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All Journal JBIO: jurnal biosains (the journal of biosciences) CAUCHY: Jurnal Matematika Murni dan Aplikasi Althea Medical Journal Journal of the Indonesian Mathematical Society BAREKENG: Jurnal Ilmu Matematika dan Terapan JTAM (Jurnal Teori dan Aplikasi Matematika) Journal of Epidemiology and Public Health Jambura Journal of Mathematics M A T H L I N E : Jurnal Matematika dan Pendidikan Matematika GREENOMIKA Jurnal Kesehatan Jurnal Pendidikan Administrasi Perkantoran (JPAP) Milang Journal of Mathematics and Its Applications Jurnal Indonesia Sosial Sains Proceeding Applied Business and Engineering Conference MILANG Journal of Mathematics and Its Applications Limits: Journal of Mathematics and Its Applications
Retno Budiarti
Department Of Mathematics, Faculty Of Mathematics And Natural Sciences, Bogor Agricultural University, Jl. Meranti, Kampus IPB Darmaga, Bogor
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Mathematical Model of Joint Life Term Insurance Premiums under Inflation, Interest Rate, and Dependent Mortality Habel, Ine Febrianti; Purnaba, I Gusti Putu; Budiarti, Retno
JTAM (Jurnal Teori dan Aplikasi Matematika) Vol 10, No 2 (2026): April
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jtam.v10i2.35690

Abstract

Multilife insurance refers to a contract that covers two or more lives simultaneously, with joint life insurance representing a key form in which the benefit is paid upon the first death among the insured individuals. The lifetimes of insured individuals are typically not independent, as they may be influenced by shared environmental, health, or behavioral factors, leading to mortality dependence. Inflation and interest rates also play critical roles in determining the present value of benefits and premiums. However, most previous studies have examined either mortality dependence or macroeconomic effects in isolation. This study aims to develop a comprehensive mathematical model for determining joint life term insurance premiums that simultaneously incorporates mortality dependence through the Gumbel copula and interest rate and inflation through the Fisher equation. The model integrates demographic and economic risk components within a unified actuarial valuation framework, providing a more realistic representation of premium dynamics under varying financial conditions. Simulation results indicate that premiums incorporating inflation are consistently higher than those without inflation, whereas higher nominal interest rates result in lower premium levels. These findings reflect the theoretical relationship between inflation, real interest rates, and the time value of money. The study further introduces an elasticity-based analysis that quantifies the sensitivity of premiums to changes in inflation and interest rates, demonstrating nonlinear yet economically meaningful responses across different age structures of insured spouses. The results highlight the importance of jointly modeling mortality dependence and economic variables to enhance pricing accuracy and fairness in life insurance. The proposed model offers practical relevance for actuaries in premium determination, assists insurers in risk management and product design, and supports the development of resilient pricing strategies under inflationary and interest.
Co-Authors Ade Irawan Adriani, Ika Reskiana Aldinasyah, Monicha Zalzabilla Anang Kistyanto Andre Dwijanto Witjaksono Asri Rahmawati Berlian Setiawaty Bib Paruhum Silalahi Chalimatusadiah Chalimatusadiah D. S. Rahmawati Daniel Happy Putra Dara Irsalina Dewi, Komang Nonik Afsari Diana, Adawiyah Putri Donny Citra Lesmana Dwi Fidiana Endar Hasafah Nugrahani Erliana, Windiani Fendy Septyanto Garianto, Efyluk Grifin Ryandi Egeten Habel, Ine Febrianti Hadi Sumarno Helynda Mulya Arga Retha Helynda Mulya Arga Retha Hemarani, Febri Herdiyantini, Mita I Gusti Putu Purnaba I Wayan Mangku Intansari, Kumala Khairiati, Alfi Khairiati, Alfi Khan, Joan Lusiana Sani Parwati Manjaruni, Vivin Aprilia Mohammad Reza Muhammad Yusuf Sulaiman Mulyasari, Rindi Melati Najib, Mohamad Khoirun Nashiruddin, Muhammad Abdurrasyid Nefertiti, Eva Nur Agustiani Prasetya, Hanung Priambodo, Bima Putra, Hilman Yusupi Dwi Putra, Oki Nugraha Rafhida, Syukri Arif Rahadianto, Rahadianto Rahmah, Salsabilla Rahmawati, D. S. Rizki, Kurniadi Ronald Pratama Adiwinoto Ruhiyat Ruhiyat S. Soedarsono Setyawan, Binar Aulia Silalahi, Romaito Br siswadi - Sitepu, Sanfriska Br Sri Nurdiati Sudiarta, Ketut Edy Sulaiman, Muhammad Yusuf Titut Harnanik Utami, Nadila Rizqi Windiani Erliana Yulianty, Sherly