An Algorithm Evaluating Generalized Life Insurance Programs

B. Levikson (), E. Frostig () and D. Bshouty
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B. Levikson: The University of Haifa
E. Frostig: The University of Haifa
D. Bshouty: Technion-Israel Institute of Technology

Methodology and Computing in Applied Probability, 2001, vol. 3, issue 3, 329-340

Abstract: Abstract We study generalized life insurance (GLI) models in continuous time. These models are presented as non-homogeneous Semi-Markov processes and studied directly as such. We give an algorithm, based on recursive integral scheme, finding the expected present value of premium payments and of benefits outgo, thus enabling us to find the annual premium. An algorithm based on this method is applied numerically using real data set to calculate the above quantities for a GLI contract.

Keywords: generalized life insurance; LTC; IP; multistate models; benefits; premiums (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1023/A:1013783325730

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