Life expectancy in catastrophic claims – Jordan Brooks
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What is Life Expectancy?
• Nobody can predict an individual’s actual survival time.
• Life Expectancy is the average (mean) survival time for a group of similar people.
• It is also a summary measure of survival that balances the probabilities that an individual will survive 1
additional years, 2 additional years, …, and so on.
• It is the figure used in litigation.
• It should be estimated with accuracy and precision based on empirical data.