Tuberculosis (TB) remains a major public health challenge in Indonesia and generates significant mortality-related risk for the life insurance sector. This study develops an integrated Susceptible–Infected–Recovered–Deceased (SIRD) model to analyze TB transmission dynamics in Southeast Sulawesi and to estimate related life insurance claims. The model is calibrated using regional TB data from 2021–2023 and validated against 2024 observations. Analytical results include equilibrium analysis and the basic reproduction number, while long-term dynamics are examined through scenario-based simulations. Epidemiological outcomes are translated into actuarial projections by converting cumulative TB-related deaths into annual incremental deaths and expected insurance claims under optimistic, baseline, and pessimistic scenarios. Parameter sensitivity is assessed using Latin Hypercube Sampling and Partial Rank Correlation Coefficients. The results show that the transmission rate is the most influential determinant of the present value of TB-related insurance claims, followed by the recovery rate, whereas TB-induced mortality has a smaller but significant effect. These findings highlight that reducing transmission and improving treatment effectiveness can simultaneously mitigate public health impacts and lower long-term insurance liabilities, demonstrating the relevance of integrating epidemiological modeling with actuarial risk assessment.

Abstract This paper assesses the impact of demographic risk on a portfolio of equity-linked insurance contracts featuring a Cliquet-style guarantee, in which the policyholder accrues, on an annual basis, interest equal to the maximum between the return on a risky portfolio and a guaranteed minimum rate. We provide closed-form expressions for inflows, outflows, and reserves for such a portfolio through a cohort-based approach. In accordance with market-consistent actuarial principles, we determine both the no-arbitrage value of the liabilities and the structure of the hedging portfolio that replicates the guaranteed benefits. We quantify demographic risk by separately assessing the capital requirements for both idiosyncratic and trend risks. The capital requirement is computed over a one-year horizon using a 99.5% Value-at-Risk measure, consistent with the Solvency II regulatory framework. The model accommodates different regulatory contexts, allowing for jurisdiction-specific rules and accounting standards. Numerical simulations highlight how the portfolio’s risk profile is affected by demographic volatility, which is influenced by policyholder age, policy duration, and dispersion of the sums insured. Additionally, trend risk depends on both mortality volatility and the specification of the longevity model. This framework supports insurers in evaluating, hedging, and managing demographic risk in market-linked life insurance products.

This scoping review synthesized the entrepreneurial competencies required of personal financial planners working in the life insurance business. The review mapped heterogeneous evidence relevant to advisory practice, competency development, professional standards, occupational expectations, and practitioner performance. The review process identified 301 records, removed 33 duplicates, screened 268 records, and assessed 183 full-text records for eligibility. After exclusions for generic entrepreneurship, education-pipeline studies, and topic mismatch or duplicate variants, 75 studies were retained; 36 were designated as core studies for deep synthesis. The retained literature yielded five higher-order themes: professional competency and standards frameworks, development and learning mechanisms, performance and business outcomes, retention and career sustainability, and advisory trust and long-term client relationships. A more detailed synthesis identified 24 entrepreneurial competency elements organized into 7 knowledge elements, 9 skill elements, and 8 personal attributes. Beyond mapping the field, the review clarifies how regulated professional expertise and entrepreneurial capability converge in this occupation. The review therefore provides a defensible conceptual foundation for curriculum design, competency-based development, and later model construction in the life insurance financial planning field.

The Accelerated Deaths Model (ADM) builds on the hypothesis that, within a given age cohort, those who are less healthy are more likely to die if infected with Covid-19 than healthier people, leaving a pool of on-average healthier survivors. We use the term ‘detrimental selection’ which has two complementary aspects: the lower years of life lost by those who experienced an accelerated death; and the higher average life expectancy of survivors which we call their ‘adjusted post-pandemic life expectancy’ (ADM's APPLE). Our model represents a novel synthesis of recent advances in our understanding of mortality heterogeneity and the development of the Proportionality Hypothesis – both of which have improved our understanding of the Covid-19 pandemic. In particular, we identify an important positive relationship between mortality heterogeneity and accelerated deaths. We find, in the case of the Covid-19 pandemic in England, that the years of life lost by those who experienced an accelerated death, while significantly lower than pre-Covid life expectancy, was greater than reported in the media at the time. We also find that the increase in the mean life expectancy of survivors was very small. As a result, the impact on annuity providers (e.g., in terms of potentially higher annuity prices), pension schemes and life insurers was also very small. In contrast, we find that the impact on life expectancy of a general change in future mortality assumptions post-pandemic (i.e., the base mortality table and improvement rate) would be much greater. The ADM has potentially wide application, e.g., to other types of contagion and to climate-related deaths, where we would expect there to be a positive correlation between deaths and all-cause mortality (consistent with the Proportionality Hypothesis), but where the degree of detrimental selection might be different.

Australia legislates against genetic discrimination in life insurance.

This article investigates optimal lifetime consumption, investment, and life insurance decisions in a continuous framework. We incorporate a progressive estate tax and a tax-exempt life insurance market, which leads to the nondifferentiability of the utility function for bequest at the n-th tax tier threshold. Progressive estate taxation together with a tax-exempt life insurance market introduces nonlinearity in the relationship between wealth and life insurance proceeds, thereby rendering the elegant martingale and duality methods inapplicable. Consequently, we employ the Legendre transform to derive explicit expressions for the optimal strategies. Our analysis reveals that the estate tax reduces the incentive to save while increasing the demand for life insurance, as life insurance serves as an alternative to direct inheritance for intergenerational wealth transfer. Most notably, the estate tax exerts a dual effect on consumption and investment, driven by both substitution and income effects. Specifically, the estate tax stimulates consumption and reduces investment for agents with high elasticity of intertemporal substitution (EIS), whereas it suppresses consumption and incentivizes investment for those with low EIS.

This research aims to assess solvency capital for life insurance companies beyond the 1-year horizon, with a focus on the Brazilian Capital Framework (BCF) and Solvency II (SII), through a stochastic model using Monte Carlo simulations. Most capital frameworks apply 1-year horizons, disregarding future capital needs arising from the evolution of longevity and mortality risk, particularly under different interest rate regimes. This study incorporates a stochastic multi-year approach to bridge this oversight. By addressing long-term solvency and exploiting stochastic mortality models, this study enhances the understanding of future capital requirements and the importance of robust long-term risk management in life insurance. The findings contribute to advancing regulatory frameworks and improving the financial sustainability of the life insurance sector, particularly in preparing for extreme scenarios such as pandemics or longevity improvements. The study employs deterministic and stochastic mortality models, utilizing Monte Carlo simulations to evaluate the requirements of capital need in a multi-year horizon. It calculates capital requirements for traditional life insurance products under various scenarios, offering a comparative analysis. This study reveals that current regulatory frameworks, such as SII and the BCF, should consider extending their 1-year horizon to incorporate future capital needs not fully captured by short-term perspectives. It evaluates the capital requirement under SII and BCF using a hypothetical portfolio of 10,000 male participants for traditional life insurance products (term-life, endowment, and whole-life). Findings indicate that while it is broadly understood that lower interest rates tend to increase capital requirements, our results provide a quantitative assessment of this effect under the BCF and SII. By applying multi-year stochastic simulations, we demonstrate how changes in the interest rate environment can shift the timing and magnitude of required capital, underscoring the relevance of long-term solvency projections in regulatory analysis.

The Hebei Provincial Higher People's Court's Enforcement Ruling No. 59 of 2024 definitively confirms that the cash value of a wealth management life insurance policy falls under "other property rights" under Article 242 of the Civil Procedure Law, and determines that the policyholder's refusal to terminate the contract, jeopardizing the realization of the creditor's rights, constitutes an abuse of rights under Article 132 of the Civil Code. The ruling, based on systematic interpretation, purposive interpretation, and the principle of proportionality, redefines the normative scope of Articles 15, 42, and 47 of the Insurance Law, establishing a dynamic balance mechanism between creditor's rights realization and insurance protection. This article takes the three-tiered judicial process of this case as its starting point, comprehensively employing normative analysis, comparative law, and law and economics methods to systematically elaborate on the determination of the attributes of cash value, the structure of matured debt enforcement, and the institutional design of classification exemption and repurchase notices, aiming to provide both interpretative and legislative references for the connection between the Insurance Law and the Civil Enforcement Law.

The insurance penetration in the life insurance sector is still grave in Nepal, especially in the at-risk areas like Karnali Province where distribution has been adversely affected due to limited financial literacy, societal and economic factors and infrastructures. Life insurance agents are very essential as mediators, but their sales are influenced by several factors. This paper discussed issues affecting the performance of the agents and, in this case, the socio-economic aspect, awareness and trust of the customers, and organizational and policy-specific effects. A cross-sectional study of 150 operative agents indicated that the three factors are highly influential on sales performance. Organizational and policy-related factors proved to be the most influential predictor among them, and then went awareness and trust, and socio-economic factors. Regression model could explain 66 percent of the variance in sales performance, which highlights the role of the institutional support of the sales performance and customer engagement. The results reveal that the success of agents does not only depend on personal effort but very closely with organizational structures, training, motivation and favorable policies. Insurance distribution could be significantly improved in underserved areas through the enhancement of these areas, as well as efforts to instill customer confidence and increase financial literacy. The research will be of practical use to the different insurers, policymakers, and researchers that seek the extension of life insurance cover in developing economies such as Karnali Province.

This study examines how dividend announcements affect the stock prices of life insurance companies in Nepal. To do this, this study takes two main companies: Nepal Life Insurance Co. Ltd. (NLIC) and National Life Insurance Co. Ltd. (NLICL). These two are taken because their dividend amounts differ significantly. NLIC offered a high payout of 21.05%, while NLICL offered a lower payout of 12.50%. This study uses daily stock prices and the NEPSE index for the 10 days before and after news announcements in 2024 and 2025. The data shows that these announcements definitely move the market. On the day the news came out, NLIC’s stock jumped with a gain of 2.17% above the market, while NLICL had a smaller gain of 0.97%. A major finding is that high dividends keep investors interested for a long time. For the smaller dividend, people tended to sell their shares quickly to make a fast profit. Also, because prices started rising a few days before the official announcement, it seems the market is not perfectly efficient, and news might be leaking out early. This study is helpful for regular investors, policymakers, government agencies, insurance companies, etc., in Nepal who want to know the best time to buy or sell insurance stocks.

Genetic testing: Australia bans life insurers from discriminating against applicants.

Credit life insurance is designed to protect lenders against the risk of loan default arising from the death of borrowers during the loan period. In practice, premium determination for credit life insurance often assumes constant interest rates and does not fully account for demographic risk factors, which may lead to inaccurate pricing. This study aims to estimate the net single premium of credit life insurance by incorporating both borrower-specific mortality characteristics and floating interest rate dynamics under a stochastic framework. The loan interest rate is assumed to follow a floating structure linked to the BI 7-Day Reverse Repo Rate, which is modeled using the Cox–Ingersoll–Ross stochastic interest rate model to capture mean-reverting behavior and ensure non-negative interest rates. Loan repayment is structured through a monthly amortization scheme, resulting in a decreasing insurance benefit equal to the outstanding loan balance at the time of death. Mortality risk is evaluated using the Indonesian Mortality Table IV, with monthly death probabilities derived under the Uniform Distribution of Death assumption to accommodate fractional-age valuation. The actuarial present value of insurance benefits is computed by discounting the outstanding loan balance for each month and weighting it by the corresponding probability of death. The expected value of this random present value yields the net single premium. Numerical illustrations demonstrate that premiums increase with borrower age and are higher for male borrowers than for female borrowers of the same age, reflecting underlying mortality differences. Furthermore, the use of floating interest rates leads to annual adjustments in loan installments, which directly influence the evolution of insured benefits and premium values. Overall, the results indicate that integrating stochastic interest rate modeling with demographic mortality structure produces a more accurate and risk-reflective estimation of credit life insurance premiums, particularly in environments where floating interest rates are applied.

Personalized health predictions are developing rapidly across a wide range of diseases, challenging the existing legal frameworks for life and disability insurance. These frameworks were originally developed with a focus on presymptomatic genetic testing for severe monogenic diseases such as Huntington's disease. The rapid expansion of personalized medicine raises questions about whether existing legal frameworks remain adequate. This paper examines the underlying ethical values of current legal frameworks that rely on financial thresholds to balance stakeholders' interests and explores how the growing availability of personalized predictions may give rise to ethical tensions. We argue that it is important to find a renewed balance between stakeholders' interests, to evaluate whether the concept of genetic exceptionalism is still meaningful in light of personalized predictions, and to consider how legislation can be reformulated to encompass personalized predictions and ensure solidarity. Furthermore, the potential for inaccuracies and misinterpretation of personalized predictions should be addressed. Our analysis highlights several ethical tensions that current legal frameworks may not be well equipped to address as personalized prediction technologies evolve. We therefore conclude that re-evaluating the legal frameworks underpinning life and disability insurance underwriting is both timely and necessary.

Genetic testing for gene variants associated with hereditary cancers can help with cancer prevention, early detection, and treatment. However, testing has not been well integrated into primary care settings where its preventative impact can be realized. To explore patient-level barriers and facilitators throughout the genetic testing process in primary care settings, we conducted a thematic analysis of semi-structured interviews with 31 patients within the Early Detection of Genetic Risk (EDGE) study who had not completed the risk assessment (n = 2), had completed the risk assessment but were ineligible (n = 8), had declined testing (n = 10), and had completed testing (n = 11). Interviewees were broadly interested in genetic testing. Those who did not complete the risk assessment cited limited access to technology, exacerbated by health and financial struggles. Several interviewees who completed the risk assessment but were deemed ineligible for testing indicated that their lack of knowledge about biological relatives prevented complete responses to the risk assessment. Those who opted out of testing cited concerns over privacy, insurance discrimination, and potential psychological burden. Notably, the majority who declined testing were unsure if they would refuse again in the future, and three went on to request genetic testing after being invited to complete an interview. Those who changed their minds about testing stated changes in life circumstances (such as obtaining life insurance) that facilitated openness to testing. Patients who completed testing shared similar concerns to those who declined but were motivated by their familial cancer history and believed genetic testing could lead to preventative options. A key finding of this study was that patient readiness for testing changed over relatively brief follow-up times. These results highlight the need for practicable approaches to re-offering genetic testing to individuals over time.

CGE26-136: The Effects of Prostate Cancer Germline Genetic Testing on New and Existing Life Insurance Policies in California.

Term life insurance reserve calculations are strongly influenced by interest rate uncertainty, which affects the present value of long-term liabilities. This study estimates term life insurance reserves using a stochastic interest rate approach based on the Extended Vasicek model, chosen for its mean-reverting property and analytical tractability, which allow it to capture interest rate dynamics in a stable and interpretable manner. The model parameters are estimated using the Jackknife resampling method to improve stability. The data used consist of the annual average BI Rate from 2010 to 2025 and the Indonesian Mortality Table 2019 (TMI 2019). The results suggest that the Jackknife-based Extended Vasicek model produces stable mean-reverting projections of interest rates. These projections are then applied to reserve calculations using the Fackler and Full Preliminary Term (FPT) methods. The findings indicate that the Fackler method generates a gradual reserve pattern that peaks mid-term before declining to zero. In contrast, the FPT method yields zero reserves in the first year, followed by higher accumulation in subsequent years. Overall, this approach provides relatively stable and realistic reserve estimates under stochastic interest rate conditions. From a practical perspective, the Extended Vasicek model may be considered an alternative framework for actuaries to model interest rate uncertainty in reserve calculations. Future research could further examine its performance under different economic scenarios or compare it with other stochastic interest rate models to better understand its applicability and limitations.

The "SK Pawning" phenomenon has become a unique phenomenon that is increasingly being carried out by civil servants at LPP RRI Tarakan. This phenomenon is an easy solution and the safest alternative to meet financial needs. The convenience provided by the banking sector includes fast service, affordable life insurance costs, low interest rates, and status that does not have to be civil servants (PNS), but those who are still CPNS and PPPK can still pawn SK to obtain loans with a tenor of up to 15 years. Having ASN status with a stable income is a privilege to obtain loans easily and quickly. The loan funds obtained are used for various purposes, ranging from consumption, paying debts, consumptive spending to purchasing assets. The amount of income owned by civil servants can influence behavior in managing their finances. A person's locus of control can also influence how individuals manage their money. The study aims to analyze Factors Influencing Financial Conduct of Government Employees: A Case Study at LPP RRI Tarakan. In this study, the researcher applied a quantitative approach with an ex-post facto research nature. The sample used in this study was all ASN as of November 2025. Data were examined using classical assumption procedures followed by multiple regression analysis method. Based on the F-test hypothesis analysis, the results obtained showed that the F_calculated value = 30.564 > F_table = 2.751. While Adj R² = 0.573 (57.3%) and ? Income = 0.725; ? FinLit = 0.495; ? LOC = 0.414. The results the findings demonstrate that financial knowledge, earnings, and self-control orientation significantly enhance financial conduct. The existence of good financial knowledge, income and locus of control can influence ASN at LPP RRI Tarakan enabling better money management, lowering economic pressure, and enhancing quality of life.

Job satisfaction remains a pivotal construct in organizational behavior, particularly in high-pressure service industries like life insurance, where employee engagement directly influences service quality, client retention, and business sustainability. This quantitative study examines the impact of job satisfaction on key organizational outcomes employee productivity and retention among employees at ICICI Prudential Life Insurance, one of India's leading private life insurers. Data were collected from 100 employees using a structured questionnaire incorporating Likert-scale items, demographic variables, and multiple-choice questions. Descriptive statistics, correlation, and regression analyses were performed using SPSS to test hypothesized relationships. Findings reveal moderate to positive levels of overall job satisfaction (55% satisfied or very satisfied), with key antecedents including supervisory support, recognition, workload management, training opportunities, job security, and work-life balance. Correlation analysis showed a strong positive relationship between job satisfaction and productivity (r = 0.74, p < 0.05), while regression results indicated that job satisfaction significantly predicts retention intentions (β = 0.63, R² = 0.62, p < 0.01), explaining 62% of variance in retention. These results underscore job satisfaction as a strategic lever for enhancing performance and reducing turnover in the competitive Indian insurance sector. Practical recommendations include targeted HR interventions in recognition systems, flexible policies, and leadership development to foster sustained employee well-being and organizational resilience.

Since 2020, Medicare Advantage (MA)-related internet searches have tripled, accompanied by increased regional marketing by private insurers. Commercial health insurance dominates the internet during enrollment periods, often outpacing public sources in accessibility. Prior studies suggest that MA advertising significantly shapes enrollment and may fuel choices over traditional Medicare in certain subpopulations. We sought to better understand how health plan marketing strategies affect consumers by using Google Trends data and MA health plan enrollment selection. We applied novel analysis to assess statistical relationships among marketing, internet searches, and enrollment data. The objectives of this paper are (1) to establish the validity of Google Trends data as a surrogate measure for consumer MA plan selection by demonstrating stable, repeatable seasonality and domain specificity using control terms such as "car insurance" and "life insurance" at national and Designated Market Area levels; (2) to quantify the congruency between MA search interest and Centers for Medicare & Medicaid Services enrollment data by testing whether search peaks coincide with or precede enrollment surges nationally within a year; and (3) to assess whether local search intensity aligns with advertising exposure by evaluating search behavior as a potential proxy for marketing impact and consumer engagement. This study is a retrospective Google Trends analysis of consumer search patterns from January 2004 to December 2024, using relative search volume and conducting correlations with MA enrollment. Search data are accessible via the Google Trends website Explore tool or by applying for Google Trends application programming interface alpha access. MA enrollment data originated from the Centers for Medicare & Medicaid Services MA Dashboard. KFF (formerly the Kaiser Family Foundation) provided the medical advertising marketing data. A consistent, significant correlation between MA advertising and searches on MA exists across US markets, particularly before and during MA enrollment windows. Findings suggest a linkage in user behavior between volume of searches and subsequent enrollment in an MA plan. Internet search data can provide an open, near-real-time means of tracking patterns in MA-related search activity across time and geography, offering insight into how consumer interest fluctuates around enrollment periods. Our analysis reveals repeatable patterns in consumer interest over time that may be useful for contextualizing insurance marketing dynamics of consumers choosing commercial MA over traditional Medicare benefits. We also identified a significant correlation of seasonal trends in searches using terms associated with MA plans that peaked during the annual enrollment period (October-December). Improved accessibility to Medicare resources and directed messaging can bridge information gaps for underserved populations and can lead to more cost-effective decision-making by Medicare-eligible beneficiaries.

Purpose This study empirically examines the impact of service quality awards and corporate governance on the financial performance of Taiwanese life insurance companies from 2009 to 2014, offering critical managerial implications. Design/methodology/approach The findings indicate that firms receiving high-quality awards, particularly for corporate social responsibility, channel strategies and media integration, achieve superior financial performance, as measured by return on assets (ROA) and equity (ROE). Findings These results underscore the strategic value of service quality awards as credible signals of operational excellence, enhancing stakeholder trust and firm valuation. Managers should actively pursue industry-recognized awards and integrate them into investor relations strategies to reinforce market positioning and attract capital. Additionally, the study highlights the significant role of corporate governance in financial outcomes, with more excellent managerial representation on boards and higher blockholder ownership contributing to improved ROE. These findings emphasize the need for governance structures that align executive decision-making with shareholder interests, fostering financial stability and long-term profitability. Originality/value Policymakers should refine award criteria to emphasize sustainable value creation, while firms should leverage governance mechanisms to enhance transparency and accountability. Collectively, these insights position service quality awards and corporate governance as complementary drivers of financial performance, providing a competitive edge in the life insurance sector.