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Transcript of Endowment Insurance
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In some policies premium is paid for a fixed time period and the
amount of the policy is paid to the insured after this time period.
The date on which the amount of a policy becomes due is called
the date of maturity and the time period for which the insurance is
taken is called Endowment term.
In case, the insured dies before the date of maturity, the payment
of premium is stopped immediately and the beneficiary gets the
amount of the policy.
Such a policy is called the Endowment Insurance Policy.
ENDOWMENT INSURANCE
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In some policies premium is paid for a fixed time period and the
amount of the policy is paid to the insured after this time period.
The date on which the amount of a policy becomes due is called
the date of maturity and the time period for which the insurance is
taken is called Endowment term.
In case, the insured dies before the date of maturity, the payment
of premium is stopped immediately and the beneficiary gets the
amount of the policy.
Such a policy is called the Endowment Insurance Policy.
ENDOWMENT INSURANCE
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Risk is defined as uncertainty of loss.
Pure Risk is a situation in which there are only the possibilities of
loss or no loss.
For example premature death of a family head, car accident,
unemployment etc.,
Speculative Risk is a situation in which either profit or loss is
possible.
For example betting on a horse race, investing in real estate,
going into business for yourself, gambling etc.,
RISK
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Personal Risks: These consist of the possibility of loss of income or
asset as a result of the loss of the ability to earn income.
Ex: Premature death, sickness or illness and unemployment
Property Risks: Anyone who owns property risks simply because
such possessions can be destroyed or stolen. It involves two
types of loss i.e. direct loss and indirect loss
Ex: If a house is destroyed by fire, the owner loses the value of the
value of building itself which is a direct loss and if the owner has no
place to live and in order to rebuild it the owner will incur
additional costs which is called indirect loss.
CLASSIFICATION OF PURE RISK
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Avoiding Risk: The method of managing risk is simply to avoid it.
But avoiding risk is not effective or practical.
Controlling Risk: We can try to control risk by taking steps to
prevent or reduce losses.
Accepting Insurance: To accept or retain risk is to assume financial
responsibility for that risk.
Transferring Risk: Transferring a risk means shifting the financial
responsibility to another party which can sustain that loss.
Insurance plays a major role in transferring the risk
RISK MANAGEMENT
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The loss must occur by chance that is an unexpected event or an
event that is not intentionally caused by the person.
The loss must be definite either in terms of time or amount.
The loss must be significant.
The loss must be predictable.
The loss must not be sudden to the insurer.
The loss must be measurable and determinable.
CHARACTERISTICS OF INSURABLE RISKS
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Enterprise Risk Management includes the methods and processes used by
organizations to manage risks and seize opportunities related to the
achievement of their objectives.
Market Risk is the risk arising from adverse movements in market prices
which includes change in prices of the commodities.
Credit Risk is the risk arising from the potential that a borrower will fail to
pay a debt.
Liquidity Risk is the risk that a given security or asset cannot be traded
quickly enough in the market to prevent a loss or make the required profit.
Operational Risk is defined as a risk incurred by an organization's internal
activities like fraud, physical or environmental risks.
ENTERPRISE RISK MANAGEMENT
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When an insurance company receives an application for insurance, the
company must assess the degree of risk it will take on if it agrees to issue
the policy.
The individual who believes an greater-than-average likelihood of loss to
seek insurance protection to a greater extent than do those believes an
average or less-than-average likelihood of loss.
This tendency is called antiselection , adverse selection, or selection of
risks.
The process of identifying and classifying the degree of risk represented by
a proposed insured is called underwriting or selection of risks.
RISK ASSESMENT
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The process of identifying and classifying the degree of risk represented by
a proposed insured is calledUnderwritingor Selection of Risks.
The insurance company employees who are responsible for evaluating
proposed risks are calledUnderwriters.
Underwriting consists of two primary stages
a) Identifying the risks that a proposed insured presents
b) Classifying the degree of risk that a proposed insured
represents
To classify proposed insured's, underwriters apply general rules of risk
selection, known as underwriting guidelines, established by the insurer.
UNDERWRITING
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Proposed insureds who have a likelihood of loss that is not significantlygreater than average are classified as Standard Risksand the premium
rates charged are called Standard Premium Rates.
Proposed insureds who present a significantly less-than-average likelihood
of loss are classified as Preferred Risksand the rates charged are lower
than Standard Premium Rates.
Proposed insureds who have a significantly greater than average likelihood
of loss but are still found to be insurable are classified as SubstandardRisksor special class of risks and the premium rate is called Substandard
Premium Rate.
The proposed insureds who are considered to present a risk that is too
great for the insurer to cover is calledDeclined Risk.
UNDERWRITING GUIDELINES
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A contract is a legally enforceable agreement between two or more
parties.
The two parties to an individual life or health insurance contract are the
insurance company that issued the policy and the individuals who owns
the policy, known as the Policy Owner.
The fact that a contract is legally enforceable means that the parties are
bound to carry out the promises they made when entering into the
contract.
If a party does not carry out its promise , then that party has breached the
contract.
Laws provide an innocent party with remedies for losses resulting from a
breach of contract.
FUNDAMENTALS OF CONTRACT LAW
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A formal contract is one that is enforceable because the parties to the
contract met certain formalities concerning the form of the agreement.
A informal contract is a contract that is enforceable because the parties to
the contract met requirements concerning the substance of the
agreement rather than requirements concerning the form of the
agreement.
If both parties make legally enforceable promises when they enter into a
contract, the contract is called a bilateral contract
If only one of the parties makes legally enforceable promises when the
parties enter into contract, the contract is called a unilateral contract.
TYPES OF CONTRACTS
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A Commutative contract is an agreement under which theparties specify in advance the values that they will exchange,
the parties generally exchange items or services that they
think are of relatively equal value.
For example you made a contract with SUN insurance
companies, when the contract was made, you and the
contractor specified the service to be provided and the price
to be exchanged for that service.
COMMUTATIVE CONTRACT
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An aleatory contract is a contract in which one party provides somethingof value to another party in exchange for a conditional promise.
A conditional promise is a promise to perform a stated act if a specified,
uncertain event occurs. If the event occurs you need to perform it or else
need not to do.
Life and Health insurance policies are aleatory contracts.
A life insurance policy is a aleatory contract because the performance of
the insurers promise to pay the policy proceeds i.e, on death of the
insured while the policy is in force. If the policy is terminated prior to the
death of the insured , the insurers promise to pay the policy proceeds will
never be performed, even if a number of premiums are paid.
ALEATORY CONTRACT
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The parties to the contract must show clearly their mutual
official agreement to the terms of the contract.
The parties to the contract must have contractual capacity.
The parties to the contract must exchange legally adequate
consideration.
The contract must be for a lawful purpose.
GENERAL REQUIREMENTS OF A CONTRACT
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A VALID CONTRACT is one that satisfies all legal requirements
and thus is enforceable at law.
A VOID CONTRACT is one that does not satisfy one or more of
the legal requirements to create a valid contract and thus is
never enforceable at law.
A VOIDABLE CONTRACT is one in which a party has the right
to avoid her obligations under the contract without incurring
legal liability.
LEGAL TERMS OF A CONTRACT
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Actuaries are the persons who compiles and analyzes
statistics and uses them to calculate insurance risks and
premiums.
Organizations known as mutual benefit societies developed
an early method of obtaining money to pay death claims, they
collected money after the death of the person who was
insured.
This funding method is known as MUTUAL BENEFIT METHOD
or POST DEATH ASSESSMENT METHOD.
MUTUAL BENEFIT METHOD
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For example, let us assume that a society with 500 members
required a $10 payment from each surviving participant when
a member died. After the death of one member, the surviving
499 members would each pay $10. the total amount collected
$4900 minus administrative fees would be paid to the
deceased members beneficiary.
MUTUAL BENEFIT METHOD
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Mutual benefit societies often had problems collecting the
money to pay death benefits. A society could not force its
members to pay their shares and thus could not guarantee
the amount of benefit.
As a societys membership declined, the society either had to
reduce the amount of the benefit paid following a members
death or increase the amount each surviving member was
required to pay for each death.
PROBLEMS ASSOCIATED
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Under the assessment method for funding life insurance
benefits, the organization that offered insurance coverage
estimated its operating costs for a given period, usually one
year.
The operating costs included anticipated death claims and the
organizations administrative expenses.
The organization then divided equally among the participants
in the plan the total amount of money needed to pay
operating costs for the period.
ASSESSMENT METHOD
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The amount of the benefit payable under a life insurance
policy should be specified or calculable before the insureds
death.
The money needed to pay policy benefits should be collected
in advance so that insurer will have funds available to pay
claims and expenses as they occur.
The premium an individual pays for an insurance policy should
be directly related to the amount of risk the insurance
assumes for that policy.
LEGAL RESERVE SYSTEM
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The legal reserve system is based on laws requiring that
insurance companies establish policy reserves .
In the United States as well as other countries , insurers are
required to establish policy reserves, which are liabilities that
represent the amount the insurer estimates it needs to pay
policy benefits as they come due.
Because these reserves are required by law, they are
sometimes referred to as legal reserves or statutory reserves.
POLICY RESERVES
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A Premium Rate is a charge per unit of insurance coverage.
The premium rate is expressed as the rate per thousand, the annual
premium amount is calculated by multiplying the premium rate by
the number of coverage units.
Premium rates must be equitable so that each policy owner is
charged premiums that reflect the degree of risk the insurer
assumes in providing the coverage.
Cost of benefits, inv.estment earnings and expenses are the factors
included in the calculation of life insurance premium rates
PREMIUM RATE
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
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The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
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39/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
40/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
41/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
42/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
43/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
44/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
45/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
46/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
47/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
B
-
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48/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
49/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
50/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
51/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
52/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
53/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
54/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
55/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
56/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
57/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
58/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
59/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
60/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
61/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
62/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
63/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
64/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
65/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
66/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
67/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
68/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
69/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
70/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
71/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
72/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
73/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
74/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
75/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
76/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
77/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
78/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
79/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
80/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
81/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
82/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
83/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COS OF BENEFI S
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
84/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
85/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
86/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period. Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
87/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
88/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
89/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
90/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
91/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
92/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
93/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
94/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
95/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
96/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
97/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group of
people.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
COST OF BENEFITS
-
7/29/2019 Endowment Insurance
98/99
The cost of benefits for an insurance product equals all of the
insurers potential payment of benefit obligations to customers
multiplied by the expected probability that each benefit will be
payable.
Mortality is the incidence of death among a specified group ofpeople.
Mortality Rate is the rate at which death occurs among a specified
group of people during a specified period.
Actuaries in an insurance company are concerned with estimating
the number of deaths that will occur in a given group ofinsureds is
called a block ofinsureds
-
7/29/2019 Endowment Insurance
99/99
