VALUASI BIAYA UNTUK PILIHAN KONVERSI DARI POLIS ASURANSI JIWA BERJANGKA KE ASURANSI JIWA SEUMUR HIDUP; (PAYMENT VALUATION FOR CONVERTION OPTION FROM TERM LIFE INSURANCE POLICY TO WHOLE LIFE INSURANCE)

Pristyadi, Ade Femia, Gunardi

2015 | Skripsi | FMIPA

One of the features in term life insurance can be changed (convertible), the policyholder may alter its initial policy to a whole life insurance policy before the term ends. Policyholders are often compelled to change their policy when their medical condition declined. In this thesis, we will discuss the valuation of the cost of conversion option which consider mortality improvement. Mortality improvement used as the basis for calculation. To predict future mortality rates, the authors use Lee Carter model. Lee-Carter proposed a model to describe the changes in the mortality rate as a function of time index. To estimate the parameters of Lee Carter model, it use Maximum Likelihood Estimation (MLE) with poisson distribution approach. The result of the convertion cost option based stochastic mortality table has a lower value than the static charge conversion option.

Kata Kunci : term life insurance discrete; conversion option; lee-charter models; maximum likelihood; newton unidimensional; whole life insurance discrete