
The choice of which longevity risk model to use depends on a number of factors, including the specific needs of the organization using the model, the availability of data, and the desired level of accuracy.
The simulation of longevity risk models is a complex process that involves a number of steps, including:
Defining the population: The first step is to define the population that the model will be used to represent. This includes specifying the age range, gender distribution, and geographic location of the population.
Gathering data: The next step is to gather data on mortality, fertility, and migration for the defined population. This data can be obtained from a variety of sources, including government agencies, insurance companies, and academic institutions.
Building the model: Once the data has been gathered, the next step is to build the longevity risk model. This involves specifying the assumptions that will be used by the model, such as the mortality rates, fertility rates, and migration rates.
Running the simulations: The final step is to run the simulations. This involves generating a large number of possible future scenarios, each of which is based on a different set of assumptions.
The results of the simulations can be used to assess the impact of longevity risk on a variety of financial products, such as annuities, pension plans, and life insurance policies. The results can also be used to develop strategies for mitigating longevity risk.
Here are some of the benefits of simulating longevity risk models:
It can help to identify and quantify the risks associated with longevity.
It can help to develop strategies for mitigating these risks.
It can help to improve the pricing of financial products that are exposed to longevity risk.
Here are some of the challenges of simulating longevity risk models:
The data requirements can be significant.
The models can be complex and difficult to build and run.
The results of the simulations can be sensitive to the assumptions that are used.
Despite the challenges, simulating longevity risk models is an important tool for managing this risk. By understanding the potential impact of longevity risk, organizations can take steps to mitigate these risks and protect their financial interests.
Simulation of longevity risk models
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| Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
| Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
| Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
| Structure of the Paper (worth 10% of total points) |
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3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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