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All Journal Journal of Actuarial, Finance, and Risk Managment
Fauziah Nur Fahirah Sudding
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Economics, Econometrics & Finance Mathematics

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Analysis of Premium Reserve Using Zillmer Method and Canadian Method for Endowment Joint Life Insurance Yuhza Al Ghifari; Fauziah Nur Fahirah Sudding
Journal of Actuarial, Finance, and Risk Management Vol 2, No 1 (2023)
Publisher : Journal of Actuarial, Finance, and Risk Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/jafrm.v2i1.4551

Abstract

Several life insurance companies are unable to compensate policyholder prompting financial losses, the situation can be foreseen if the insurance company has a properly established and calculated reserve value. Endowment life insurance is one types of life insurance. Life insurance provides protection for one person (single life) or two or more people (multiple life). According to the insured death status, there are two terminologies used in multiple life insurance: joint life and last survivor. The Zillmer Method and Canadian Method used in this study for 3 age cases for a couple of husband and wife whereas a husband is older than wife, a husband has the same age as wife, and a husband is younger than wife to determine the amount of reserves adjusted for endowment joint life insurance. Researchers first determine the benefits, then calculate the annuity, and finally calculate the annual premium in order to compute reserves. The Zillmer Method premium reserve value is minus in the beginning year to cover cost for the company, meanwhile Canadian Method is not. According to the result of this study, the case that the age of wife is same as the husband have lesser reserve than any cases which represent this is beneficial for the company to cover several costs for the policy in the beginning of period. Based on data analysis, the period of the insurance contract and the age of the insured define the reserve value. The older the insurance participant, the lesser the value of reserve.
Estimation of Premium Reserves for Last Survivor Endowment Insurance Using the New Jersey Method Bella Dwi Ananda; Fauziah Nur Fahirah Sudding
Journal of Actuarial, Finance, and Risk Management Vol 2, No 1 (2023)
Publisher : Journal of Actuarial, Finance, and Risk Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/jafrm.v2i1.4564

Abstract

There are a few cases of life insurance firms going bankrupt due to mistakes when estimating premium reserves, causing companies unable to pay compensation to policyholders. This is caused when the number of claims submitted by the insured that must be paid exceeds the number of claims previously estimated. Situations like this can be anticipated if the insurance firm has a properly prepared and calculated reserve value. There are various types of life insurance, one of which is endowment life insurance. The purpose of this study is to calculate the amount of reserves adjusted for last survivor endowment life insurance using the New Jersey method. To compute reserves, first, researchers determine the benefits, then the annuity, and finally the annual premium. In the first year, the premium reserve value under the New Jersey method is zero. The New Jersey method begins premium reserves in the second year, for t years, with  where  reflecting the duration of the insurer's contract. Based on the data analysis performed, the value of the New Jersey reserves for the two insureds is determined by the length of the insurance contract and the age of the insured at the time of insurance. The value of reserves is seen based on the initial age of a person when starting insurance, the older the initial age of the insurance participant, the greater the amount of reserves obtained by the company. This research is expected can be a reference and help insurance field to estimate premium reserves.
Co-Authors Bella Dwi Ananda Yuhza Al Ghifari