Analysis Of Future Health Insurance Premium Reserve Calculations Using the Commissioners Method with Woolhouse Formula

Handayani, Oktavia (2024) Analysis Of Future Health Insurance Premium Reserve Calculations Using the Commissioners Method with Woolhouse Formula. Edumatsains Jurnal Pendidikan Matematika dan Sains, 9 (1).

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Abstract

This study employs a quantitative approach and literature review to compare premium reserve methods in term life insurance. Utilizing secondary data from the Indonesian Mortality Table (TMI) IV 2019 by the Indonesian Life Insurance Association (AAJI), the research aims to determine the premium reserve for life insurance using the Commissioners method and the WOOLHOUSE mortality law. The primary data collection methods include secondary data and literature review. Secondary data, such as the TMI IV, financial reports of insurance companies, academic journals, actuarial textbooks, and other relevant sources, provide the foundation for mortality law and premium reserve calculations. Literature review facilitates the understanding and development of theories and methodologies pertinent to these calculations. The instruments for data collection encompass documents and literature, actuarial software, and relevant financial reports. The TMI IV from AAJI and texts on the WOOLHOUSE mortality law and Commissioners method serve as key resources. Actuarial software aids in complex mathematical simulations and calculations. The objectives of data collection are to determine survival probabilities using the WOOLHOUSE mortality law, calculate insurance and annuity values, establish annual premiums, and compute modified premium reserves based on the Commissioners method at the end of the liability period. The study evaluates the insurance company's readiness to meet its obligations to policyholders based on these reserves. This research specifically focuses on a 35- year-old men enrolled in a dual-purpose life insurance program with a 35-year liability period and a 5-year premium payment period at a 2,25% interest rate, with a liability of Rs. 20,000,000. The analysis reveals that the premium reserves calculated using the Commissioners method and the WOOLHOUSE mortality law align with the predetermined reserve values, ensuring the insurance company's preparedness to fulfill its promised obligations to the policyholder.

Jenis Item:	Artikel
Subjects:	300 Social sciences > 360 Social services; association > 368 Insurance
Divisions:	Fakultas Sains dan Teknologi > Matematika
Pengguna yang mendeposit:	Mrs Siti Masitah
Date Deposited:	22 Jan 2025 04:35
Last Modified:	22 Jan 2025 04:35
URI:	http://repository.uinsu.ac.id/id/eprint/23661

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