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All Journal Jurnal Ilmiah Sains
Sheren Rosari Monica Rachmad
Department of Mathematics, Faculty of Mathematics and Natural Sciences, Sam Ratulangi University, Indonesia
Agriculture, Biological Sciences & Forestry Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Mathematics Physics

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Unit Linked Life Insurance Premium Reserve Modification Using Fackler and Point to Point Methods Sheren Rosari Monica Rachmad; Tohap Manurung; Chriestie E.J.C Montolalu
Jurnal Ilmiah Sains Volume 23 Nomor 1, April 2023
Publisher : Sam Ratulangi University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35799/jis.v23i1.46228

Abstract

The present study aims to investigate the use of the Fackler method in determining the reserve of unit-linked whole life insurance premiums. Unit-linked whole life insurance combines both protection and investment features, and to mitigate liquidity risks, it is crucial for the insurer to establish reserves. The insurer limits the value of the benefits obtainable through a minimum guarantee and stamp value to counteract losses that may arise due to fluctuations in share prices.The Fackler method is employed to calculate the reserve of unit-linked whole life insurance premiums by determining the cash value of annuities using a fixed interest rate in conjunction with the Indonesia Mortality Table 2019. Subsequently, an annual net premium is calculated. The calculation of the annual net premium necessitates the determination of a single net premium, which is computed using the Point to Point method with the result is . The outcome of this calculation yields the reserve value for a 40-year-old individual. It is noteworthy that the reserve value will increase with the lifespan of the individual or the duration of the policy contract. Keywords : Fackler method;  premium reserves; Unit-linked
Co-Authors Chriestie E.J.C Montolalu Tohap Manurung