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Decreasing term insurance

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  • Decreasing term insurance

    Hi, i am a first year university student and I have a question.

    What is the recursive equation for the value of a decreasing term insurance product?

    Thanks in advance.

  • #2
    I should have been more specific. I need a recursive equation for a 10 year decreasing term insurance product. The decreasing term insurance is used to secure the outstanding balance of a loan against the death of a debtor, (assume level payments of the loan and fixed interest).The sum insured at the end of any year is the outstanding balance of an inital amount of S dollars. Take the outstanding balance at time t to be given by Lt.
    Last edited by jauggy; October 14 2005, 08:54 PM.

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