Life Insurance Research Articles

PROSPECTIVE RESERVE AND FULL PRELIMINARY TERM RESERVE ON ENDOWMENT LAST SURVIVOR LIFE INSURANCE USING CLAYTON COPULA

Combined life insurance is a type of insurance that protects two or more people who are related by family and is divided into two, namely joint-life life insurance and last-survivor life insurance. The last survivor life insurance is a condition of life insurance that will continue if there is at least one of all insurance participants who is still alive and will stop if all insurance participants die. The insurance company has to pay the benefit to the heirs of the insurance participant. When a claim occurs, the insurance company must prepare the reserve fee. The purpose of this research is to determine the amount of premium reserve of endowment last-survivor life insurance using prospective reserve and full preliminary term reserve. Full preliminary term reserve is one of the modified premium reserve calculations from Zillmer Reserve. To determine prospective reserve and full preliminary term reserve using the initial life annuity, single premium, and annual premium. Whereas the initial life annuity is influenced by the combined life and death opportunity of the insurance participants. Furthermore, the combined life and death opportunity of insurance participants will be obtained from Clayton copula and to obtain the parameter of Clayton copula, Rstudio software is used. Based on the result, the value of prospective reserves and full preliminary term reserves has increased every year and prospective reserves produce a greater value than full preliminary term reserves. If the insurance company uses this reserve calculation, the reserve that the company must prepare will increase every year. This is useful for insurance companies in predicting the amount of reserves they must have.

A Gloss to the Judgement of the Supreme Court of 24 January 2020, III CZP 51/19, on Legal Nature of Benefits under Unit-Linked Life Insurance

The judgment discussed herein concerns the essential characteristics of the unit-linked life insurance, which play a major role for the insurance theory and practice. Given the complexity of this type of contact, the nature of benefits on the part of the insurance company gives rise to some questions in legal writings and in the jurisprudence, thus justifying the need for an in-depth analysis thereof.

Review the principle of trust in the marketing of investment-linked insurance products (PAYDI) in bancassurance

Trust is an essential element in the realm of investment. This study examines two legal issues in Bancassurance's PAYDI marketing. This study employs normative legal research, a systematic scientific approach used to address legal concerns that result from regulation. The utilized data consists of secondary sources, including statutes, judicial rulings, legal doctrines, and scholarly viewpoints. This study suggests that it is important to examine the teleological contractual relationship between the parties involved, particularly those that place importance on the social and moral components of the contract's goal. The collaboration between PAYDI and life insurance firms in implementing bancassurance marketing strategies with distribution business models is essential.

Protecting cancer survivors across Europe from financial discrimination: The right to be forgotten

Protecting cancer survivors across Europe from financial discrimination: The right to be forgotten Mark Lawler and Françoise Meunier highlight the financial discrimination that many cancer survivors face despite being cured of their disease and propose a data-informed legal solution so that cancer patients are not punished for a previous cancer diagnosis. Imagine the scenario – the doctor says you have cancer. You face one of the biggest challenges of your life. But you are one of the lucky ones. Your cancer responds to the treatment. Five years post-treatment, the doctor says that you are cured. You have beaten cancer. But there is a sting in the tail: When you go to get a mortgage for that little cottage by the sea that you always wanted, you find that you have to reveal your previous cancer diagnosis (even though you are now cured) and that this will have a negative impact on you getting a mortgage, securing house and life insurance.

Assessing the Impact of Big Five Personality Traits on Job Performance: A Study in Association with Insurance Agents in Northern Province, Sri Lanka

The flourishing life insurance industry in Sri Lanka underscores the pivotal role of insurance agents in advancing revenue streams and overall success. This study examines the nexus between the Big Five personality traits and the Job performance of insurance agents in the life insurance companies in the Northern Province of Sri Lanka. The independent variables encompass the dimensions of openness to experience, conscientiousness, extraversion, agreeableness, and emotional stability, while the dependent variable comprises job performance. A stratified random sampling approach was employed to distribute 300 structured questionnaires among insurance agents in life insurance companies. The collected data were analyzed by using different statistical techniques. The outcomes of the multiple regression analysis underscore a substantial impact of all Big Five personality dimensions excluding agreeableness on job performance. These findings offer valuable insights for insurance agents, aiding them in making informed career choices. Simultaneously, life insurance company managers can leverage this research to refine their selection criteria, ensuring the recruitment of individuals whose personalities align with the dimensions that significantly impact job performance in the industry and identify the training needs for the personality development of the insurance agent in the life insurance companies in Sri Lanka.

Deterministic lifestyle investment strategy in mixed life insurance contracts

Deterministic lifestyle investment strategy in mixed life insurance contracts

Viviana A. Zelizer: Sociologist of the family and intimacy.

This article is an introduction to the themed section titled, "Viviana A. Zelizer: Sociologist of the Family and Intimacy." It first reviews the major works of Viviana Zelizer and their significance for the social studies of families and intimacy, underscoring how she has accounted for the interplay between family and economy through a series of objects: life insurance, the assessment of children's value, the social meaning of money, and, more recently, intimacy. The second part of the article describes extensions of Zelizer's work in the fields of family and intimacy studies and presents the four articles featured in the themed section.

Assessing insurer guarantee cover and risk retention toward SDG 3: a structure-break down-and-out call valuation

The paper develops a down-and-out call option to evaluate the equity of a life insurer. The COVID-19 pandemic challenges captured by the premature feature of the down-and-out call option are also identified as structural breaks incorporated into the contingent claim option. Hedging, shown by the guarantee cover ratio, reflects the insurer’s ability to meet policy commitments. Reinsurance, indicated by the risk retention ratio, distributes insurance risk between the insurer and reinsurer. The insurer engages in those practices aligned with Sustainable Development Goal 3 (SDG 3: good health and well-being). The main findings are as follows. The COVID-19 pandemic harms policyholder protection and deviates from SDG 3 due to financial instability. However, strategic hedging, reinsurance, and government capital injections enhance policy assurances, achieving SDG 3 by increasing payments to policyholders and improving financial stability. Moreover, the risk retention ratio increases during severe COVID-19 periods but decreases with more government capital injections, which can substitute for risk retention. Policy implications suggest that policymakers can mitigate crisis impacts on insurer capacity to fulfill commitments, thereby enhancing life insurance stability and well-being aligned with SDG 3.

Consumer Buying Behaviour Towards Life Insurance Post-COVID-19 in Ghana

The current study explores consumer buying behaviour towards life insurance among private basic school teachers in the Cape Coast Metropolis of Ghana, focusing on the post-COVID-19 landscape. Utilizing a descriptive survey design, data were gathered through a five-point Likert-type scale questionnaire and analyzed using various statistical methods, including frequencies, percentages, mean, standard deviation, and Pearson Product Moment Correlation. Using a population of 224 private school teachers, the results indicated that teachers primarily opt for life, hospital, and education support plans, signifying an aspiration to secure their future and further their education. The study underscores the imperative for financial resilience post-COVID-19 to protect the emerging middle class from reverting to poverty. Although teachers employ strategic coping mechanisms during the pandemic, they expressed concerns over delayed life policy settlements, which have compounded their challenges. Recommendations include targeted engagement by insurance companies at private basic schools to elucidate the benefits of life policies, as well as the formulation of insurance packages that offer effective risk coverage and promote long-term investment, rather than merely focusing on tax benefits.

Practices Of Corporate Governance And Its Impact On Perceived Performance In Nepalese Life Insurance Companies

The goal of this research is to explore the ‘Practice of Corporate Governance and Its Impact on Perceived Performance in Nepalese Life Insurance Companies’. The study used a descriptive and causal comparative research design. The main variables of corporate governance identified include commitment to corporate governance, transparency and disclosure, alongside the structure and functioning of the board. In contrast, the perceived performance of the companies, measured through enhanced productivity and profitability, serves as the control variable. The analysis covers all 14 life insurance companies currently functioning in Nepal. To achieve the study's objectives, a judgmental sampling approach from the non-probability sampling method was adopted, while purposive sampling was applied to identify respondents for the questionnaires. Out of the 14 companies, five were selected as samples. The participants included specific employees from these companies, with a total of 106 respondents completing the questionnaire. The data were analyzed using a multiple linear regression model. The findings revealed that Nepalese life insurance companies exhibit strong adherence to corporate governance and their performance is also excellent; however, the connection between commitment to corporate governance, structure and functioning of the board, transparency and disclosure, and perceived performance appears to be quite weak. The research concluded that effective corporate governance have only a slight positive association with performance.

THE ROLE OF MEDICAL INSURANCE IN THE FIELD OF HEALTH CARE AND LEGAL ISSUES OF ITS IMPLEMENTATION

It is important to make medical services acceptable in all respects, high-quality and financially feasible for the population in the preservation of human health. In the provision of medical services, the organization of mutual relations between the medical institution, the doctor and the patient, and the creation of necessary conditions for the treatment of patients in the medical institution are organized in different ways. Medical insurance is considered the most effective of such methods in today's modern medicine. Through medical insurance, the insurance organization takes all organizational (placement of the patient in a medical institution, highly qualified doctors) financial measures related to the treatment of the insured person (patient) in the event of an insured event, and as a result the insured person will have the opportunity to receive qualified and quality medical services. Today, there are no clear approaches to the role of medical insurance in legal regulations and areas of jurisprudence, which branch of insurance it belongs to: life insurance and general insurance. At the same time, this creates a number of problems and gaps in the legal regulation in the interpretation of the essence of the medical insurance contract and its application. Therefore, it is important to determine the nature of medical insurance, its content and peculiarities as a legal relationship, and thereby create the legal basis of medical insurance.

Experiences of Unanticipated Outcomes Among Ethnically Diverse Living Kidney Donors: A Qualitative Pilot Study.

Although living kidney donation is generally considered a safe procedure, it is ethically critical that prospective donors are fully informed before consent. However, prospective donors lack a deep understanding of the donation experience, making the postdonation aftermath feel unanticipated. We sought to gain in-depth qualitative descriptions of the short- and long-term risks and benefits associated with kidney donation among an ethnically diverse group of donors to offer a balanced view of the positive and negative experiences that may occur postdonation. We conducted individual narrative in-depth interviews (September 2020-March 2021) using the DIPEx (database of individual patient experiences) method with former living kidney donors primarily via Zoom. Fourteen donors (10 women; 8 White, 5 Hispanic, and 1 Native American) completed interviews. Interactions with healthcare providers leading up to donation were largely positive; however, lack of clarity regarding postdonation laboratory values among primary care providers led three participants to be erroneously told they developed kidney disease. Most experienced unanticipated outcomes, including postsurgical complications (e.g., hernia), long-term fatigue (i.e., ≥12 weeks), emotional distress (e.g., depression), hypertension, and gout. Difficulty obtaining life insurance following donation was an unexpected challenge. Despite these issues, participants were unanimously enthusiastic about living kidney donation and reported no regrets. Enthusiasm for living kidney donation remained high among all participants despite most experiencing negative outcomes. These findings suggest that greater transparency regarding postdonation experiences may not preclude the decision to move forward with living kidney donation. These narratives will be utilized for an online module of lived experiences of donation.

Market Penetration Strategy by Increasing Firm Competitiveness

To achieve successful market penetration, businesses must navigate complexities related to culture, legal frameworks, economic conditions, and competition. Businesses must decide whether to standardize their marketing strategies across different markets or adapt them to suit unique market characteristics. Competition is the ability to perform better, and faster. In facing competition, companies need to determine the right strategy, because in general companies are trying to survive, grow and develop. The purpose of the Market Penetration Strategy research by Increasing Company Competitiveness can include several aspects, namely, Assessing the company's strengths and weaknesses. Conducting market analysis to understand existing opportunities and challenges, including consumer preferences and behavior, and market trends and Developping an effective Market Penetration Strategy to increase market penetration, such as products, improving customer service, or competitive pricing strategies. This study uses a descriptive qualitative method to find out how PT. AJS Bumiputera markets its products, using market penetration to increase competitiveness, or to find out what the biggest challenges are in its market penetration strategy. This study uses a qualitative method as one of the methodologies in research that does not yet have a standard definition and is generally agreed upon for use. From the results of the study it is known that PT. Bumiputera Sharia Life Insurance, using market penetration through digital platforms such as social media, company websites, and online advertising campaigns to reach a wider audience. Organizing events, seminars, or workshops, related to finance or health. Providing education about the benefits of insurance products to the public, conducting direct promotions through telemarketing, or face-to-face marketing to introduce products directly.

"Evolving Horizons: The Journey And Impact Of LIC's Landmark IPO"

The Initial Public Offering (IPO) of the Life Insurance Corporation of India (LIC) in May 2022 marked a pivotal transition for one of India’s largest financial institutions from a state-owned entity to a publicly listed company. This move was part of the government's broader strategy to divest its stakes in public sector enterprises, aiming to enhance operational efficiencies, improve transparency, and maximise shareholder value. Navigating through a series of legislative amendments and complex valuation challenges, the IPO drew substantial attention from both domestic and international investors, reflecting strong confidence in LIC's market fundamentals. This paper provides a detailed review of the IPO process, the subsequent market response, and its impact on LIC’s business operations and governance structure. It discusses the strategic motivations behind the IPO, the execution challenges, and the implications for future economic reforms in India. By analysing LIC’s performance post-IPO, the study highlights the critical role such transformative events play in modernising state-owned enterprises and integrating them with global financial markets, projecting significant implications for similarentities considering public offerings.

Ekonomiczne determinanty popytu na ubezpieczenia na życie – ujęcie regionalne

Insurance has various functions in the economic and social spheres. Life insurance is a specific type of insurance, offered in the form of individual or group insurance. Research on insurance market at regional level is undertaken relatively rarely. The aim of the study presented in this paper is to identify economic factors determining the level of demand for individual and group life insurance on regional insurance markets. Dynamic econometric models for panel data (GMM estimator) with demand expressed in gross written premium per capita (life insurance density) have been used in the analysis. The research was carried out on the basis of data at voivodship level for the period of 2017–2021 from Statistics Poland and the Polish Financial Supervision Authority. The regression analysis demonstrated that an improving economic situation of the region and households’ growing disposable income positively affected demand for life insurance, while a poor situation on the labor market (indicated by the unemployment rate) had a reverse effect. Individual insurance demand responded stronger to changes in disposable income and the unemployment rate, whereas group insurance demand was more sensitive to changes in the region's economic situation. The level of insurance consumption observed in a given period is determined by that observed in the previous period, which indicates the phenomena occurring on this market are of a relatively stable character.

The Development of the Life Insurance Market in Central and Eastern European Countries

Motivation: The need to implement the process of economic transformation in the recent past is what significantly differentiates the countries of Central and Eastern Europe from other members of the European Union. Integration into the financial system of the European Union has been an important factor influencing the process of transformation of the life insurance sector and the establishment of the level of competition, as well as the quality and scope of insurance services offered. In addition, the improvement in the macroeconomic situation and the increase in household income have had a significant impact on the growth in demand for insurance products from the life insurance segment. Despite positive changes, the insurance market of Central and Eastern European countries remains a relatively underdeveloped market, and its structure, unlike that of Western European countries, is dominated by property insurance. This points towards a need for further research into the determinants of life insurance market growth in this region of Europe. Aim: The aim of this paper is twofold. The first part presents an assessment of the level of development of the life insurance market in ten countries of Central and Eastern Europe over the period 2011-2021 using the method of multivariate comparative analysis in dynamic terms. The second part of the paper is devoted to an attempt to identify the determinants of the development of this market using econometric models for panel data. Results: The life insurance market varies widely among the group of countries considered. The trends of change during the period under consideration were also different. The most severe downturn in the life insurance market was recorded in Poland and the Czech Republic. Significant development was observed in Lithuania and Latvia, countries with an underdeveloped market in the past. The econometric models used confirmed the impact of economic development on the life insurance market.

Enterprise Risk Management and Performance of Insurance Companies

Purpose: This research aims to investigate the impact of risk identification (RI), risk assessment (RA), risk mitigation (RM), and risk management (RMG) on institutional performance (IP). The objective is to analyze both individual and combined effects of these risk management practices on institutional outcomes.Methods: The study used descriptive and causal research design. The data were collected using structured questionnaire with five-point likert scale, targeting 151 managers, officers, and department heads from both life and non-life insurance sectors from Rupendehi district. The correlation analysis was used to examine the relationships between variables and Stepwise regression analysis to explore the effect.Results: It reveals that RA, RM and RMG had significant positive effect on institutional performance at individual level. When they are analyzed in single model RA and RM were only found significant. RI, while consistently positive, was found to be statistically insignificant across all models. RA and RM are significant variables of institutional performance, while RI and RMG play lesser roles.Conclusion: it is necessary to acquire deeper understanding on how risk management practices enhance institutional outcomes.

Influencing Factors of Islamic Marketing in Achieving Consumer Intention towards Conventional and Takaful Products

Products offered through Islamic channels are becoming more and more popular, however research into the specific factors influencing customers' intentions while buying life insurance in an Islamic setting is lacking. By providing perspectives on the dynamics of consumer intention in the market for products given to Muslim customers, this research seeks to fill the existing gap in the literature. The data, which came from 300 respondents, were examined using partial least squares structural equation modeling to ascertain how the variables related to one another. This study provides insightful information about the factors influencing Islamic marketing and customers' decisions to buy life insurance. With regard to Pakistan, this paper adds nothing less than novelty to the body of literature by delving into the factors that influence Islamic marketing leads to customer intention and utilizing more sophisticated statistical methods such as partial least square structural equation modeling and Confirmatory Factor Analysis (CFA).

Characteristics, Legal Nature and Taxation of Management Contracts According to the Macedonian Law

Managerial contracts are essentially synthesis of the power of management and the power of the leadership of the company. The conclusion of management contracts is not a simple and routine task which the contracting parties will easily access or, on the other hand, they will assign that task to other (third) persons. With the adoption of corporate decisions by the company, at the moment of appointment to the management body, and thus becoming a member of the body, rights and obligations determined by law arise. In the process of transferring the status powers to the management body or the manager, the owners of the companies or their representatives inevitably have to share a part of the power with the elected managers. The managerial contract is an act of free entrepreneurial will of the two parties that conclude the contract. Thus, this contract regulates the salary, allowances, participation in profit, reimbursement for expenses, reimbursement for life insurance, insurable income, and other employment rights and obligations. On the other hand, managers as individuals facing professional risk are to create a professionally based coalition of interests of all those involved in realizing the company’s corporate goals and business policy and thereby enable economic growth and development.

Some bivariate Schur-constant distributions and application to life insurance

Schur-constant models play a particular role when modelling time in fields such as actuarial science, insurance, reliability and survival models. These models describe random lifetimes with a certain dependence. In this study, a relation between proportional hazard rate distributions and Schur-constant models is established. Bivariate Schur-constant models, whose marginals are proportional hazard rate distributed, are introduced. Then, the dependency analysis in life insurances is performed through Schur-constant and copula models. It is revealed that there are differences in pricing when individuals' future lifetimes are dependent.