Health Insurance: Basic Actuarial Models by Ermanno Pitacco

By Ermanno Pitacco

Health Insurance goals at filling a spot in actuarial literature, trying to clear up the common false impression with regard to either the aim and the contents of medical insurance items (and ‘protection products’, extra mostly) at the one hand, and the correct actuarial buildings at the other.

In order to hide the elemental rules relating to medical health insurance innovations, the 1st few chapters during this booklet are quite often dedicated to the necessity for medical insurance and an outline of assurance items during this quarter (sickness assurance, twist of fate coverage, serious ailment covers, source of revenue security, long term care assurance, health-related advantages as riders to existence coverage policies). An advent to basic actuarial and risk-management matters follows.

Basic actuarial versions are awarded for illness assurance and source of revenue security (i.e. incapacity annuities). numerous numerical examples aid the reader comprehend the most positive aspects of pricing and booking within the medical health insurance sector. a brief advent to actuarial versions for long term care assurance items is additionally 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 e-book of benefit.

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Example text

Of course u + y = x. We have, for 0 < α ≤ 1: ⎧ ⎪ if x < D, ⎨x u = α (x − D) + D if D ≤ x < M, ⎪ ⎩ SL if x ≥ M, ⎧ ⎪ ⎨0 y = (1 − α) (x − D) ⎪ ⎩ x − SL where M= if x < D, if D ≤ x < M, if x ≥ M, 1 S L − (1 − α) D . α Of course, M = S L if α = 1, and M = 1 S L if D = 0 and 0 < α ≤ 1. 3) 38 3 Health Insurance Products The solid lines in Figs. 6 show the expense sharing, as defined by Eqs. 2) respectively. 25, S L = 500. We find (see Eq. 3)): M = 1 700. 1 shows some examples of sharing according to Eqs.

A sickness insurance product can provide coverage to more individuals, in particular all the members of a family. 5 Disability Insurance As noted in Sect. 1, the term disability insurance denotes various types of covers, providing benefits in case of temporary or permanent disability. Income protection (briefly IP) policies in particular pay a periodic (usually weekly or monthly) income to an individual if he/she is prevented by sickness or injury from working and hence from getting the usual income.

Combining reinsurance and capital allocation). 7. Monitoring. g. morbidity, mortality/longevity) adopted when pricing the product. It should be noted that the RM process is “never-ending”. In fact, the monitoring step aims at checking the results of the adopted actions, and possibly suggesting a revision of the previously performed steps. The RM process, as described above, refers to a given insurance product (or set of products), whose features (policy conditions and, in particular, guarantees and possible options) have already been defined in detail.

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