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All Journal Journal of Mathematics and Applied Statistics
Hukmah, Hukmah
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Mathematics

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Calculation of Actuarial Values Using The Result of The 2019 Makeham Mortality Law Contruction and The Cox Ingersoll Ros M, Suriani; Nisardi, Muhammad Rifki; Nursamsi, Nursamsi; Hukmah, Hukmah; Sulma, Sulma
Journal of Mathematics and Applied Statistics Vol. 1 No. 1 (2023): June 2023
Publisher : Yayasan Insan Literasi Cendekia (INLIC) Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35914/mathstat.v1i1.32

Abstract

Premium is an amount of money that must be paid by the customer at a certain time based on the insurance policy. This study aims to determine the value of whole life insurance premiums using the Makeham mortality law method and the Cox Ingersoll Ross (CIR) model. The result of the study obtained the calculation of interest rates using the CIR model, the smaller the  value, the greater discount and the premium paid using the Makeham mortality law method was Rp. 102.478 < premium <  Rp. 1.270.630 / Mounth.
Co-Authors M, Suriani Muhammad Rifki Nisardi Nursamsi, Nursamsi Sulma, Sulma