scholarly journals PREMI TUNGGAL ASURANSI JIWA SEUMUR HIDUP UNIT LINK DENGAN GARANSI MINIMUM DAN NILAI CAP MENGGUNAKAN METODE POINT TO POINT

2017 ◽  
Vol 6 (1) ◽  
pp. 22
Author(s):  
JULIANTARI JULIANTARI ◽  
I WAYAN SUMARJAYA ◽  
I NYOMAN WIDANA
Keyword(s):  
Life Insurance ◽  
Point Method ◽  
Indexing Method ◽  
Closing Price ◽  
Single Premium ◽  
Point To Point ◽  
Mortality Table

Unit-linked whole life insurance is an insurance that combines traditional whole life insurance with modern insurance unit-links which provide both protection and investment. One of indexing method for calculating premium of unit-linked insurance is point to point method. The data used in this study was the closing price of PT. Astra Agro Lestari, Indonesia Tbk and The mortality table used in this research is Indonesia’s Mortalita Table III Men. It was obtained that the net single premium for whole life insurance unit-linked for the insured aged 45 years is amounted to Rp. 350.324,-

On the Risk attaching to the grant of Life Assurances. (Continued from page 221.)

1871 ◽  
Vol 16 (4) ◽  
pp. 285-303
Author(s):  
C. Bremiker
Keyword(s):  
Life Insurance ◽  
Single Case ◽  
Square Root ◽  
Life And Death ◽  
Average Value ◽  
Mean Error ◽  
Single Premium ◽  
The Mean ◽  
Mortality Table ◽  
Gains And Losses

Having thus, as I believe, demonstrated that life insurance calculations have nothing to do with probabilities, I come back to the idea of risk. This, as I pointed out at starting, must be taken from the theory of probabilities, or more precisely, from that part of it which has been cultivated since the beginning of this century, by Lagrange, Gauss, Laplace, and others, viz., the method of least squares. In that method is defined the idea of the “mean error,” which is considered as the measure of the danger to which we are exposed in a single case. This “mean error” is the square root of the sum of all the squares of the errors divided by their number; and the squares of the errors themselves are formed from the deviations of all the single cases from the average or most probable value. In insurances depending upon life and death, the value is also calculated according to the average, so that when all the assured are dead, if the mortality has followed the mean numbers given by the table of mortality, and the additions to the premiums for the expenses of management are disregarded, there will be neither surplus nor deficiency. This average value is the so-called net premium, which may be either a single premium or may be payable for a term of years agreed on beforehand. But we can calculate beforehand from the mortality table all the deviations, or the gains and losses, which can arise from the earlier or later death of the lives assured. Squaring all these deviations, and dividing the sum of the squares by their number, and taking the square root of this sum, we get the value of the mean danger or the risk attaching to a single insurance. For further elucidation some applications of this process will now be given.

scholarly journals PENERAPAN HUKUM MORTALITA MAKEHAM UNTUK PENENTUAN NILAI CADANGAN PREMI ASURANSI JOINT LIFE DENGAN METODE FACKLER

2020 ◽  
Vol 9 (3) ◽  
pp. 182
Author(s):  
MIFTAAHUL JANNAH ◽  
AGUS SUPRIATNA ◽  
RIAMAN RIAMAN
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Estimated Parameters ◽  
Premium Calculation ◽  
Mortality Table

Joint life insurance is life insurance with an amount of more than one person, where the benefits are paid when one of the insured dies. The possibility of insurance companies will suffer losses if the claims that occur are more than predicted, so the premium reserve calculation is required. In this study, reserves were calculated using the Fackler method based on the Indonesian Mortality Table 2011 and the Makeham Assumption Mortality Table. The Indonesian Mortality Table 2011 was analyzed for the estimated parameters contained in the Makeham Assumption Mortality Table. Then the premium calculation and premium reserve calculation are done using the Fackler method based on the Makeham Assumption Mortality Table and the comparison uses the Indonesian Mortality Table 2011. The results of the calculation of the premiums based on the Makeham Assumption Mortality Table are greater than using the Indonesia Mortality Table 2011, while the premium reserve results are greater using the Indonesian Mortality Table 2011 than using the Makeham Assumption Mortality Table. This is because the chances of survival based on the Makeham Assumption Mortality Table are smaller than the Indonesian Mortality Table 2011.

scholarly journals Valuation of Guaranteed Unitized Participating Life Insurance under MEGB2 Distribution

2019 ◽  
Vol 2019 ◽  
pp. 1-16
Author(s):  
Haitao Zheng ◽  
Junzhang Hao ◽  
Manying Bai ◽  
Zhengjun Zhang
Keyword(s):  
Life Insurance ◽  
Influence Factors ◽  
Simulation Method ◽  
Insurance Contract ◽  
Dependence Structure ◽  
Pricing Model ◽  
Negligible Probability ◽  
Rate Minimum ◽  
Single Premium ◽  
Fair Valuation

Crisis events have significantly changed the view that extreme events in financial markets have negligible probability. Especially in the life insurance market, the price of guaranteed participating life insurance contract will be affected by a change in asset volatility which leads to the fluctuations in embedded option value. Considering the correlation of different asset prices, MEGB2 (multivariate exponential generalized beta of the second kind) distribution is proposed to price guaranteed participating life insurance contract which can effectively describe the dependence structure of assets under some extreme risks. Assuming the returns of two different assets follow the MEGB2 distribution, a multifactor fair valuation pricing model of insurance contract is split into four components: the basic contract, the annual dividend option, the terminal dividend option, and the surrender option. This paper studies the effect of death rate, minimum guaranteed yield rate, annual dividend ratio, terminal dividend ratio, and surrender on the embedded option values and calculates the single premium of the insurance contract under different influence factors. The Least-Squares Monte Carlo simulation method is used to simulate the pricing model. This article makes a comparison in the sensitivity of the pricing parameters under the MEGB2 distribution and Multivariate Normal distribution asset returns. Finally, an optimal hedging strategy is designed to cover the possible risks of the underlying assets, which can effectively hedge the risks of portfolio.

scholarly journals MENENTUKAN FORMULA PREMI TAHUNAN TIDAK KONSTAN PADA ASURANSI JOINT LIFE

2015 ◽  
Vol 4 (4) ◽  
pp. 152
Author(s):  
I GEDE BAGUS PASEK SUBADRA ◽  
I NYOMAN WIDANA ◽  
DESAK PUTU EKA NILAKUSMAWATI
Keyword(s):  
Life Insurance ◽  
Insurance Contracts ◽  
Life Annuity ◽  
Single Premium ◽  
Constant Interest ◽  
Annual Premium

The aim of this research was to determine the annual premium formula that turns on the joint life insurance. This formula uses the reference insurance contracts of the previous research Insurance Models for Joint Life and Last Survivor Benefits. The first step is to determine the value of mortality tables by using the Table Helligman-pollard. Furthermore, determining the value of a life annuity and single premium. The results of this research was formula to be affected by the changing premium () with the increase and decrease in constant interest.

Consideration of Marital Status in a Mortality Model and its Application for Mortality Risk Management

2016 ◽  
Vol 10 (2) ◽  
Author(s):  
Hyuk-Sung Kwon
Keyword(s):  
Risk Factors ◽  
Marital Status ◽  
Mortality Risk ◽  
Life Insurance ◽  
Pension Plans ◽  
Never Married ◽  
Mortality Model ◽  
Logistic Regression Method ◽  
Mortality Table ◽  
Actuarial Model

AbstractAs a variety of mortality risk factors have been identified by previous studies, it is desirable that these factors are reflected in mortality (longevity) risk assessments for life insurance, individual annuities, and pension plans. In this study, an extended traditional mortality table that accommodates marital status, which is one of the important risk factors in terms of mortality, is considered. A logistic regression method is used to model the mortality of groups of people with four different marital statuses–never married, married, widowed, and divorced. The analyses are based on data regarding mortality and changes of marital status in Korea. The results of the analyses that are based on the developed mortality model suggest that the information on risk factors must be reflected in an actuarial model to improve the evaluations and monitoring of risk for the portfolios of relevant insurance products.

scholarly journals What was fair in actuarial fairness?

2019 ◽  
Vol 33 (2) ◽  
pp. 91-114
Author(s):  
Antonio J. Heras ◽  
Pierre-Charles Pradier ◽  
David Teira
Keyword(s):  
Life Insurance ◽  
18Th Century ◽  
Expected Value ◽  
16Th Century ◽  
Insurance Policy ◽  
Subjective Uncertainty ◽  
Actuarial Fairness ◽  
Principle Of Justice ◽  
Life Annuities ◽  
Mortality Table

In actuarial parlance, the price of an insurance policy is considered fair if customers bearing the same risk are charged the same price. The estimate of this fair amount hinges on the expected value obtained by weighting the different claims by their probability. We argue that, historically, this concept of actuarial fairness originates in an Aristotelian principle of justice in exchange (equality in risk). We will examine how this principle was formalized in the 16th century and shaped in life insurance during the following two hundred years, in two different interpretations. The Domatian account of actuarial fairness relied on subjective uncertainty: An agreement on risk was fair if both parties were equally ignorant about the chances of an uncertain event. The objectivist version grounded any agreement on an objective risk estimate drawn from a mortality table. We will show how the objectivist approach collapsed in the market for life annuities during the 18th century, leaving open the question of why we still speak of actuarial fairness as if it were an objective expected value.

Some Recent Actuarial Developments in the United States of America

1948 ◽  
Vol 18 ◽  
pp. 281-321 ◽  
Author(s):  
J. B. Maclean
Keyword(s):  
United States ◽  
United Kingdom ◽  
Life Insurance ◽  
United States Of America ◽  
State Legislatures ◽  
The United States ◽  
Upward Trend ◽  
The United Kingdom ◽  
Mortality Table ◽  
General Adoption

SynopsisThe paper discusses developments resulting from (1) the recent passage by most of the state legislatures of the “Standard Valuation Law” and the “Standard Non-forfeiture Law,” and (2) the general adoption by the companies of a lower interest assumption in the calculation of premiums, reserves and non-forfeiture values.After a brief review of the system of regulation of life insurance in the United States and of the more important differences in practice as compared with practice in the United Kingdom, the paper proceeds to outline the background which led to the appointment of the “Guertin Committee” by the National Association of Insurance Commissioners to study and report on the need for a new mortality table and related matters and (subsequently) on non-forfeiture benefits. The main recommendations of the Committee and the subsequent modifications thereof as adopted by the Commissioners and later embodied in the Standard Laws are detailed.The effects on life insurance operations of the new Standard Laws in conjunction with lower interest assumptions and the marked upward trend in expenses are discussed. The paper concludes with a brief reference to two important changes being made by some companies in their policy conditions.

scholarly journals PEMODELAN MATEMATIKA PREMI TUNGGAL BERSIH ASURANSI UNIT LINK SYARIAH

2017 ◽  
Vol 8 (2) ◽  
pp. 165
Author(s):  
Nanang Supriadi
Keyword(s):  
Risk Factor ◽  
Life Insurance ◽  
The Other ◽  
Investment Fund ◽  
Insurance Company ◽  
Fund Allocation ◽  
Maximum Benefit ◽  
Actuarial Approach ◽  
Single Premium ◽  
Premium Model

The exact risk factor can be managed by transferring the risk to the other party (in this case the insurance company). In this paper will be discussed more life insurance, as the development now there are types of insurance combined with investment, which is popular with the term Unit Link insurance. Unit link Syariah began to be launched as one of the fulfilment of the high needs of the community, the privilege of the product Unit of Islamic links is actually located in the elements of the laws in accordance with Islamic Syariah. The issues that will be discussed are how to get a single premium model of life insurance unit link Syariah with life insurance and investment fund allocation invested in investment product with a big interest rate of risk (financial approach) and investment product with the value of return maximum (actuarial approach). The resulting model is then implemented in case of examples by comparing the two approaches to see the shortcomings and advantages of Unit link lifetime life insurance when compared to life insurance. The result obtained from this research is the benefit obtained from Unit-linked sharia insurance on average will be greater if compared with life insurance for life, maximum benefit will be obtained Insurance Unit Link of sharia using actuarial approach compared to financial, but benefit with a relative financial approach more stable than actuarial approaches that tend to fluctuate. 

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