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The aim of this thesis is to get the Actuarial functions using 3-state Markov model, with state is defined as the condition of insured. States will be explained as active, disable and death disabled. The transition from one state to another is known as force of transition. The force of transition wa...
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| Main Author: | |
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| Format: | Theses |
| Language: | Indonesia |
| Online Access: | https://digilib.itb.ac.id/gdl/view/12165 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | The aim of this thesis is to get the Actuarial functions using 3-state Markov model, with state is defined as the condition of insured. States will be explained as active, disable and death disabled. The transition from one state to another is known as force of transition. The force of transition was carried out using Gompertz approach. The probability process will move from one state to another is known as transition probability. It is a unit to develop Actuarial functions. The Actuarial functions that will be explained are Net single premium, Annuity, Net Premium and Premium reserve. Insurance product is assumed Endowment insurance that benefit will be paid by the insurer if there is financial risk during contract or the insured will get lump sum at the end of the contract if the insured still alive at the end of contract. Annuity will be paid as long as the insured still alive. Insured who totally disable will not pay the annuity. Net premium was carried out using equivalence principle. Premium reserve was carried out using prospective method. <br />
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