IN this paper, everyday actuarial data have been examined by means of standard statistical techniques. The data in question have been drawn from the publica- tions of the Continuous Mortality Investigation Committee, and the methods of statistical analysis have been applied to investigate the nature and extent of the heterogeneity which may exist in those data. It will be recalled that the returns of the Continuous Mortality Investigation Committee contain the exposures to risk and corresponding deaths subdivided into various groups. Twelve such groups have been distinguished in this paper, VIZ. :

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    ABSTRACT: Introduction. Critics of the custom that bases actuarial theory on the probability calculus whilst admitting that probability theory may be applicable, have denied that mortality data satisfy the requirements of independence and equi-probability demanded by ‘simple’ theory. We believe that the proper answer to these polemics is that ‘equi-probability’ and ‘independence’ are technical phrases introduced as part of a theory which is purely conceptual. To seek to deny the applicability of the theory on the grounds of the lack of one-to-one correspondence of these words with their counterparts in the everyday world is precipitate. The evaluation of the theory must be decided by the correctness of the results it forecasts. Few of the critics mentioned have produced statistics which support their case: some have even misapplied the theory they so earnestly criticise.
    No preview · Article · Jan 1949 · Scandinavian Actuarial Journal