Due to the wide availability of computer spreadsheets, there is, surely, no longer any need to approximate the *exact calculation of the expected present value (EPV) of a life annuity (temporary or otherwise) or life insurance (temporary (“term”) or otherwise (“whole”)) on the grounds of this exact calculation being too lengthy and/or laborious as was the case before when actuarial journals were written about “new and improved” approximations for these exact calculations.*In the case of a life annuity (temporary or otherwise) which is to be paid more frequently than yearly (e.g. monthly or weekly) or a life insurance (temporary or otherwise) which is to be paid sooner after death than at the end of the year in which death occurs (e.g. at the end of the month in which death occurs), the “exact” calculation of the EPV, which I refer to, will, of course, include, where needed, either linear interpolation, natural logarithm-linear interpolation (also known as constant force of mortality interpolation) or reciprocal-linear interpolation (also known as Balducci interpolation) and this interpolation will, of course, also be done by the computer spreadsheet making the much seen formulae relating these EPVs to the annual EPVs redundant (interestingly, there is no theoretical objection to constructing the underlying life table on ages in smaller time units than years and so if the underlying life table were to be constructed on ages in months or, even, weeks then there would not even be any need for interpolation within the calculation of such EPVs!).

It seems, then, that it is high time the exams in life contingencies were brought up to date to reflect this.