A Study on Modeling of Lifetime with Right-Truncated Composite Lognormal-Pareto Distribution: Actuarial Premium Calculations

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dc.authoridKara, Emel Kızılok/0000-0001-7580-5709
dc.contributor.authorKara, Emel Kızılok
dc.date.accessioned2025-01-21T16:33:16Z
dc.date.available2025-01-21T16:33:16Z
dc.date.issued2021
dc.departmentKırıkkale Üniversitesi
dc.description.abstractThe modeling of lifetime is important to compute actuarial quantities such as the premium on insurance and annuity products. De Moivre, Gompertz, and Makeham are laws of mortality frequently used in lifetime modeling. Composite distributions have also been used to model lifetime, recently. However, there are not many actuarial applications of these models in the literature. Therefore, the main aim of the study is to perform a case study that gives a comparison of marginal and composite models on premiums. For this purpose, firstly, it is aimed to achieve a new mortality function for a lifetime using composite distribution. The second aim is to analytically compute premiums for whole life and term life insurance products. Here, it is assumed that lifetime distribution is modeled with lognormal, Type 2 Pareto (Pareto) and composite lognormal-Pareto. Firstly, the right truncated distributions of the models were obtained under the consideration that the last age of death was 100. Afterwards, the survival and mortality functions were inferenced using Mathematica 10.2 for the right truncated models. Finally, premium coefficients were analytically presented for whole life and term life insurances in single and joint life statuses. The results show that there are significantly differences in these premium coefficients. It has been observed that the premium coefficients for the term life insurance were higher than the premium coefficients for whole life insurance. In addition, the premium coefficients of the insurances issued for the joint life were smaller than the premium coefficients for the single life.
dc.identifier.doi10.35378/gujs.646899
dc.identifier.endpage288
dc.identifier.issn2147-1762
dc.identifier.issue1
dc.identifier.scopus2-s2.0-85102972747
dc.identifier.scopusqualityQ2
dc.identifier.startpage272
dc.identifier.trdizinid1137174
dc.identifier.urihttps://doi.org/10.35378/gujs.646899
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay1137174
dc.identifier.urihttps://hdl.handle.net/20.500.12587/23772
dc.identifier.volume34
dc.identifier.wosWOS:000623884100019
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.publisherGazi Univ
dc.relation.ispartofGazi University Journal of Science
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_20241229
dc.subjectComposite lifetime; Truncated distributions; Mortality-survival; Insurance premiums; Single-joint life
dc.titleA Study on Modeling of Lifetime with Right-Truncated Composite Lognormal-Pareto Distribution: Actuarial Premium Calculations
dc.typeArticle

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