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The Effectiveness of Teacher Competition Analysis in Improving Insurance Literacy at National Level Laratmase, Antonia Junianty; Kurniawan, Yohanes Jhony; Lie, Antonius Anton; Robidi; Febrisutisyanto, Ady; Damara, Antonia Samantha
Jurnal Manajemen Pendidikan Vol. 16 No. 1 (2025): Jurnal Manajemen Pendidikan
Publisher : Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/jmp.v16i1.55123

Abstract

Background Insurance literacy remains a critical component of financial education, particularly in developing nations where public understanding of insurance principles is often limited. Purpose This study aimed to determine the insurance literacy of teachers who had participated in the competition. Design/method/approach The method used was descriptive qualitative method with data collection techniques through questionnaires. Results The study results were: (1). The teacher insurance knowledge level was already at a high level, well literate, with a score of 240 the interval of 160-240. This meant that the respondents had already understood the basic concepts of risk and insurance well. (2). The insurance skills level was at the level of quite literate with a score of 235. This meant that the respondents were skilled enough in managing risk and insurance. Contribution/value the respondents had already understood the basic concepts of risk and the concept of insurance well, but they were still not quite skilled in managing the risk and insurance; respondents were also still hesitant about insurance and insurance capabilities.
Cost Component Calculation for Endowment Insurance Premiums on Multiple Life Using the Gompertz Distribution Febrisutisyanto, Ady; Haryanto, Dwi; Damara, Antonia Samantha
Indonesian Actuarial Journal Vol. 1 No. 2 (2025): Indonesian Actuarial Journal
Publisher : Persatuan Aktuaris Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65689/iajvol01no2pp152-163

Abstract

This study aims to develop a gross premium model for endowment insurance products under a multiple life setting by incorporating various actual cost components and applying the Gompertz mortality distribution. The proposed model includes acquisition costs at the beginning and end of the first policy year, premium collection costs, and annual policy maintenance costs, all of which are calculated based on present values of benefits and annuities. Parameter estimation is conducted using linear regression with a bounded optimization approach, where all parameters are constrained to be strictly positive to reflect realistic conditions in insurance practice. The simulation results yield parameter estimates of  a1=0,97074,  a2=0,912217, β=Rp 19.344,46 and γ=Rp 20.105,23 which are considered actuarially reasonable. The high coefficient of determination, , R2=98,46%, indicates that the model has an excellent fit to the gross premium data. This research demonstrates that an actuarial-based cost formulation combined with statistical estimation can serve as an effective and transparent approach in determining premiums for endowment life insurance products with more than one insured.