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Annuities

In: A Risky Business

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  • Catrin Townsend

Abstract

Actuarial science is primarily concerned with the quantification of uncertain events. But in any introduction to actuarial science, it would be remiss not to include some detail on the quantification of certain events too; after all, if we can’t quantify certain events, what hope have we for the complexities of ‘maybe’? In this chapter, we will consider monetary transactions that we are certain will happen at a given time in the future. Actuaries often use the term ‘cashflows’ to refer to monetary transactions. When money is received, that is called a positive cashflow. A negative cashflow is when money is outgoing. We always want to know the value and the timing of every cashflow—that is, how much has happened and when it happened. While we could show that information in a table or list, an annotated timeline can help clarify the chronology. Actuaries call this a cashflow model.

Suggested Citation

  • Catrin Townsend, 2022. "Annuities," Springer Books, in: A Risky Business, chapter 0, pages 95-116, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-11673-5_5
    DOI: 10.1007/978-3-031-11673-5_5
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