This case involves the sudden death of a wealthy middle-aged man who perished in a fire. The man was set to inherit $50 million if had he lived another 2 years. The man was in good health and physical shape had no specific diseases and had no long-term history of medication use. It was alleged that this man would have lived to receive his inheritance had it not been for this accident. An actuarial expert with experience in statistical evaluations of life expectancy was sought to provide an opinion on this case.
Question(s) For Expert Witness
- 1. Please describe your background in insurance, specifically as it relates to life expectancy estimation.
- 2. Are you able to evaluate an individual's background and discuss how that person's life expectancy would be established among insurance companies?
Expert Witness Response E-080700
I am an actuary with significant life insurance experience, including product pricing and the valuation of contingency future income payments. My work has included extensive interaction with life insurance underwriting and developing appropriate mortality assumptions. I have practiced as a consulting actuary for 30+ years, with 23 of those years at an actuarial consulting firm. My consulting assignments have included life and annuity product pricing, valuations of contingent liabilities and financial projections. I have recently been involved in the valuation of significant blocks of individual life policies owned by hedge funds, which included reviewing life expectancies of individual insureds. I have provided written valuations in support of wrongful death lawsuits, individual pension valuations, and valuations of financial obligations dependent on an individual’s expected survival. I have been involved in several actuarial societies since 1988.