S.C. Code Regs. § § 69-37.5

Current through Register Vol. 48, No. 11, November 22, 2024

Section 69-37.5 - Application of the 2012 IAR Mortality Table

In using the 2012 IAR Mortality Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows:

q_x²⁰¹²⁺ⁿ = q_x²⁰¹²(1- G2_x) ⁿ

The resulting q_x²⁰¹²⁺ⁿ shall be rounded to three decimal places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall occur according to the formula above, starting at the 2012 period table rate.

For example, for a male age 30, q_x²⁰¹²= 0.741.

q_x²⁰¹³= 0.741 * (1 - 0.010) ^ 1 = 0.73359, which is rounded to 0.734.

q_x²⁰¹⁴= 0.741 * (1 - 0.010) ^ 2 = 0.7262541, which is rounded to 0.726.

A method leading to incorrect rounding would be to calculate q_x²⁰¹⁴ as q_x²⁰¹³ * (1 - 0.010), or 0.734 * 0.99 = 0.727.

It is incorrect to use the already rounded q_x²⁰¹³ to calculate q_x²⁰¹⁴.

S.C. Code Regs. § 69-37.5

Amended by State Register Volume 38, Issue No. 6, eff 6/27/2014.