Title :
An optimal control model of the payment of benefit in life insurance
Author :
Qian, Wei-Yi ; Ma, Yan-Fen ; Wang, Yan-Jie
Author_Institution :
Dept. of Math., Bohai Univ., Jinzhou, China
Abstract :
In this paper, we focus on discussing the continuous term insurance policy in the form of paying premium in wholesale and paying the death benefit at the moment of death of the insured. Then we establish an optimal model of the payment of benefit. By solving and discussing the solution of the optimal control model, we finally obtain the optimal form and find out the insured´s optimal stratagem.
Keywords :
insurance; optimal control; actuarial present value; death benefit; insurance policy; life insurance payment benefit; net single premium; optimal control model; Aging; Cybernetics; Economic indicators; Equations; Insurance; Machine learning; Mathematics; Optimal control; Probability density function; Statistics; Net single premium; actuarial present value; utility function;
Conference_Titel :
Machine Learning and Cybernetics, 2005. Proceedings of 2005 International Conference on
Conference_Location :
Guangzhou, China
Print_ISBN :
0-7803-9091-1
DOI :
10.1109/ICMLC.2005.1527156
