ENDOWMENT LIFE INSURANCE RESERVES WITH COMBINED MODELS OF MULTIPLE LIVES AND POLICYHOLDER BEHAVIOR
Markov chains is one of the stochastic processes that concerned to the the transfer of a state to another states with a period time. In actuarial, multiple lives model and policyholders behavior model are part of multiple state model. While multiple state model is implementation of Markov chains....
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| Format: | Theses |
| Language: | Indonesia |
| Online Access: | https://digilib.itb.ac.id/gdl/view/36129 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | Markov chains is one of the stochastic processes that concerned to the the
transfer of a state to another states with a period time. In actuarial, multiple
lives model and policyholders behavior model are part of multiple state model.
While multiple state model is implementation of Markov chains. Multiple
lives model is concerned to determine life and death of husband and wife,
and behavior model is concerned to behavior of a policy holder in premium
payment. Combined both models will form a new model is called the combined
model. In life insurance, companies are required to have insurance reserves will
be used to provide benets to policyholders if the policy holder makes a claim.
With this model, can be used to determine how much endowment life insurance
reserves. |
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