Determination of Life Microinsurance Premium Using the Commercial Rate Method
Abstract
Microinsurance is insurance that is intended for people who have low incomes which is made with the aim that all levels of society can have insurance with affordable prices. Life insurance is a protection program for families in the event of unwanted things, such as death or permanent disability, to policy holders. This study aims to determine the life microinsurance premium. The data sample used is data on claim and benefit paid by life insurance company obtained from the official website of Otoritas Jasa Keuangan (OJK) Indonesia, which is assumed to have a log-normal distribution. The research method is to test the distribution of claims from the sample data using the Kolmogorov-Smirnov test. Then determine the value of the claim distribution parameter, and then calculating life microinsurance premium using the Commercial Rate method. The results obtained in the form of premium for life microinsurance that are payable by low-income people.
Keywords
Full Text:
PDFReferences
Bock, O. de, & Ontiveros, D. U. (2013). Literature review on the impact of microinsurance. International Labour Office, Geneva, (35), 1–15.
Chakravart, N., Laha., & Roy, B. (1967). Handbook of methods of applied statistics. New York: John Wiley and Sons.
Hogg, R. V., McKean, J. V., & Craig, A. T. (2013). Introduction to mathematical statistics. United States: Pearson Education.
Mccord, M. J. (2007). The landscape of microinsurance in the world ’ s 100 poorest countries. Wisconsin: In Practice.
Matul, M., Mccord, M. J., Phily, C., & Harms, J. (2009). The landscape of microinsurance in Africa. International Labour Organization, 1–8.
Silva, K. R., & Afonso, L. E. (2013). A study on life microinsurance in Brazil. Brazilian Business Review, 10(3), 130–155. doi: 10.15728/bbr.2013.10.3.6.
Walpole, R. E., Raymon, H. M., Shaton, L. M., & Keing, Y. (2012). Probability and satistics for engineers & scientics. 9th edn. Boston: Pearson Eduction, Inc
DOI: https://doi.org/10.46336/ijqrm.v4i4.544
Refbacks
- There are currently no refbacks.
Copyright (c) 2023 Azizah Rini Widyani, Riaman Riaman, Sukono Sukono
This work is licensed under a Creative Commons Attribution 4.0 International License.
Published By:
IJQRM: Jalan Riung Ampuh No. 3, Riung Bandung, Kota Bandung 40295, Jawa Barat, Indonesia
IJQRM Indexed By:
Creation is distributed below Lisensi Creative Commons Atribusi 4.0 Internasional.