Journal of Mathematics and Applied Statistics
Vol. 1 No. 1 (2023): June 2023

Calculation of Actuarial Values Using The Result of The 2019 Makeham Mortality Law Contruction and The Cox Ingersoll Ros

M, Suriani (Unknown)
Nisardi, Muhammad Rifki (Unknown)
Nursamsi, Nursamsi (Unknown)
Hukmah, Hukmah (Unknown)
Sulma, Sulma (Unknown)

Article Info

Publish Date
30 May 2023

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.

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Journal Info
Journal of Mathematics and Applied Statistics
Website

Abbrev

mathstat

Publisher

Yayasan Insan Literasi Cendekia Indonesia

Subject

Mathematics

Description

Journal of Mathematics and Applied Statistics (ISSN: 2987-4548) is scientific, peer-reviewed, and open access journal managed by Yayasan Insan Literasi Cendekia (INLIC) Indonesia. Published twice a year on June and December. Mathstat publishes original research and/or library analysis on Mathematics ...