Download Health Insurance: Basic Actuarial Models by Ermanno Pitacco PDF

By Ermanno Pitacco

ISBN-10: 3319122347

ISBN-13: 9783319122342

ISBN-10: 3319122355

ISBN-13: 9783319122359

Health Insurance goals at filling a spot in actuarial literature, trying to clear up the widespread false impression with regard to either the aim and the contents of medical health insurance items (and ‘protection products’, extra in general) at the one hand, and the appropriate actuarial constructions at the other.

In order to hide the fundamental rules relating to medical insurance innovations, the 1st few chapters during this publication are quite often dedicated to the necessity for medical insurance and an outline of assurance items during this quarter (sickness assurance, twist of fate assurance, severe disorder covers, source of revenue safeguard, long term care assurance, health-related merits as riders to existence coverage policies). An advent to normal actuarial and risk-management concerns follows.

Basic actuarial versions are awarded for disease assurance and source of revenue security (i.e. incapacity annuities). numerous numerical examples aid the reader comprehend the most good points of pricing and booking within the medical insurance zone. a quick advent to actuarial versions for long term care coverage items is usually supplied.

Advanced undergraduate and graduate scholars in actuarial sciences; graduate scholars in economics, company and finance; and pros and technicians working in coverage and pension components will locate this publication of benefit.

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Additional resources for Health Insurance: Basic Actuarial Models

Sample text

Referring to the total payout of an insurance portfolio, the relative impact of this component, which can be quantified by the risk index (or coefficient of variation), decreases as the size of the portfolio increases. If this size cannot be increased, (traditional) reinsurance transfers help in managing the individual longevity risk. • The relative impact of the aggregate longevity risk is independent of the portfolio size (whereas the absolute impact on the portfolio payout increases as the portfolio size increases).

The benefit consists of the waiver of life insurance premiums during periods of disability. 2 Types of Benefits in Group Insurance and Pension Plans Disability group insurance may represent an important part of an employee benefit package (see also Sect. 10). There are two main types of benefits provided by disability group insurance: • the short-term disability (STD) benefit protects against loss of income during short disability spells; • the long-term disability (LTD) benefit protects against long-term (and possibly permanent or lasting to retirement age) disabilities.

As is well known, capital allocation is mandatory to the extent that it is imposed by a specific solvency regime. On the one hand, the higher the capital allocation, the higher the insurers’ degree of solvency (which is, of course, one of the targets of the insurance risk management). On the other hand, allocating capital obviously implies a cost to the shareholders. The cost of shareholders’ capital does not contribute in determining the insurer’s profit. Conversely, creation of value relies on the possibility of covering all the cost, the cost of shareholders’ capital included.

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