Study On Actuarial Model For Combined Life Insurance Of Four-member Family

Combined life insurance refers to two or more family members. According to the insurance contract, when death, disability, disease or ageing befalls any family member, or any family member reaches the age agreed, other family members as beneficiaries will receive insurance benefits. This insurance can plan family finance. When the accident occurred, it can enable the family from financial hardship and stable the income of the family. It can also provide protection for all family members.When engaging in combined life insurance, insurance companies must be determined by the combined life insurance products at reasonable prices to make their products competitive and attract more potential customers. Life insurance actuarial model is to solve this problem. In the present life insurance actuarial model, most are two or three family members (spouses and children) as the basis for the insured person. This does not cover the needs of different family structures. According to China's reality, the family structure including an old person is prevalent. In this family, if one of the husband and wife died, for anther person, their wages alone could not shoulder the responsibility of the family. If both of the husband and wife died, the support issues of the elderly and children are urgent. In addition, from the probability of risk, it is difficult to judge that which family members has higher risk, only one person insured can no longer meet the family security needs. For each family member, the same amount of insurance coverage sometimes appeared to be inadequate. Therefore, we bring together the three generations to study and propose a family of four combined life insurance actuarial model in promoting China's life insurance products and thus promote the life insurance industry.Chapter 1 is Introduction. We first introduce the background of the combined life insurance and its practical significance in promoting the development of the life insurance. Second, we review the domestic and international single and combined life insurance model researches. Third, we introduce the idea of writing articles and content arrangement. Finally, we will give some suggestions on future research.Chapter 2 is Life Insurance Overview. First, we introduce the concept of life insurance. Second, we summarize some features of the life insurance. One is the characteristic of risk, and the occurrence of risk is inevitable, regular, fluctuant and dispersible. Another is the characteristic of product, and the life insurance product mostly lasts for a long term period with saving, and its insurance payment amount is agreed upon in advance. The other is the characteristics of life insurance business. Life insurance companies adopt net premiums to a balanced system and the reserve fund system. And this business has the investment function. Finally, we describe some life insurances, including some traditional insurances, annuity, and combined life insurance. Then we put forward some advantages of combined life insurance. Combined life insurance can reduce expenses, save troubled families and act as an investment.Chapter 3 is the Basic Theory of Life Insurance Actuarial Mathematics. This chapter first describes the basis of the actuarial model of "death." Section I for the unary life function, it describes age at death with the distribution function,density function,survival function,the future of the remaining life with the survival function,density function,and describe changes in death within a moment of one's strength. Because life insurance mortality is based on the life table to predict, in the end of this section, we also introduce the concept of life table functions. The second section, we will introduce the multi-life functions, mainly to discuss the case of two lives. There are two states composed of two lives. They are joint survival state and final state of survival. This section describes the status of the two future survival time functions, such as density function, one's strength and some other concepts. This chapter then describes the basis of the actuarial model of "rate." We will give the concept of interest, principal, final value, present value and discount factors, and then introduce the most important practical measure: simple interest and compound interest. The fourth section describes the premium payment net of life insurance, namely the present value of expected loss. And then we will list the formulas of a variety of continuous life insurance premiums. The fifth section describes the premium payment net of annuities, namely the present value of expected loss. And then we will list the formulas of a variety of continuous annuities premiums. The sixth section describes the principle of pure premium calculation, and lists the formulas of a variety of pure premium calculation. The seventh section describes two methods of calculating liability reserve, and lists the formulas of a variety of liability reserve calculation.Chapter 4 is An Actuarial Model for Combined Life Insurance of Four-member Family. Actuarial model first proposed the hypothesis of this model. The subjects covered a husband, wife, the elderly and a child. Insurance Liability divided into life insurance and annuities. In the life insurance, considering the order of death, the family of four as a whole is divided into three main security, namely the elderly, children and couples. Consider the first occurrence of death of the three main body as a fatal accident, the second occurrence of death of the three main body as another fatal accident. When the two accidents happen, the life insurance benefit is provided. The annuity is divided into the following areas: First, the elderly and the couples'pension. Second, when spouses died, the child is under eighteen, child support payments will be provided. Third, if one of the couple died, we will give another person's life compensation. Premium payment mode is continuous, the payment period last for h years. Secondly, we give the formula of balanced net premium of life insurance and annuities balanced formula pure premium, and thus arrive at the total annual insurance premium payment net. Finally, we will calculate the responsibility of the policy reserve. As the form of reserves depend on the assumption that the state of the insured, when we calculation the life insurance reserve, we suppose that there are at least two of the main state deposited in the account when preparing, and when we calculation the annuities reserve calculation, we suppose that there are at least one of the main state deposited in the account when preparing. As there are complex types of annuities, we do not take a unified formula to make the reserve calculation. Then we give the responsibility of life insurance and annuity reserves liability formula, and thus arrive at a total moment of the policy reserve.