Term Insurance Research Articles

Evaluation of the Transparency of the Medical Insurance System in Ukraine

In this article, a theoretical study was carried out related to the analysis of the health insurance system in Ukraine regarding the level of its information transparency and transparency in interaction with private, cooperative clients and the state, which represents the controlling and regulatory authorities. The main goal of this study is an analytical assessment of insurance companies that provide services for voluntary health insurance in terms of openness to users of information about their economic activities, features of the offered insurance policies, their cost, etc. This paper summarizes the arguments and counterarguments within the scientific debate regarding the concept of «transparency» and the benefit received by subjects of economic relations from following the principles of openness and integrity. The urgency of solving this scientific problem lies in the fact that the level of medical protection and the quality of services provided to the population on the basis of the existing state health insurance is at a low level and does not contribute to improving the health, working capacity and quality of life of society. The study of the transparency of the health insurance system was carried out in the following logical sequence: the relevance and problematic of the researched question are determined, as well as the position of scientists regarding this is summarized; a general analysis of the dynamics of net insurance premiums and net insurance payments for 2019-2021 was carried out, for various types of insurance, including medical insurance; the activity of the most rated insurance companies in health insurance was analyzed by the level of insurance premiums and payments as of the end of 2021; a comparative analysis of the insurance products of the companies was carried out and, based on transparency indicators and a scoring system, a conditional division of the analyzed commercial institutions according to the level of information transparency into high, medium and low levels was performed, based on the obtained points with the selection of the most attractive and informationally open institutions; the final stage of the article provides conclusions and own recommendations for solving problematic aspects of the research. Informational data from the official websites of the analyzed insurance companies, open data of the National Bank of Ukraine, and statistical information on the functioning of the insurance market from the Internet became the factual basis for this study. The results of the conducted research can be helpful for individuals who are interested in choosing an insurance company for personal health insurance.

PENENTUAN PREMI ASURANSI BERJANGKA LAST SURVIVOR UNTUK KASUS DUA ORANG TERTANGGUNG

Insurance is an agreement between the insurance service company and the policyholder as the insured party. The insured party will pay the premium as agreed upon to the insurance service provider. Insurance in Indonesia has developed rapidly, one of which is the last survivor term insurance. In this study, the determination of the last survivor insurance premium with a tenor of 10 years for the case of two insured persons aged 70 and 20 years respectively using the Indonesian mortality table in 2019. The first case, the two insureds are male and the second case, the two insured are female. The determination of the last survivor life insurance premium is completed by first determining the cash value of the annuity and the single premium. Based on the results obtained, the value of the premium depends on gender and the interest rate. Where, men pay premiums more expensive and the greater the interest rate, the smaller the value of the premium to be paid

MEKANISME PENCATATAN KONTRIBUSI PADA PT. ASURANSI ASKRIDA SYARIAH PALANGKA RAYA BERDASARKAN PSAK 108

This article aims to analyze the mechanism and adjust the recording of sharia insurance contribution funds with PSAK 108 at PT. Askrida Syairah Palangka Raya Insurance. Research Methods: This research is a field research using qualitative research methods with a descriptive approach, while the subject of this research is the Head of the Office of PT. Askrida Syariah Palangka Raya Insurance regarding the mechanism for recording sharia insurance contribution funds. Data collection techniques in this study used observation, interviews and documentation techniques. The data validation technique uses the credibility test (internal validity) with technical triangulation and dependability tests. Research Findings: The results of this study indicate that 1) the mechanism for recording contribution funds at PT. Askrida Syariah Palangka Raya Insurance in terms of determining the contribution value is influenced by the contribution rate, loan value and administrative costs. Then in terms of the distribution of contributions, Bank Syariah Indonesia gets 15% as Ujrah Bank and the remaining 60% goes into the participant's account as tabarru' funds and 40% goes to the manager's account as ujrah funds. 2) Recording of contribution funds at PT. Askrida Syariah Palangka Raya Insurance is not fully compliant with PSAK 108. Renewal of Research: PT. Askrida Syariah Palangka Raya Insurance in terms of contribution sharing is not only distributed to companies and managers but the Bank also gets a 15% share as the Bank's ujrah in managing contribution funds.

The burden in the social insurance system on business entities in Ukraine and the EU

The article considers the burden in the social insurance system on business entities of Ukraine and EU countries. A comparison of northern European and continental models of social insurance is made. The system of social insurance in terms of payment of contributions by economic entities of Ukraine and EU countries is analyzed and a comparative description is made. An analysis of the reform of insurance rates for business entities for compulsory state social insurance in Ukraine, as well as the dynamics of the single social contribution from businesses. The influence of the load in the social insurance system on economic entities on the level of shadowing of the state economy is substantiated. The article defines the dynamics of the integrated indicator of the level of the shadow economy in Ukraine and the growth / decrease of real GDP. The factors that contribute to the growth of the shadow economy in the EU countries are identified and the shadow sector in these countries is analyzed. An approach to reduce the burden in the social insurance system on business entities of Ukraine is proposed.

Hedging strategy for unit-linked life insurance contracts with self-exciting jump clustering

<p style='text-indent:20px;'>This paper studies the hedging problem of unit-linked life insurance contracts in an incomplete market presence of self-exciting (clustering) effect, which is described by a Hawkes process. Applying the local risk-minimization method, we manage to obtain closed-form expressions of the locally risk-minimizing hedging strategies for both pure endowment and term insurance contracts. Besides, we demonstrate the existence of the minimal martingale measure and perform numerical analyses. Our numerical results indicate that jump clustering has a significant impact on the optimal hedging strategies.</p>

Politics of Law of Social Security of Passenger Accidents Construction of State Responsibility

The role of the presence of the state is important so that the implementation of social security from the government to the community is managed from compulsory contributions and community contributions. Management and control of the funds are submitted to the State Owned Enterprises (BUMN) PT. Jasa Raharja. This research method is normative juridical (normative law research) using normative legal studies in the form of legal behavior products. Research findings: (1) The Political Law of Social Security for Passenger Accidents and Road Traffic Accidents provides an overview of the Insurance business that has been managed so far PT. Jasa Raharja is a social insurance program that can be organized by BUMN, so PT. Jasa Raharja as a state-owned company is the only provider of social security insurance for passenger accidents and road traffic accidents. (2) Barriers to adjusting the implementation of the Social Security Program based on Act No. 40 of 2014 concerning Insurance in terms of regulation between Act No. 33 and 34 of 1964 with Act No. 40 of 2014 concerning Insurance, the institutional provisions of article 89 of the Insurance Law are implemented, so there is a fundamental change in the administration of the mandatory insurance coverage for passenger accidents and road traffic accidents.

An investigation of an overlap in penalty calculations: profit commission in reinsurance treaties versus profit commission in binder agreements for underwriting managers

Reinsurance treaties and binder agreements regulate penalty calculations in the event the insurer and underwriting manager is unprofitable and/or profitable. The formulae and different premium terminologies are investigated to calculate loss ratios and whether there is an overlap in sliding scale penalty calculations/formulae relevant to loss ratios of treaties and binder agreements. Treaties and binder agreements generally use sliding scale penalties to calculate reinsurance commission or sharing in the insurer’s profits by an underwriting manager and is in conflict with the Conventional Penalties Act 15 of 1962 of South Africa. The Conventional Penalties Act 15 of 1962 must guide reinsurers and insurers in their profit calculations formulae to prevent any form of sliding scale penalties relevant to loss ratios. It is therefore suggested that a standard template of profit calculations and terminologies should be used in binder agreements to prevent different calculations of loss ratios in the short term insurance landscape. This will guide the Financial Conduct Authority Services (previously the Financial Services Board) to understand loss ratios of affordable short term financial products when compared to loss ratios of other short term financial products in South Africa.
 Keywords: Reinsurance commission; loss ratio; risk premium; penalties; underwriting manager

Enterprise Risk Management Maturity Levels of the Insurance Industry in Botswana

Enterprise Risk Management (ERM) has become a necessity in the financial sector to fulfil stakeholder expectations. Studies confirm that ERM impacts positively on the performance of firms. The main objective of the study was to assess ERM maturity levels of the insurance industry in Botswana. This was achieved through first designing a framework to measure enterprise risk management maturity levels. The ERMMF incorporated elements from COSO’s ERM framework and the AON risk maturity model obtained through literature review. Data were sourced from four strata; 9 long term insurance companies (15 respondents), 11 short-term insurance companies (19 respondents), 3 reinsurers (5 respondents), and 44 brokerages (75 respondents). While all organisations in the population were used, a sample of 114 out of possible 134 respondents was used. Data were analysed using SPSS version 16. The findings revealed that the insurance industry in Botswana had somewhat implemented ERM. It is therefore recommended that the insurance industry in Botswana should take ERM as a continuous process for growth in ERM maturity levels as such an improvement is highly likely to enhance their performance.

IMPROVEMENT OF PENSION INSURANCE PRINCIPLES

Abstract. The article presents basic principles of investments into pension funds, namely, the principles of safety, profitability and negotiability, and specific features of pension insurance in the world, such as administration of premium collection, features that are specific for rural areas and specific features of «ethical investing». It was proved that the countries that developed pension systems of a new type should use the experience of guaranteed pension payments. To overcome the financial crisis in pension provision system, it is necessary to develop new principles for renovation of the world pension markets. It was found out that use of the pay-as-you-go pension system is a vital issue for many countries on the back of the financial crisis and failure of citizens to make pension contributions. Many foreign scientists, economists, politicians have researched problems of pension system development, setting the foundation of modern pension systems in the world economies. Ukrainian scientists form the modern vision of a new pension system in Ukraine. In the sphere of social insurance both in Ukraine and all over the world, it can be stated that a pension system is an important part of the social security system of economic activity. The objective of the article is substantiation of theoretical principles and development of scientific and practical recommendations on pension insurance in terms of reforming a pension system. The role of pensions increases along with development of market relations in the countries where social, economic and political changes take place. Based on previous researches, the scheme presenting basic principles and features of pension insurance in the world has been developed. Based on the above, it can be stated that demography is an urgent problem for many countries of the world. It can be solved via higher retirement age, levelling of retirement age of men and women, higher state expenditures on pensions, etc., with due consideration of specific situation in every single country. The processes of investment of funds play an important role in implementation of pension provision principles. Investing into pension insurance funds in the capital market has some specific features and principles that should be adhered for the sake of safety, profitability and negotiability of assets. Thus, the government has to regulate and control the process of pension funds investing. Depending on the governmental policy, restrictions have to be imposed on investing into various assets. High level of inconsistency of processes in this sphere is due to internal and external factors, and it requires further research. Keywords: the pension system, pension insurance, pension provision, retirement age, social security. JEL Classification G22, G23, H55, J32 Formulas: 0; fig.: 1; tabl.: 0; bibl.: 11.

ЭФФЕКТИВНОСТЬ АГРАРНОГО СТРАХОВАНИЯ С ГОСУДАРСТВЕННОЙ ПОДДЕРЖКОЙ

The article is devoted to one of the most important areas of economic regulation of the agricultural sector of the economy - the development of an agricultural insurance mechanism with state support. The authors assessed the current state of agricultural insurance. It was revealed that the current model of agricultural insurance with state support does not provide agricultural production with effective insurance protection and does not contribute to the activation of investment activities of agricultural producers. The level of insurance compensation received by agricultural organizations is insignificant, government subsidies do not reach farmers, but remain in the assets of insurance companies. In agricultural insurance, a truncated system of the insurer’s liability to the policyholder is used, which allows the insurer to significantly reduce its liability. The main directions of improving the agricultural insurance mechanism are associated with the formation of equivalent relations between the parties to the insurance process. It is necessary to create a state insurance company specializing only in agricultural insurance. The necessity of amendments to the legislation on agricultural insurance in terms of reducing the size of franchises and developing investment functions of insurance has been substantiated.

Страховой актуарий как посредник в сфере страхования

Relevance. Currently, it is difficult to classify our state as one of the countries with a developed insurance market. Despite the fact that almost thirty years have passed since the adoption of the Law of the Russian Federation №. of November 27, 1992 4015-1 "On the organization of insurance business in the Russian Federation", the adoption of special laws on insurance in certain areas, the market of intermediary insurance services is only getting on its way of development. Numerous problems that have not been resolved to date, ambiguous judicial practice delay this process. At the same time, it is necessary to note the positive dynamics: the emergence of new participants in insurance mediation brings Russian insurance legislation closer to world standards. One of the manifestations of the transformation of the insurance sector is the emergence of an insurance actuary. The definition of its legal status, role and functional potential is of considerable interest for the theory of private law about its subjects and law enforcement practice. The purpose is to determine the legal status of an insurance actuary as an insurance intermediary. The objectives of the study are as follows: to define an insurance actuary, taking into account its features; to identify the signs of an insurance actuary; to identify the main types of insurance actuaries. Methods. The article is based on the methods of analysis, synthesis, induction, deduction, formal legal. Results. During the scientific work, the legal position of the insurance actuary as one of the insurance interme-diaries was determined, a common understanding of the term insurance actuary was developed, and the specific fea-tures of this subject were determined. Conclusion. The insurance actuary is an intermediary in insurance, acting in the interests of the insurer. The legal status of an insurance actuary depends on whether it acts on its own behalf on the basis of an actuarial settlement service agreement with the insurer, or on behalf of an insurance organization in the performance of an employment function.

Problems of financial support to State guarantees for free medical care under extreme conditions

Subject. The article considers the mechanisms of the insurance model of domestic health financing from the perspective of readiness for extreme operating conditions caused by the spread of a new coronavirus infection. Objectives. The purpose is to assess the financial sustainability of the Russian model of compulsory medical insurance in the fight against the pandemic, and propose measures to improve the financial support to State guarantees of free medical care. Methods. I employ the methods of logical analysis, statistical analysis, comparison, and other general scientific methods. Results. Extreme conditions caused by COVID 19 pandemic negatively affect the financial stability of healthcare organizations. However, the Russian version of compulsory medical insurance does not provide for any mechanisms to compensate for financial losses in case of economic instability. Thus, the debate about the need to return to the budgetary model of health care becomes particularly relevant in the new economic situation. Conclusions. There is a need to modernize the key elements of the financial model of compulsory medical insurance in terms of increased transparency of tariff policy in payments for medical care, financial risk sharing, automation of operational processes in industry management, etc. It is also crucial to continue reforming the public health sector based on the patient-centered approach through strengthening the outpatient medical care, developing the telemedicine, introducing chronic disease management programs, etc.

Rola prywatnych ubezpieczeń zdrowotnych w budowaniu „srebrnej gospodarki” w Polsce

Polskę w kolejnych dekadach czeka proces gwałtownych przemian demograficznych polegający na wzroście udziału seniorów w populacji. W celu utrzymania wzrostu gospodarczego w nowej sytuacji demograficznej zwraca się uwagę na tzw. srebrną gospodarkę, której znaczenie można rozpatrywać zarówno w wymiarze społecznym, jak i ekonomicznym. Ekonomiczne znaczenie koncepcji „srebrnej gospodarki” polega, między innymi, na wskazaniu korzyści wynikających z wykorzystania potencjału popytowego, jaki reprezentuje starsza populacja. Srebrna gospodarka obejmuje szereg segmentów, w tym ubezpieczenia odnoszące się głównie do form ryzyka właściwych starszemu wiekowi. Do tej szerokiej grupy zaliczyć można również prywatne (komercyjne) ubezpieczenia zdrowotne. Celem niniejszego opracowania jest przybliżenie roli prywatnych ubezpieczeń zdrowotnych w kontekście zjawiska budowania srebrnej gospodarki w Polsce. W artykule postawiono hipotezę: seniorzy w Polsce mogą stać się istotnymi inwestorami na rynku ubezpieczeń zdrowotnych. Analiza sytuacji finansowej seniorów, obciążenie budżetów wysokimi wydatkami na zdrowie, szczególnie na wyroby farmaceutyczne, pozwalają na przyjęcie założenia, że odpowiednio skonstruowana oferta może spotkać się z zainteresowaniem tej grupy społecznej.

Heterogeneity and uncertainty in a multistate framework

This research develops the scheme proposed in the paper Pollard [J Inst Actuar 96(2): 251–264, 1970], which is based on a two-state model for the analysis of 1-year mortality, but the results are also valid for the probabilities related to other types of insurance events such as disablement and accidents. We extend the Pollard’s original scheme into time-discrete models with more states (active-invalid-dead) together with further investigation into multi-year time horizon. Additionally, hypotheses for real-valued individual frailty are assumed in the models. As the baseline probabilistic structure, we have adopted a traditional three-state model in a Markov context. We focus on an insurance portfolio. Our outputs of interest are based on the probability distributions of the annual payouts for term insurance policies providing lump sum benefits both in case of death and in case of permanent disability. The analysis of the probability distributions allows us to assess the risk profile of the insurance portfolio, and thus to suggest appropriate actions in terms of premiums and capital allocation. In this regards, we adopt the percentile principle.

EXAMINATION OF PRIVATE HEALTH INSURANCE IN TERMS OF HEALTH SERVICES USAGE IN TURKEY

In this study, it is aimed to investigate whether there is any difference between health services usage of individuals with and without private health insurance in Turkey. If there is a difference, it is aimed to find in which direction does it affect and what kind of health care does it direct individuals to. A total of 852 people, 459 of whom do not have private health insurance and 393 of whom have private health insurance have been surveyed by the researchers using a questionary that was created by literature review. Participants were asked questions about their socio-demographic, economic, health status and use of health services in the last year. The data obtained were analyzed with SPSS package program. In the analysis, non-parametric techniques such as Mann Whitney U test and Chi square were used. Significant differences were found between the individuals with and without private health insurance in terms of outpatient treatment, surgical procedure, vaccination, dentist visits, glasses-contact lenses supply and family health center (FHC) visits. It has been found that individuals with private health insurance tend to use therapeutic health services rather than preventive health services. Also, the usage of primary health care in this group is lower.

A Study on Customer’s Preference for Personal Vehicle Insurance Provided by Different Insurance Companies in Bengaluru

The primary purpose of vehicle insurance is to cover the vehicle against damage, personal injury, and third-party liability. In addition to this, some insurance companies also provide value-added services such as roadside assistance and other services in return of the amount called as premium which attracts a large number of customers. However, our study shows that vehicle owners give maximum importance to the cost of insurance in terms of the annual premium. Primary data has been collected through questionnaire and analysed to ascertain about the factors responsible for taking out vehicle insurance, choice between private and public sector insurance companies, preferred insurance companies among the major players in the field, factors that play a role in the customers’ choice of a particular insurance company, customers’ opinion about the affordability of the premium to be paid, customers’ satisfaction with their chosen company, whether customers consider fast and efficient service as a deciding factor, and whether the brand value of the company plays a role in the customers’ choice.

Compulsory Versus Voluntary Insurance: An Online Experiment

Agricultural insurance can be classified into two broad categories: Compulsory (government/public) and Voluntary (market/private) insurance. In practice, the vast majority of compulsory insurance is partially compulsory, where compulsory insurance provides only partial coverage, and it allows for supplemental voluntary purchases (mixed insurance). In this article, we use the Balloon Analogue Risk Task as the assessment of risk‐taking and insurance context to conduct an online experiment. The main objective is to compare compulsory, voluntary and mixed insurance in terms of adverse selection and moral hazard. We find adverse selection in purely voluntary insurance, but advantageous selection in mixed insurance. Moral hazard exists in all three types of insurance, but it is smaller in mixed insurance. Our ancillary results suggest that under the combined effects of significant moral hazard and “no adverse selection” in purely compulsory insurance make it the insurance type with the lowest social earnings. Overall there is no crowding‐out effect of the compulsory part on residual voluntary purchases in mixed insurance.

Abstract C130: The cultural experiences of gender and sexual minorities accessing preventative breast cancer screenings: Making medical settings more inclusive to increase uptake

Abstract In analyzing the cultural obstacles that gender and sexual minorities (GSM), specifically gender-nonconforming women and transpeople, face when accessing preventative breast cancer screenings, I have uncovered various intersections that are in play. The primary feature for this particular study is specific female body parts, the breasts, which may or may not produce conflicted feelings for GSM. Other intersections include gender performances, sex, race, and sexuality, along with educational status and economic status (which facilitates gaining health insurance) in terms of the importance, affordability, and understanding of breast cancer screenings. This is all done with the backdrop of a terrifying and deadly disease without early detection. GSM are the most underserved within this realm of medicine, and it is my contention that there are specific cultural obstacles causing this. Recently, there has been growing evidence that gender-nonconforming women and transpeople access breast screenings less often than their counterparts (Hiestand, Horne & Levitt, 2007; Wang, Griffiths & Grande, 2017, 2018; Barefoot, Warren & Smalley, 2017; Bazzi, Whorms, King & Potter, 2015; Tabaac, Sutter, Wall & Baker, 2018); however, as of yet, there have been no large-scale analyses to determine exactly what the cultural features are that are causing obstacles for these two groups in getting breast cancer screenings. Themes have emerged from my initial interviews for this project that will guide the much larger study. The underlying cultural features specific to GSM accessing medical settings as well as these themes that have emerged from the data will be the focus of my presentation. Citation Format: Kristi Tredway. The cultural experiences of gender and sexual minorities accessing preventative breast cancer screenings: Making medical settings more inclusive to increase uptake [abstract]. In: Proceedings of the Twelfth AACR Conference on the Science of Cancer Health Disparities in Racial/Ethnic Minorities and the Medically Underserved; 2019 Sep 20-23; San Francisco, CA. Philadelphia (PA): AACR; Cancer Epidemiol Biomarkers Prev 2020;29(6 Suppl_2):Abstract nr C130.

PENENTUAN PREMI TUNGGAL BERSIH ASURANSI JIWA BERJANGKA BERDASARKAN STATUS MULTIPLE DECREMENT

Insurance is an attempt of risk diversion by the insured person to the insurance company. The risk is referred to the future event that will potentially cause a financial loss. Based on many risk factors,the status of insurance was divided into a single decrement and a multiple decrement. In single decrement, the only factor caused benefit payment is death, while in multiple decrement there is more than one factors caused benefit payment. As a consequence, beside the random variable of time until termination , there is another random variable appears that is the cause of decrement . The aim of this study was to describe the development process of a multiple decrement table and determine net single premium based on multiple decrement status. This study was conducted by describing the construction process of components in the multiple decrement table using joint distribution and marginal distribution for each random variable. This study is a various equation for constructing a multiple decrement table was obtained. That probability equation was also used to form the net single premium equation of term insurance based on multiple decrement status by using probability function of time until termination and cause of termination. Keywords: Term Insurance, Multiple Decrement, Net Single Premium

The Efficacy of Long-Term Insurance Model in Addressing Insurance Cover Provision in Zimbabwe

The period 2008 up to the present, has witnessed unprecedented volatility in the insurance industry in Zimbabwe. The significant role that insurance companies play during the aforementioned period, highlight the importance of understanding the state of long term insurance cover within the context of the unstable Zimbabwean economic environment. In order to facilitate an informed understanding of the insurance sector in Zimbabwe, this thesis reviews the efficacy of long term insurance companies in providing insurance cover amidst economic adversity. This study summarizes relevant insights from academic research, and provides related empirical evidence. It is poignant that, the Zimbabwean long term insurance industry has been showing signs of irrelevance to the general population. This study sought to question the relevance and adequacy of the generic long term insurance model in light of the dynamic nature of Zimbabwean social, economic financial and cultural context and, in the process, recommend a model relevant to Zimbabwean circumstances to ensure continued, sound, reliable long term insurance cover that address societal expectations. The generic model is built around three pillars of assumptions namely, Demographic assumptions, Economic assumptions and financial assumptions. In the case of Zimbabwe, recent demographic and economic trends as well as our financial system do not conform to the assumption underlying the Generic Insurance Model leaving policy holders losing value and financial security. The legislative framework has been examined in terms of provision of conducive environment to model insurance along the context of a given constituency have been proved to be completely ineffective in protecting consumers and totally out of touch with modern strategies to protect consumers of insurance and pension services. There is therefore urgent need to remodel the long term insurance along the Zimbabwean cultural context, appropriate with the demographic character, financial limitedness and economic status of Zimbabwe. There is need to restructure the legal framework in line with proper prescribed asset ratios, liberty to invest offshore, realistic capital levels and proper surveillance instruments