Development Research Of Long-Term Care Insurance

To improve the living quality of old people and solve the long-term care problem of old people,insurance company should develop the long-term care insurance product timely to fix the potential demand of market.Long-term care insurance is developing fast in USA,Germany and Japan.In those countries,the academic results in long-term care insurance include several fields:the academic results in development and pricing of LTC have Multimode Markov model,Manchester method,Decrement table model;the academic results in introducing LTC function,etc.In our country,the theory and practice of this product development and pricing is still in starting period.'Insurance Actuary Theory' by Zhi Zhuo is the representative one.Based on this,the author tries to do some research to provide the academic background and operation way for domestic insurance companies.This thesis introduces the international and domestic LTC products and compares the domestic products to the foreign ones.The author also describes the factors and models of pricing the long-term care insurance,makes the pricing examples and evaluates the three methods.Finally,the author tries to design a new lone-term care insurance product with entire liability and calculates the gross premium by Manchester method.The innovation of this thesis is to design a new long-term care insurance product with entire liability based on the US insurance product.This product can meet the needs and expectations of customers better.The author also uses the actuarial theory to calculate the gross premium of this LTC product.