Bayesian Probability Models for Critical Illness Insurance

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F14%3A39898478" target="_blank" >RIV/00216275:25410/14:39898478 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Bayesian Probability Models for Critical Illness Insurance
Original language description
Critical Illness Insurance (CII) is a type of long term insurance that provides a lump sum on the diagnosis of one of a speci?ed list of critical illnesses within the policy conditions. Knowledge of the probability of an insured event is the basis for the valuation of the products in life and non-life insurance companies. The aim of this article is to use Bayesian binomial/beta model for estimation of event probability for critical illness insurance. In Bayesian approach to estimation we should always start with a priori distribution for unknown parameter. In this paper we have used the algorithm for such a priori estimation of the binomial probability, which allows Bayesian estimates with less square error compared with classical estimates. In articlethe algorithm has been applied on the data submitted by the Decree No. 20/2008 to the National Bank of Slovakia from Slovak insurance companies giving exposure to the critical illness risk.
Czech name
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Czech description
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2014
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Recent Advances in Mathematical Methods in Applied Sciences
ISBN
978-1-61804-251-4
ISSN
2227-4588
e-ISSN
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Number of pages
4
Pages from-to
218-221
Publisher name
WSEAS Press
Place of publication
Atény
Event location
Saint Petersburg
Event date
Sep 23, 2014
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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