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In the field of life insurance and pension, calculating reserves is a necessity to <br /> <br /> <br /> anticipate unexpected insurance policy claims in the future. Calculating insurance <br /> <br /> <br /> reserves consider the risk of the policyholder’s...
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| Format: | Final Project |
| Language: | Indonesia |
| Online Access: | https://digilib.itb.ac.id/gdl/view/21944 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | In the field of life insurance and pension, calculating reserves is a necessity to <br />
<br />
<br />
anticipate unexpected insurance policy claims in the future. Calculating insurance <br />
<br />
<br />
reserves consider the risk of the policyholder’s death (which is modeled in the <br />
<br />
<br />
disability model) and the risk of the policy expiry (which is modeled in the <br />
<br />
<br />
behavioral model). The combination of those models will form a new model called <br />
<br />
<br />
the ’combination model’. Modeling those mathematical models can be done by <br />
<br />
<br />
using the Markov chain approach. The advantage of using this approach is the <br />
<br />
<br />
Markov chain’s ability to consider more than one state for each model. By using <br />
<br />
<br />
Markov chain model, the calculation of insurance reserves is expected to be more <br />
<br />
<br />
accurate. Some cases regarding the policy and disability status will be in sight, so <br />
<br />
<br />
the impact to reserves calculation can be observed. |
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