scholarly journals Identification of differences between group and individual life insurance for employees

2019 ◽  
Vol 19 (2 (50)) ◽  
pp. 185-195
Author(s):  
Anna Maria Piechota
Keyword(s):  
Life Insurance ◽  
Social Insurance ◽  
Attractive Alternative ◽  
Individual Decision ◽  
Insurance Plan ◽  
Individual Life ◽  
Individual Basis ◽  
Group Life ◽  
Employee Group ◽  
Group Insurance

Group life insurance for employees is one of numerous voluntary insurance products covering employees’ personal risks. It can be an important complement to mandatory insurance arrangements (especially social insurance schemes) that provide personal coverage for workers. While employees may take out their life insurance on an individual basis, employer-offered group life insurance is an attractive alternative. Joining a group insurance plan is an employee’s individual decision that should be taken based on his or her knowledge of the terms of coverage. The purpose of this article is to point out the differences between employee group life coverage and individual life insurance, with a particular emphasis on insurance funding aspects and how they affect certain aspects of relevance to employees.

Group Life Insurance.

1983 ◽  
Vol 26 ◽  
pp. 103-129
Author(s):  
J. Lockyer
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Pension ◽  
Theoretical Development ◽  
Technical Problems ◽  
Insurance Contracts ◽  
Life Insurance Industry ◽  
Present Practice ◽  
Group Life ◽  
Group Insurance

Group life insurance has attracted little formal discussion in British actuarial circles. Perhaps this is not so surprising. The technical problems posed by group life insurance seem relatively straightforward. Furthermore, there is little doubt that the evolution of present practice has been moulded more by pragmatism than strict theoretical development. None the less, group life insurance is an important sector of our life insurance industry. Figures produced by the Life Offices' Association reveal that in 1980 approximately 7½ million people were covered under group insurance contracts for a total sum assured of the order £63 billion. The development of the group insurance industry in this country has been closely associated with the expansion of private pension provision. Group life cover was seen as an inseparable, but very much secondary, adjunct to the more lucrative field of pensions business. However, over the last decade it has become more likely that a group life scheme will be tendered independently of any related pension business. Thus, the point has long been reached where the underwriting of group life business must be considered as a subject in its own right.

New group life insurance plan: For APA members and their families.

1965 ◽  
Vol 20 (2) ◽  
pp. 165-167
Author(s):  
Roderick H. Bare ◽  
Boris Cherney ◽  
Donald L. Grant ◽  
Paul L. O'Brien ◽  
Carl H. Rush ◽  
...  
Keyword(s):  
Life Insurance ◽  
Insurance Plan ◽  
Group Life

Group Insurance and Group Pension Schemes

1931 ◽  
Vol 3 (05) ◽  
pp. 327-337 ◽  
Author(s):  
N. C. Turner
Keyword(s):  
Life Insurance ◽  
Pension Schemes ◽  
Group Life ◽  
Group Insurance ◽  
The Subject

The subject of Group Life Insurance schemes has been quite recently discussed by the Society (J.S.S. Vol. III. No. 3) and no useful purpose can be served by a repetition of remarks regarding such schemes.However, there are two points which deserve further consideration. The first of these relates to what might be termed underwriting rules—or, in other words, regulations to which every contract must conform. Each individual contract should be written, so far as possible, on such a basis as will preclude the writing of unsatisfactory business and in this connection such points as the number of lives to be covered, maximum and minimum amounts of insurance, etc., fall to be considered.

The Impact of Social Security Tax Contributions on Group Life Insurance Premiums

1987 ◽  
Vol 54 (4) ◽  
pp. 712 ◽  
Author(s):  
George E. Rejda ◽  
James R. Schmidt ◽  
Michael J. McNamara
Keyword(s):  
Social Security ◽  
Life Insurance ◽  
Insurance Premiums ◽  
Social Security Tax ◽  
Group Life ◽  
The Impact

scholarly journals Experience rating with Poisson mixtures

2015 ◽  
Vol 9 (2) ◽  
pp. 304-321 ◽  
Author(s):  
Garfield O. Brown ◽  
Winston S. Buckley
Keyword(s):  
Life Insurance ◽  
Dirichlet Process ◽  
Posterior Probability ◽  
Mixture Distribution ◽  
Reversible Jump ◽  
Dirichlet Process Prior ◽  
Poisson Mixtures ◽  
Group Life ◽  
Insurance Portfolio ◽  
Poisson Mixture Model

AbstractWe propose a Poisson mixture model for count data to determine the number of groups in a Group Life insurance portfolio consisting of claim numbers or deaths. We take a non-parametric Bayesian approach to modelling this mixture distribution using a Dirichlet process prior and use reversible jump Markov chain Monte Carlo to estimate the number of components in the mixture. Unlike Haastrup, we show that the assumption of identical heterogeneity for all groups may not hold as 88% of the posterior probability is assigned to models with two or three components, and 11% to models with four or five components, whereas models with one component are never visited. Our major contribution is showing how to account for both model uncertainty and parameter estimation within a single framework.

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