Hi all Chapter-7, page5 Can someone please explain why it is written that qx and tqx are the rates of mortality ? As far as I know, these are the probabilities, not rates! Anyone please help me to understand - What's the difference between a probability and a rate and whether tqx is a rate or a probability? Thanks in advace.
You might want to refer to this: https://www.soa.org/library/newslet...april/act-1981-vol15-iss04-elandt-johnson.pdf It seems that the two words are sometimes used synonymously. Hope this helps! Regards, Shyam
