Health Insurance: Basic Actuarial Models by Ermanno Pitacco PDF

By Ermanno Pitacco

ISBN-10: 3319122347

ISBN-13: 9783319122342

ISBN-10: 3319122355

ISBN-13: 9783319122359

Health Insurance goals at filling a spot in actuarial literature, trying to remedy the common false impression with regard to either the aim and the contents of medical health insurance items (and ‘protection products’, extra more often than not) at the one hand, and the proper actuarial buildings at the other.

In order to hide the elemental rules concerning medical health insurance options, the 1st few chapters during this e-book are usually dedicated to the necessity for medical insurance and an outline of assurance items during this zone (sickness coverage, coincidence coverage, serious disease covers, source of revenue safeguard, long term care assurance, health-related advantages as riders to lifestyles assurance policies). An creation to normal actuarial and risk-management concerns follows.

Basic actuarial versions are provided for disorder coverage and source of revenue security (i.e. incapacity annuities). numerous numerical examples support the reader comprehend the most gains of pricing and booking within the medical insurance sector. a brief creation to actuarial types for long term care coverage items is usually supplied.

Advanced undergraduate and graduate scholars in actuarial sciences; graduate scholars in economics, company and finance; and execs and technicians working in coverage and pension components will locate this booklet of benefit.

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Additional resources for Health Insurance: Basic Actuarial Models

Example text

E. expense-related benefits; • care service benefits (for example, provided by the Continuing Care Retirement Communities, briefly CCRCs); see Sect. 5. 3 Fixed-Amount and Degree-Related Benefits A classification of LTCI products which pay out benefits with a predefined amount is proposed in Fig. 7. 6 Long-Term Care Insurance 45 LTC Insurance predefined benefits Immediate care plans ("point-of-need" plans) Pre-funded plans Care annuities Combined products LTC + lifetimerelated benefits LTC rider to a whole-life assurance IP + LTC Stand alone Life care pensions Enhanced pension Fig.

13 for bibliographical suggestions. 1. ). The index quantifying the overall disability of a generic individual is calculated according to the following procedure: 1. the degree p j is assessed for each activity j, j = 1, 2, . . , 13; 2. let p (1) , p (2) , p (3) denote the three highest values among the p j ’s ( p (1) ≥ p (2) ≥ p (3) ); 3. 1) 4. 3. 40 1 2 3 4 5 6 7 8 9 10 – – – – – I I I II II Remark It has been stressed that a weak point of disability assessment via ADL (or IADL) can be found in possible significant correlations among an individual’s ability to perform the various activities.

As is well known, capital allocation is mandatory to the extent that it is imposed by a specific solvency regime. On the one hand, the higher the capital allocation, the higher the insurers’ degree of solvency (which is, of course, one of the targets of the insurance risk management). On the other hand, allocating capital obviously implies a cost to the shareholders. The cost of shareholders’ capital does not contribute in determining the insurer’s profit. Conversely, creation of value relies on the possibility of covering all the cost, the cost of shareholders’ capital included.

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Health Insurance: Basic Actuarial Models by Ermanno Pitacco


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