Add a contingent premium-payment schedule to a life contract

Adds the premium-payment side of a single-life or two-life insurance contract. The schedule defines when premiums are payable while the selected life status is in force. This function stores the specification only.

Usage

add_premium_schedule(
  contract,
  k = 1L,
  timing = c("due", "immediate"),
  premium_start = c("issue", "deferred"),
  n_prem = NULL,
  woolhouse = c("none", "first", "second"),
  frac = NULL
)

Arguments

contract

A `tidyact_life_contract` object.

k

Positive integer. Number of premium payments per year.

timing

Timing of premium payments: `"due"` or `"immediate"`.

premium_start

Start of premium payments: `"issue"` or `"deferred"`.

n_prem

Premium-paying term in years. Use `NULL` to infer the term from the insurance component. A fractional value is allowed when `n_prem * k` is an integer.

woolhouse

Woolhouse approximation order: `"none"`, `"first"`, or `"second"`.

frac

Fractional-age assumption. If `NULL`, the insurance component's assumption is used when available; otherwise `"UDD"`.

Value

The original contract with a `premium_schedule` component.

Details

The fractional-age assumption is resolved when this component is added: later replacement of the insurance component does not change this stored assumption. `n_prem = NULL` remains unresolved until valuation. Finite schedules must contain a finite, positive whole number of payments. Large integer-valued frequencies are stored as doubles when needed.

See also

Other life-contingencies: add_insurance(), annuity_multi(), annuity_x(), annuity_xy(), insurance_variable_k(), insurance_x(), insurance_xy(), life_contract(), premium_gross(), premium_x(), premium_xy(), reserve_x(), reserve_xy(), simulate_annuity_x(), simulate_insurance_x()