Life Insurance Research Papers - Academia.edu (original) (raw)

Fair valuation is becoming a major concern for actuaries, especially in the per- spective of IAS norms. One of the key aspects in this context is the simulta- neous analysis of assets and liabilities in any sound actuarial valuation. The... more

Fair valuation is becoming a major concern for actuaries, especially in the per- spective of IAS norms. One of the key aspects in this context is the simulta- neous analysis of assets and liabilities in any sound actuarial valuation. The aim of this paper is to illustrate these concepts, by comparing three common ways of giving bonus in life insurance with profit: reversionary, cash or terminal. For each participation scheme, we compute the fair value of the contract taking into account liability parameters (guaranteed interest rate and participation level) as well as asset parameters (market conditions and investment strategy). We find some equilibrium conditions between all those coefficients and com- pare, from an analytical and numerical point of view, the systems of bonus. Developments are made first in the classical binomial model and then extended in a Black and Scholes economy.

In this research paper an attempt has been made to study the customer's perception of service quality offered by the life insurance companies operating in the eight states (Assam, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura,... more

In this research paper an attempt has been made to study the customer's perception of service quality offered by the life insurance companies operating in the eight states (Assam, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya and Sikkim) of North East India. One of the main objectives of this research study is to identify the factors affecting the service quality in the life insurance sector which plays a crucial role in creating customers' perception regarding the quality of service delivered.

In this paper we focus on the computational issues in the development of internal models, according to the technical requirements established by the Solvency II project. In particular, we consider the val-uation of profit-sharing life... more

In this paper we focus on the computational issues in the development of internal models, according to the technical requirements established by the Solvency II project. In particular, we consider the val-uation of profit-sharing life insurance policies. Numerical simulations must provide reliable estimates of the relevant quantities involved in the contracts; therefore, valuation processes have to be performed by accurate algorithms able to provide solutions in a suitable turnaround time. To gain in accuracy we propose a change of numéraire in the stochastic processes for risks sources, thus providing estimates under the forward risk-neutral measure. To speed-up the simulation process we use high performance computing environments. We develop algorithms based on the parallelization of Monte Carlo method, using both the risk-neutral and the forward measure, thus providing numerical procedures capable to trade-off accuracy and efficiency.

We analyze the consumption of life and non-life insurance across 103 Italian provinces in 1996-2002. We assess the determinants of insurance consumption, in the light of the empirical literature and the distinctive fea- tures of our... more

We analyze the consumption of life and non-life insurance across 103 Italian provinces in 1996-2002. We assess the determinants of insurance consumption, in the light of the empirical literature and the distinctive fea- tures of our country, trying to explain the underdevelopment of the South as regards this sector. Among the benefits of using sub-regional data on insurance expenditure, one

Today life Insurance is important think of our human life. Because all the human life is Not Assure to live a life, the Main factory of Insurance were people, property, place, situation, the person who have investing the amount were... more

Today life Insurance is important think of our human life. Because all the human life is Not Assure to live a life, the Main factory of Insurance were people, property, place, situation, the person who have investing the amount were indirectly helping other person who have invested in the life Insurance. Life Insurance refers to the legally Contract between a policy holder and on Insurance company that provides financial protection to the our family. The Insurer promises to offer the Insurance benefits in exchange for regular premiums paid by the life Insured. Life Insurance is contract where by the insured promises to pay a Uniform rate of premium at fixed intervals. Of time against which the insurer agrees to pay a fixed amount on the happening of the event which may be the Uncertainness situation of Assured. The Life Insurance is may be difficult situation to safeguard of the human life.

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Over the past years, one of the most discussed topics in policy debates on genetics has been the use of genetic testing in insurance. Many of these debates have been rather speculative and abstract. In a recent contribution to this... more

Over the past years, one of the most discussed topics in policy debates on genetics has been the use of genetic testing in insurance. Many of these debates have been rather speculative and abstract. In a recent contribution to this journal, Kaufert therefore urged for "a proper research agenda" to study the issue, arguing for the need of anthropological and sociological research of the insurance world. This article will make a start with this. Based on ethnographic fieldwork in two Belgium insurance companies, this study analyses the ways insurers account for predictive medicine (lifestyle, genetics) during underwriting. We demonstrate how insurers highlight predictive lifestyle health information and how this articulates with a fault based approach in underwriting. Individual responsibility for health risks becomes the golden standard for assessing one's fitness for membership of the insurance pool. Moreover, these developments imply a changed concept of "normal standard" in insurance, increasing the conditions to fulfil to be part of the insurance group. Predictive medicine constitutes new ground in the old debates about individual control, responsibility and blame for health. This goes to the heart of the basis for citizenship and how this articulates with membership--or, if you want, exclusion--of the insurance pool.

This study empirically and comparatively analyses the insurance companies and commercials banks' investment portfolios and their contributions to economic growth in Nigeria. The study covers the period from 1996 to 2011. The... more

This study empirically and comparatively analyses the insurance companies and commercials banks' investment portfolios and their contributions to economic growth in Nigeria. The study covers the period from 1996 to 2011. The secondary data collected for the study were presented in tables and graphs. A multiple linear regression method was adopted to test the research hypotheses. An ex-post facto research design was adopted in the study. The findings were that there is a positive but no significant relationship between government securities, stock of bond, real estate and mortgage, policy and other loans, cash deposits, bills of exchange of insurance companies and economic growth in Nigeria. This implies that investment portfolios of insurance companies do not contribute significantly to economic growth in Nigeria within the period under study. Also, there is a significant relationship between ordinary shares, preference shares, debentures, subsidiaries, other investments, total investments of commercial banks and economic growth in Nigeria. This implies that investment portfolios of commercial banks do contribute significantly to economic growth in Nigeria within the period under study. Recommendations were that insurance companies in Nigeria should increase their investments on government securities, real estate and mortgage, policy and other loans, as well as cash at hand and deposits for more feasible contribution to the economic growth in Nigeria. Also, commercial banks in Nigeria should also channel their investment efforts on other subsidiaries and debentures for more realistic contribution to the economic growth in Nigeria among others.

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources that could be redistributed... more

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources that could be redistributed in times of calamities such as fire, floods, epidemics and famine. This was probably a precursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers' contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014. However, the largest life-insurance company in India, Life Insurance Corporation of India is still owned by the government and carries a sovereign guarantee for all insurance policies issued by it. The present study examines the growth Life Insurance business in India. Popular financial tool like CAGR is used for the study along with some popular statistical tools like t-test and ANOVA. Secondary data published by IRDA and the Annual Reports of LICI is used for the study for a period from 2008-09 to 2016-17. The study is empirical in nature.

The paper approaches the potential of risk-adjusted performance indicators in life insurance, with special reference to a structured policy. The final issue is the computation of risk adjusted indicators as a tool to evaluate the... more

The paper approaches the potential of risk-adjusted performance indicators in life insurance, with special reference to a structured policy. The final issue is the computation of risk adjusted indicators as a tool to evaluate the portfolio given a policy structure. The computation of such indicator could be suitable for the appraisal of both portfolio optimization and potential profits of the structured policy. The selection tool is put into an asset and liability management decision making context, where the relationship between expected surplus and capital at risk are compared. The analysis is applied to a structured temporary annuity and is treated by means of Monte Carlo simulations.

Life insurance is important as it offers protection to mitigate risks for the policyholders. Life insurance industry in Indonesia has a significant contribution in Indonesia financial industry although it experiences phenomena of low... more

Life insurance is important as it offers protection to mitigate risks for the policyholders. Life insurance industry in Indonesia has a significant contribution in Indonesia financial industry although it experiences phenomena of low penetration rate, poor literacy, consumer protection and misselling practices. This study used case study approach through series of deep dive interviews with selected life insurance companies exploring their digital transformation experiences. This study explored the existing conditions of Indonesia life insurance companies in developing their digital based dynamic capabilities as well as the service provisioning transformational capability in creating the digital SCA to survive in Indonesia life insurance industry. This study identified and discussed three key themes consisted of development of the right customer journey, earn trust, and key challenges as key success factor in developing and exercising the said capabilities. The study resulted in three propositions and suggested further explanatory study to examine the propositions.

This report aims to study how recent technological disruptions have affected the Singapore consumers’ decision-making process when purchasing insurance. It also examines the role that an insurance agent/adviser plays and the implications... more

This report aims to study how recent technological disruptions have affected the Singapore consumers’ decision-making process when purchasing insurance. It also examines the role that an insurance agent/adviser plays and the implications on marketing and branding of insurance companies.

Financial planning is very personalized and requires greater attention in the insurance sector than in any other market. The needs and wants of individuals or families differ from person to person and require human touch. Due to this... more

Financial planning is very personalized and requires greater attention in the insurance sector than in any other market. The needs and wants of individuals or families differ from person to person and require human touch. Due to this among all distribution channels, insurance Agents become the first choice in insurance marketing. As the insurance marketing is highly dependent on agents' channel, retaining the agents for a longer period is also very critical. The objective of this paper is to identify the key factors which are influenced the retention of insurance agents in Sri Lanka and to evaluate the significance of key factors. The poor retention of insurance agents has several impacts from the company's point of view as well as stake holders and customer's point of view also. The sampling was done using convenient sampling method, allowing representation from all categories of agents such as senior, new female and male agents and agents who left the company within last five years as a demographic cross section. The sample size was 140 agents. A structured and pre-tested self-administrated questionnaire was used to collect data and the sample represents the existing ex-agents and the supervisor of one of the leading insurance company in Sri Lanka excluding branches of north and east provinces. According to the literature the hypotheses were formulated based on the critical factors influenced on retention of insurance agents; (1) recruitment and selection, (2) training, (3) supervisory leadership and (4) remuneration

The concept of Consumer value is becoming increasingly used in strategy and marketing literature in recent years. Consumer value is considered central to competitive advantage and long‐term success of business organizations. Consequently,... more

The concept of Consumer value is becoming increasingly used in strategy and marketing literature in recent years. Consumer value is considered central to competitive advantage and long‐term success of business organizations. Consequently, a great importance attached to this concept. This review paper attempts to build an integrative configuration of the concept of Consumer value that reflects its richness and complexity. The proposed study aims at researching the end value that the consumer derives from his Life Insurance. Life insurance today, is a multifaceted industry. It comprises of a number of innovative combinations to lure the end consumer. For a country like India, Life Insurance is more than a financial product; it is a means of social security. In such a scenario, it becomes imperative that the consumer’s end objective is achieved. The aim of this paper is to evaluate the work in the area of consumer value for Life Insurance Products in India. It also aims at setting a ba...

Indian Life insurance sector is growing at a faster rate. This sun rising industry has given a platform for economic growth and employment. The great extent of importance realized after it has opened to the private players in the post... more

This is the English version of my 2017 textbook - Életbiztosítás, which was the second, revised and extended version of my 2003 textbook.

Les nouvelles données du marché algérien de l’assurance –vie imposent à tout intervenant de présenter une certaine prudence en matière de provisionnement, notamment lorsqu’il s’agit de contrats de longues durées, et de rentes viagères en... more

Les nouvelles données du marché algérien de l’assurance –vie imposent à tout intervenant de présenter une certaine prudence en matière de provisionnement, notamment lorsqu’il s’agit de contrats de longues durées, et de rentes viagères en particulier. Dans ce sens, le choix de la table de mortalité est de grande importance. Notre population est en plein mutation. Le prolongement continu de la durée de vie humaine diminue l’utilité des tables statiques. Il est donc grand temps de mettre à disposition du secteur des assurances en Algérie d’une table de mortalité prospective. C’est dans ce cadre qu’intervient notre travail, qui consiste en une étude comparative entre les deux approches ; statique et prospective, de la modélisation de la mortalité, en matière d’impact sur le provisionnement des rentes viagères.

This research article deals with the analyse and prioritize the factors influencing policyholders decision on purchasing life insurance products of both public and private life insurance companies. The research is descriptive in nature... more

This research article deals with the analyse and prioritize the factors influencing policyholders decision on purchasing life insurance products of both public and private life insurance companies. The research is descriptive in nature and simple random sampling method is adopted to collect 100 samples each from policyholders of public and private life insurance companies. Questionnaire used for this research consists of nine factors influencing policyholders decision on purchasing life insuranceproducts and respondents were asked to give a rank in order of influence from 1 to 9. Further weighted score was used to rank the factors. Policyholders of public life insurance companygive first four ranks to trust on insurance company, trust on insurance agent, policy features and excellent claim settlement, policyholders of private life insurance companies give first four ranks to policy feature, extensive distribution channel, trust on insurance company and trust on insurance agent.

Abstrak Insurans dan takaful merupakan instrumen kewangan yang telah dikenali secara lazim oleh masyarakat dunia khususnya penduduk Malaysia. Namun, masyarakat sering tersalah anggap bahawa takaful dan insurans merupakan sistem kewangan... more

Abstrak Insurans dan takaful merupakan instrumen kewangan yang telah dikenali secara lazim oleh masyarakat dunia khususnya penduduk Malaysia. Namun, masyarakat sering tersalah anggap bahawa takaful dan insurans merupakan sistem kewangan yang sama. Menurut Malaysian Takaful Association (2016), perkataan Takaful berasal daripada kata kerja bahasa Arab yaitu 'kafala' yang bererti 'untuk menjaga kepentingan seseorang'. Justeru, kerjasama di antara sekurang-kurangnya dua pihak untuk menjamin antara satu sama lain (sekiranya berlaku keilatan) mentakrifkan perkataan Takaful. Manakala menurut Merriam-Webster (t.t.), insurans hayat adalah kontrak perjanjian di antara syarikat penanggung risiko dan pihak yang ditanggung (pelanggan) dengan meletakkan jaminan bahawa syarikat akan membayar sejumlah wang untuk menanggung kos keilatan dengan syarat pelanggan membayar sejumlah wang (premium) dalam tempoh masa yang dipersetujui. Mengikut muamalat Islam, sesuatu instrumen kewangan haruslah bebas daripada unsur riba, judi dan gharar (Ali Mohamaed et al., 2014). Jika ketiga-tiga elemen ini tidak dipenuhi, maka instrumen itu tidak mematuhi syariah dan wajar dihindari oleh muslim.

This book addresses the question whether English insurance law is in its entirety rooted in marine insurance. English literature and case law indeed assert that life and fire insurance are nothing more than offspring of marine insurance.... more

This book addresses the question whether English insurance law is in its entirety rooted in marine insurance. English literature and case law indeed assert that life and fire insurance are nothing more than offspring of marine insurance. To describe life and fire insurance law as offspring of marine insurance suggests that the legal rules and principles as developed in the context of marine insurance were simply transferred as a whole to life and fire insurance. However, it is possible that the legal development happened differently. There could rather have been a convergence of the different legal regimes. To speak of a gradual convergence suggests that marine insurance law was transposed into life and fire insurance law only where appropriate. By analyzing this research question, the book unfolds the roots of modern insurance business in England as well as the evolution of English insurance law.

Allianz Life Insurance is the US branch of a multinational Allianz SE is headquartered in Munich, Germany. In 2013, Forbes ranked as the largest insurance companies in the world when measured by the 2012 income. American Council of Life... more

Allianz Life Insurance is the US branch of a multinational Allianz SE is headquartered in Munich, Germany. In 2013, Forbes ranked as the largest insurance companies in the world when measured by the 2012 income. American Council of Life Insurers US children ranked as the 20th largest life insurance company in the country based on total assets of US.
Founded in Berlin in 1890, the company's first product that marine and accident policies sold only in Germany, but within three years, the company has expanded to the London branch office, and in 1900 became the first insurance company license to distribute the company's policy. By 1904, the company has expanded into the US and other markets. It took extraordinary losses from the 1906 San Francisco earthquake, but recovered to expand outside Europe and the United States to the Middle East and Asia.
After the end of World War II, the company moved the headquarters to Munich following the division of Germany into East and West. After the war, global business activities gradually resumed and businesses in the United States reshaped life insurance in 1979 by acquiring a company based in Minneapolis that began as North American Casualty in 1896.

Life insurance occupies an important position in the financial sector of an economy. It contributes to economic development through risk management, protection of risks, and mobilization of savings leading to capital formation in the... more

Life insurance occupies an important position in the financial sector of an economy. It contributes to economic development through risk management, protection of risks, and mobilization of savings leading to capital formation in the country.The insurance sector is a colossal one and is growing at a speedy rate of 15-20 per cent. Together with banking services, insurance services add about 7% to the country's GDP. Insurance industry has been facing problem of high lapsation ratios in past few years. Lapsation is an issue faced in countries all over the globe.From the study, it is inferred that main reasons for Lapsation are product mis-matches, due to wrong selling, mis-selling or forced selling by advisors or lack of understanding of the product by policyholder.