On Actuarial Risk Models For Universal Life Insurance Products

The theory and practice of life insurance actuary have been a very classical precious sources of basic products for the insurance science.In recent decades,the research on life insurance actuary has steadly advanced and already made a series of remarkable achievements, especially in aspects of actuarial models of life insurance under various stochastic rate of interests.However,For the universal life insurance sorts which is newly designed for actually meet the demand of market meanwhile avoid the risks(it became soon a new favorite in the field of life insurance),there are no deep and comprehensive investigations on its risk actuarial modeling because of its own special characteristics different from products already established.Following the thoughts of the historical work on life insurance model,we attempt to establish some actuarial risk models for the universal life products under the random interest rate.This thesis is divided into five chapters.In Chapter One,we mainly discuss the background of topics and the all-round development life insurance process,the comparison of traditional life insurance with life insurance from premiums paid, operating transparency,investment,and several other aspects of the detailed.Finally,we show an outlook of the thesis.In Chapter Two,we mainly discuss the actuarial model for universal life insurance.Universal life is one of the popular products of modern life insurance companies in the world.The distinguish features of the universal life include randomly paying for premium,variable determining manners for cash values and the optional ways of death benefits.Based on ARIMA(p,d,q) model for random interets,we model the features of the universal life,and present some mathematical forms for randomly payment of premium as well as the determining manners for cash values.Correspondingly,an actuarial present value's formula for universal life is obtained.In Chapter Three,we mainly discuss the reserves for universal life with respect to its general and special properties.The reserve is an important debt of the insurance company,whose correctness in computation will affect the operation of insurance company.In this chapter,we present the reserves about the universal whole-life insurance and universal two versatile-life insurance,and discuss briefly the reserve in the different objectives of the evaluation.In Chapter Fuor,we mainly clarify universal life insurance's risk model.First of all,the risks that the universal life capital returns faced by,here VaR estimation value is able to effectively measure the risk of financial assets.Secondly,we concern the risk in solvency,the ruin probability,it will be shown as an simulated example being an evidence.In Chapter Five,we sum up the thesis work and the significance of the results,and pointed out some consideration of researches in future from the author's point of view.