This paper proposes a discrete-time risk model that has a centain type of correlation between premiums and claim amounts. It is motivated by the well-known No Claims Discount system or bonus-malus system in the car insurance industry. Such a system penalises policyholders at fault in accidents by surcharges, and rewards claim-free years by discounts. For simplicity, only two levels of premium a...

Enactment of the Massachusetts health reform plan stemmed primarily from several factors unique to the state. They were augmented by a questionable rationale that this latest version of health reform would forestall even greater threats ahead to the interests of the state's business community, private insurance policyholders, and taxpayers. The plan's foremost achievement involves development o...

This paper examines transition in the level of competition in the Japanese life insurance industry over the last ten years. We estimate the first order condition for profit maximizing insurance oligopolies to obtain the degree of non-competition and collusion. Estimation results suggest: 1) mutual companies, like stock companies, seek to maximize their own profits rather than pay out dividends ...

Credibility models are actuarial tools to distribute premiums fairly among a heterogeneous group of policyholders (henceforth called entities). More generally, they can be seen as prediction methods applicable in any setting where repeated measures are made for subjects with different risk levels. The credibility theory features of actuar consist of matrix hachemeister containing the famous dat...

In recent times, increased market awareness in Malaysia has demonstrated the value of life insurance safety. The fact that upward demands on applications have been observed since 2018, medical and hospitalisation claims disputes reported to increase from 39% 2018 41% 2019. Among others, reason underlying is due non-disclosure or misrepresentation material facts application. Thus, this study aim...

A profession serves a public purpose. Consequently, an outline of the history of the actuarial profession must follow the public purposes served by actuaries in applying their basic science. The formation in London in 1762 of the Society for Equitable Assurances on Lives and Survivorships as a mutual company, initiated a process that created a public purpose for actuaries. A mutual insurance co...

This study shows at how consumers feel towards life insurance companies in Kumbakonam. Since people are becoming more aware of their own mortality and the industry is competitive, it important for providers to consider customers' needs. The primary goal this research determine customer satisfaction with LIC. based on data collected via a questionnaire from 150 policyholders Kumbakonam, was anal...