10. Multiple-Life Contracts

  1. S. David Promislow

Published Online: 13 JAN 2011

DOI: 10.1002/9781119971528.ch10

Fundamentals of Actuarial Mathematics, Second Edition

Fundamentals of Actuarial Mathematics, Second Edition

How to Cite

Promislow, S. D. (2010) Multiple-Life Contracts, in Fundamentals of Actuarial Mathematics, Second Edition, John Wiley & Sons, Ltd, Chichester, UK. doi: 10.1002/9781119971528.ch10

Author Information

  1. York University, Toronto, Canada

Publication History

  1. Published Online: 13 JAN 2011
  2. Published Print: 17 DEC 2010

ISBN Information

Print ISBN: 9780470684115

Online ISBN: 9781119971528



  • multiple-life contracts;
  • insurance and annuity contracts - sold to single individuals;
  • married couples, purchasing annuity that pays income - while either of them is alive;
  • joint-life status, the pair failing on the first death - as a joint-life status;
  • constructing life tables - best to work with probabilities;
  • joint-life annuities and insurances;
  • last-survivor annuities and insurances - formulas, and last survivor status;
  • moment of death insurances, for two-life statuses - joint life analogue of force of mortality;
  • general two-life annuity contract - demand for two-life annuities, flexible;
  • duration problems - multiple-life problems, duration, time of death of individual than from time zero


This chapter contains sections titled:

  • Introduction

  • The joint-life status

  • Joint-life annuities and insurances

  • Last-survivor annuities and insurances

  • Moment of death insurances

  • The general two-life annuity contract

  • The general two-life insurance contract

  • Contingent insurances

  • Duration problems

  • Applications to annuity credit risk

  • Standard notation and terminology

  • Spreadsheet applications

  • Notes and references

  • Exercises