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All Journal Journal of Natural Sciences and Mathematics Research Unisda Journal of Mathematics and Computer Science (UJMC) Square : Journal of Mathematics and Mathematics Education
Seftina Diyah Miasary
Universitas Islam Negeri Walisongo Semarang
Agriculture, Biological Sciences & Forestry Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Education Materials Science & Nanotechnology Mathematics Physics

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Calculation of Tabarru Funds Using Makeham's Mortalita Law and Gompertz's Mortalita Law Using the Cost Of Insurance Method Tauki Rohman Muzaki; Emy Siswanah; Seftina Diyah Miasary
Journal of Natural Sciences and Mathematics Research Vol 6, No 1 (2020): June
Publisher : Faculty of Science and Technology, Universitas Islam Negeri Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/jnsmr.2020.6.1.11156

Abstract

Tabarru funds have the meaning of a collection of funds given by insurance participants as a virtue fund with sincere intentions for the purpose of helping one participant with another if one of them gets a disaster. The tabarru fund management mechanism in Indonesia uses two types of operational systems, namely the product saving system (savings) and the non-saving product system. Management with a saving product system uses a savings mechanism with 5% for management funds. Meanwhile, in the non-saving product system with a no-savings mechanism, the amount and its management are not yet known, which will cause confusion for the community in the calculation. The cost of insurance method is one method that can be used to calculate tabarru funds. This method calculates tabarru funds by multiplying the percentage of tabarru funds by the cost of coverage. The percentage of tabarru funds is searched through the mortality table, management fee, and investment level. From the management fee of 25% and the investment rate of 5%, the percentage of tabarru funds using Makeham's mortality law is  for men and for men. Meanwhile, Gompertz's law of mortality obtained  for men and for women . ©2020 JNSMR UIN Walisongo. All rights reserved.
Annual Premium Determination for Joint Life Insurance with De Moivre and Gompertz’s Mortality Laws Seftina Diyah Miasary
Square : Journal of Mathematics and Mathematics Education Vol 4, No 2 (2022)
Publisher : UIN Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/square.2022.4.2.13212

Abstract

This research discusses how to determine the annual premium for joint life status. The death rate (mortality rate) is one of the factors that can be considered when calculating the premium. The quantitative method used in this study was to estimate the parameters of the De Moivre and Gompertz’s Mortality laws using secondary data from the 2011 Indonesian Mortality Table (TMI III) for men and women. This calculation generates a formula for calculating the annual premium for joint life insurance based on De Moivre and Gompertz mortality law. Starting with estimating the parameters of Gompertz's mortality law for the Indonesian Mortality Table in 2011 using the maximum likelihood estimation method, then calculating the combined life probability, death benefit APV, continuous life annuity APV, and annual premium for joint life insurance. The value of the annual premium on joint life insurance with the mortality law of De Moivre and Gompertz for a simulated term life insurance n = 10 years with age x (husband) 28 years and y (wife) 25 years, the death benefit (R) is Rp. 50,000,000; and the interest rate is 3.50 percent with the Indonesian Mortality Table in 2011. According to the calculations, the annual premium value of joint life insurance based on Gompertz's mortality law is greater than De Moivre's mortality law.Keywords: Join Life Insurance, Mortality Laws, Annual Premium.
Penentuan Premi Tahunan Dan Cadangan Manfaat Asuransi Jiwa Dwiguna Murni pada Status Last Survivor dengan Tiga Orang Tertanggung Fika Riza Syifamillah; Emy Siswanah; Seftina Diyah Miasary
UJMC (Unisda Journal of Mathematics and Computer Science) Vol 8 No 2 (2022): Unisda Journal of Mathematics and Computer science
Publisher : Mathematics Department, Faculty of Mathematics and Sciences Unisda Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52166/ujmc.v8i2.3693

Abstract

Last-survivor life insurance is life insurance with more than one life (multiple life) in which premium payments end when the policyholder dies for the last time. Last-survivor status can be applied to various types of insurance, including pure endowment life insurance. Pure endowment life insurance is insurance that provides a death benefit if the insured is still alive within the agreed timeframe. Furthermore, two costs that insurance companies must consider are the amount of premiums and benefit reserves. The premium is the amount of money paid by the insurer to the insurer for their participation in the insurance, while the benefit reserve is the amount of funds that the insurance company needs to prepare to pay losses to the participant during the coverage period. The purpose of this study is to calculate the annual premiums and reserves for pure endowment life insurance benefits based on last survivor status for three insured people. Based on the results of calculating the benefit reserve using the prospective method, the older the insurance member, the lower (smaller) the chance of survival. That is, the greater the likelihood that the three members will die before the insurance contract expires, the less likely the insurance company will pay the sum insured. This causes the premium to be paid to be smaller. The value of the benefit reserve from the initial year of insurance to the end of the insurance contract period, which is the 25th year, is getting smaller every year.
Co-Authors Fika Riza Syifamillah Siswanah, Emy Tauki Rohman Muzaki