On the Progress of Profit in a Life Assurance Fund

1893 ◽  
Vol 30 (6) ◽  
pp. 493-536
Author(s):  
Thomas J. Searle
Keyword(s):  
Insurance Company ◽  
Life Assurance ◽  
Principal Difference ◽  
Clear Information

The principal difference between the accounts of an insurance ecompany and those of an ordinary trader lies in the fact that the trader buys before he sells, while the insurance company sells before it buys, that is to say, the insurance company first receives the money on any transaction, and afterwards pays out. From this it arises that the trader keeps account of his liabilities by book-keeping and ascertains his assets by taking stock, while the insurance company keeps account of its assets by book-keeping and ascertains its liabilities by taking stock. There are certain classes of trade, chiefly brokerage, where there is either no stock, or a stock not needing stock-taking, in which the trader can keep account both of his liabilities and of his assets by book-keeping, and has thus a far better knowledge than he otherwise would of the sources and the progress of his profits. The purpose of this paper is to suggest that an insurance company, including even a life office, may keep accounts of both assets and liabilities by book-keeping methods, and may thus have clear information as to the sources and progress of its profits.

Eksistensi Fatwa No.21/DSN-MUI/X/2001 Pada Asuransi Jiwa Syariah di PT. Prudential Life Assurance Cabang Ponorogo

2021 ◽  
Vol 1 (1) ◽  
pp. 61-73
Author(s):  
Linda Pertiwi ◽  
Atik Abidah
Keyword(s):  
Data Collection ◽  
Qualitative Methods ◽  
Life Insurance ◽  
Field Research ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Deductive Method ◽  
Investment System ◽  
Islamic Insurance

This article aims to review the implementation of Fatwa No. 21 / DSN-MUI / X / 2001 concerning General Guidelines for Sharia Insurance in Insurance Institutions. Sharia life insurance is a type of life insurance whose application is based on the provisions of Islam. PT. Prudential Life Assurance is a sharia life insurance company. In carrying out its activities to develop customer funds, PT. Prudential Life Assurance invests. In practice, the investment and insurance percentage determination is carried out unilaterally by the agent. Determining the percentage of this investment will affect customers' cash value claims that do not match the illustration. More specifically, in this connection, the author will analyze two aspects. First, the analysis of Fatwa No.21 / DSN-MUI / X / 2001 regarding the General Guidelines for Islamic Insurance on the implementation of the investment system at PT. Prudential Life Assurance Ponorogo Branch? Second, the analysis of Fatwa No.21 / DSN-MUI / X / 2001 regarding the General Guidelines for Islamic Insurance on the payment of cash value claims for customers at PT. Prudential Life Assurance Ponorogo Branch? The author's type of research is field research using qualitative methods, while the data collection techniques used are interviews and documentation. The analysis used uses the deductive method, namely a discussion that begins with presenting arguments, theories or provisions that are general and then put forward a specific fact. From this research, it can be concluded that the implementation of the investment system at PT. Prudential Life Assurance at the Ponorogo branch is only limited to administration. Where the agent determines the percentage of insurance and investment unilaterally to get a hefty fee, this is not following the DSN fatwa No.21 / DSN-MUI / X / 2001, which reads "investment must be made under sharia." Meanwhile, regarding the payment of cash value claims from customers that do not match the illustration, it follows the DSN fatwa No.21 / DSN-MUI / X / 2001, which reads "different claims in the amount according to the premium paid."Artikel ini bertujuan untuk mengkaji implementasi Fatwa No. 21/DSN-MUI/X/2001 tentang Pedoman Umum Asuransi Syariah Pada Lembaga Perasuransian. Asuransi jiwa syariah adalah jenis asuransi jiwa yang penerapannya berdasarkan ketentuan Islam. PT. Prudential Life Assurance adalah perusahaan asuransi jiwa syariah. Dalam menjalankan kegiatannya untuk mengembangkan dana nasabah, PT. Prudential Life Assurance berinvestasi. Dalam praktiknya, penentuan persentase investasi dan asuransi dilakukan secara sepihak oleh agen. Penetapan persentase investasi ini akan mempengaruhi klaim nilai tunai nasabah yang tidak sesuai dengan ilustrasi. Lebih khusus lagi, dalam hubungan ini, penulis akan menganalisis dua aspek. Pertama, analisis Fatwa No.21/DSN-MUI/X/2001 tentang Pedoman Umum Asuransi Syariah Tentang Penerapan Sistem Investasi Pada PT. Prudential Life Assurance Cabang Ponorogo? Kedua, Analisis Fatwa No.21/DSN-MUI/X/2001 tentang Pedoman Umum Asuransi Syariah Tentang Pembayaran Klaim Nilai Tunai Bagi Nasabah Pada PT. Prudential Life Assurance Cabang Ponorogo? Jenis penelitian penulis adalah penelitian lapangan dengan menggunakan metode kualitatif, sedangkan teknik pengumpulan data yang digunakan adalah wawancara dan dokumentasi. Analisis yang digunakan menggunakan metode deduktif, yaitu pembahasan yang diawali dengan mengemukakan argumentasi, teori atau ketentuan yang bersifat umum kemudian dikemukakan suatu fakta yang spesifik. Dari penelitian ini dapat disimpulkan bahwa penerapan sistem investasi pada PT. Prudential Life Assurance di cabang Ponorogo hanya sebatas administrasi. Dimana agen menentukan persentase asuransi dan investasi secara sepihak untuk mendapatkan fee yang besar, hal ini tidak sesuai dengan fatwa DSN No.21/DSN-MUI/X/2001 yang berbunyi “investasi harus dilakukan secara syariah”. Sedangkan mengenai pembayaran klaim nilai tunai dari nasabah yang tidak sesuai dengan ilustrasi, mengikuti fatwa DSN No.21/DSN-MUI/X/2001 yang berbunyi “beda klaim besarnya sesuai dengan premi yang dibayarkan”.

Some Notes on the Fusion of Life Assurance Funds

1966 ◽  
Vol 92 (3) ◽  
pp. 211-252
Author(s):  
J. H. Kitton ◽  
J. M. Beattie
Keyword(s):  
Great Britain ◽  
Insurance Company ◽  
Previous Knowledge ◽  
Practical Application ◽  
Technical Aspects ◽  
Ordinary Life ◽  
Life Assurance ◽  
History Of ◽  
The Law ◽  
Ultimate Control

The merger, a few years ago, of two large composite insurance company Groups brought together under one ultimate control three substantial life assurance funds each fully operative and transacting all types of ordinary life assurance and annuity business. Those three funds have now been fused together by the legal transfer of the life businesses of two of the companies in the Group to the parent company and, as this fusion seems to be the first of its kind which has been undertaken for many years, and certainly the first of such size in the life assurance history of Great Britain, it has been suggested that the operation is of sufficient interest to actuaries generally as to warrant the submission of a paper to a sessional meeting. We are, however, conscious of the fact that, whilst the operation may have added to our history as a practical application of the law and some of our principles, it has not added either to previous knowledge or to our technique. The law governing the operation has remained virtually unchanged since the comprehensive review of life company amalgamations by the late K. J. Britt in the paper he submitted to the Institute in April 1931 (J.I.A. 62, 276) and probably the whole of the technical aspects involved have been expounded by Redington in the masterful review of the principles of life office valuations which he submitted in April 1952 (J.I.A. 78, 286).

History of Life Assurance in the United Kingdom (Continued)

1886 ◽  
Vol 26 (2) ◽  
pp. 120-132 ◽  
Author(s):  
Cornelius Walford
Keyword(s):  
United Kingdom ◽  
Insurance Company ◽  
Life Assurance ◽  
The United Kingdom ◽  
General Insurance ◽  
Bank Of England ◽  
History Of ◽  
Friendly Societies

Globe Insurance Company.—Early in the year 1799 a plan was laid before Mr. Pitt for forming a Chartered Insurance Office, for granting Insurance against Fire, and for Insurance of Lives; for buying and selling Annuities, and for receiving deposits from Friendly Societies, and the Industrial Classes: to be called the Globe or General Insurance Office. It was understood that the plan received that Minister's approval, and a Bill was introduced to Parliament embodying these objects. The measure encountered some opposition. In the first place, the Bank of England objected to the Deposit branch, and the clauses relating thereto were accordingly struck out. Then it was opposed by several of the Insurance Offices; but the Bill finally passed through both Houses, and received the Royal Assent.

scholarly journals Mekanisme Pengelolaan Dana Tabarru’ Asuransi Syariah Prudential Life Assurance

2017 ◽  
Vol 2 (2) ◽  
Author(s):  
Muhammad Kambali
Keyword(s):  
Stock Exchange ◽  
Insurance Company ◽  
Fixed Income ◽  
Fund Management ◽  
Equity Fund ◽  
Life Assurance ◽  
Surplus Sharing ◽  
Insurance Product ◽  
One Year

Sharia Insurance according to a binding ruling in religious matters (fatwa) of the National Shari'ah Board of the Indonesian Ulama Council no: 21 /DSN-MUI/ X / 2001 is a mutual effort to help among a number of people/parties through investment in assets or tabarru' which provides a pattern of return to face certain risks through engagement in accordance with the sharia. PRUlink sharia is an insurance product associated with sharia-based investment. PRUlink Syariah is designed to meet the society's need for future financial designs in accordance with Islamic principles of sharia. There are two types of product of PRUlink Syariah insurance, namely PRUlink Syariah Investor Account and PRUlink Syariah Assurance Account. Kind of Product in PRUlink Syariah is contract between policy holders using contract of tabarru which is called hibah and the owner of the policy/participant premises sharia insurance company using contract of tijarah called wakalah bin ujrah. In sharia insurance there is a surplus sharing that will be distributed to customers calculated at the end of the calendar year. This can be obtained if there are more funds than tabarru' accounts that have been reduced by claims and debt to the company if any. How is PRUlinksyariah managed in Prudential? The result of the research shows that PRUsyariah premium management in Prudential is separated by two accounts, namely tabarru' account and investment account. The own fund is managed by Eastpring Investment, that is manager company from Asia prudential, while allocation of fund is invested in stocks and obligation which is in accordance with sharia principles contained in the Jakarta Stock Exchange. For the choice of investment in PRUsariah, there are three options of investment, namely Sharia-Rupiah Equity Fund, Sharia-Rupiah Managed Fund or Sharia-Rupiah fixed Income fund, in accordance with the choice of the next participant. From the investment result the participant agrees to pay tabarru’ contribution directly input into tabarru' account. Tabarru’  funds are fully owned by participants and used to pay claims participants claim at any time, but if there is tabaaru’ funds excess with claims total in one year as of 31 December paid, then tabarru’ surplus or that is called surplus will be distributed participants that meet the requirements to get the surplus. Keywords: Tabarru’ Fund Management, Sharia Insurance, Prudential Life

On the Liquidation and Reconstruction of an Insolvent Life Insurance Company

1871 ◽  
Vol 16 (4) ◽  
pp. 229-243 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
Life Insurance ◽  
Practical Importance ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Court Of Chancery ◽  
First Time ◽  
A Company

The first question that must be considered in connection with this subject is,—When is a Life Insurance Company insolvent? This question has recently acquired greater practical importance in consequence of the passing of the “Life Assurance Companies Act, 1870,” by which it is for the first time in effect enacted that an insolvent Life Office may be wound up, altho it has not committed any act of bankruptcy. Under the old law, even if such a Company were notoriously insolvent, it may be said that practically there was no means of putting a stop to its operations until it failed to pay an accrued claim. This has now been altered, and a Company that is proved to be insolvent can be wound up. The 21st section of the above Act provides that the Court of Chancery “may order “the winding up of any Company in accordance with the Companies “Act, 1862, on the application of one or more policyholders or “shareholders, upon its being proved to the satisfaction of the “Court that the Company is insolvent, and in determining whether “or not the Company is insolvent the Court shall take into account “its contingent or prospective liability under policies and annuity “and other existing contracts.”

Unit Pricing.

1983 ◽  
Vol 26 ◽  
pp. 131-152 ◽  
Author(s):  
T. W. Parry
Keyword(s):  
Insurance Company ◽  
Simplified Approach ◽  
Life Assurance ◽  
Unit Trust ◽  
Unit Pricing ◽  
Definition Of ◽  
Original Concept ◽  
Internal Fund ◽  
Direct Concern ◽  
Current Practices

Unit-linked business has been with us for about 20 years. The original concept consisted of a life assurance policy under which the benefits were linked to the performance of a Unit Trust and the definition of unit pricing was therefore of no direct concern to the Insurance Company. Subsequently, contracts were issued where the benefits were linked to the performance of an internal Unit Fund and the definition of unit pricing then became the direct concern of the Actuary. This paper adopts a simplified approach to unit pricing and reviews some of the issues to be considered when calculating unit prices for an internal fund. The paper does not consider the question of Unit Trust pricing nor have I attempted to provide a summary of historic and current practices or to provide any hard and fast rules, the aim being to concentrate on the principles involved.

Mortality of Indian Assured Lives

1929 ◽  
Vol 60 (2) ◽  
pp. 180-223 ◽  
Author(s):  
L. S. Vaidyanathan
Keyword(s):  
New York ◽  
Life Insurance ◽  
Great Increase ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Points Of Interest ◽  
The Subject ◽  
Made In ◽  
Government Security

It is not without some feeling of diffidence that a Paper on the results of an Investigation into the Mortality of Lives Assured with the Oriental Government Security Life Assurance Co., Ltd., conducted jointly by the Actuary, Mr. Douglas Forrest, F.F.A., and the author is submitted. The Journal is more or less barren of Papers relating to the Mortality of Native Indian Assured Lives, though the subject of Indian mortality has often been considered by members of this Institute. Reference might be made in this connection to the investigations of Messrs. S. C. Thomson (T.F.A., vol. i) and A. T. Winter (J.I.A., vol. xliii) on the subject of the Mortality of Indian Assured Lives, but these being based on scanty data, the results must always be accepted with caution. Mr. Arthur Hunter's contribution (J.I.A., vol. lvii) relating to the experience of the Lives Assured with the New York Life Insurance Company from 1885–1921, touches on several points of interest and sounds a strong note of pessimism as follows : “The Mortality among natives of India insured by “our Company has not improved in the later over the earlier “years of observation” and “it is difficult to conceive that the “great increase in knowledge and the improvements in “sanitation have not affected the health of the middle and the “upper classes of India in the same way as they have affected “other (tropical) countries (such as Cuba, Brazil, Chile and “Porto Rico), although possibly not to the same extent.”

Life insurance company takeovers. A Report by a Working Party of the Life Assurance Joint Committee of the Institute of Actuaries and the Faculty of Actuaries, 15 October 1993

1994 ◽  
Vol 121 (1) ◽  
pp. 199-258 ◽  
Author(s):  
E. B. O. Sherlock ◽  
H. W. Froggatt ◽  
N. R. Gillott ◽  
R. M. Harvey ◽  
J. A. Jenkins ◽  
...  
Keyword(s):  
Life Insurance ◽  
Conflicts Of Interest ◽  
Working Party ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Guidance Note ◽  
The Way

AbstractThe working party was required to establish what actuarial information is needed by the financial world for the proper evaluation of a bid for a quoted insurance company, and, in the light of these findings, to consider what may be required in the way of guidance to actuaries. The report considers the issuesw hich occur when life insurance companies aresu bject to takeovers and to other changes of ownership. The Takeover Code has many implications in such situations and these are discussed fully, particularly any conflicts of interest and the independence or otherwise of the actuaries involved. The interests of policyholders are considered and advice is proffered to actuaries. A Guidance Note is being issued.

scholarly journals Forensic Engineering Analysis of Residential Underdrain Design Methodologies, Performance, and Failures

2021 ◽  
Vol 37 (1) ◽  
Author(s):  
Karen Nelson ◽  
Edward Fronapfel
Keyword(s):  
Common Interest ◽  
Insurance Company ◽  
Single Family ◽  
Minimum Standards ◽  
Flow Capacity ◽  
Field Investigations ◽  
Homeowners Association ◽  
Forensic Engineering ◽  
Clear Information ◽  
Design Construction

In 2014, the basement of a single-family home in a residential subdivision flooded. The homeowner’s insurance company engaged an engineer to conduct forensic investigations, which ultimately determined that the resultant flooding was caused by blockage of an underdrain system to which the home was connected. This system included a main line in the street and a lateral that connected the underdrain to the home’s foundation drain. Subsequent to this event, other homes in the subdivision reported flooding in the basements and crawlspaces. The author was engaged by the subdivision homeowners association (Common Interest Ownership Community or CIOC). The CIOC’s declarations and recorded documents contained no information regarding the existence of the underdrain system. In addition, there was no clear information about the ownership or maintenance responsibility. The author’s field investigations determined the underdrain was not constructed to the applicable minimum standards, and the developer did not provide adequate flow capacity for the number of homes served by the underdrain. The CIOC entered into litigation against the developer, and the author evaluated issues associated with the design, construction, transition, and maintenance of the underdrain system.

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