Premium Calculation for Critical Illness Products
Premium Calculation for Critical Illness Products

Author(s): Ján Gogola
Subject(s): Business Economy / Management, Evaluation research, Financial Markets
Published by: Masarykova univerzita nakladatelství
Keywords: premium; mortality; life table; dread disease; critical illness policy;
Summary/Abstract: According to the World Health Organization (WHO) Europe had the highest incidence of the cancer disease in 2008 and by the World Bank the cancer incidence rates rises as the country income increases. In this framework, people are stepping up their requests for the welfare services or for the insurance companies' financial backing in order to face up to the risks concerning the human health and life, like the risk of becoming invalid, losing the own physical or mental ability to live independently or contracting a critical illness. Critical Illness Insurance is an insurance product where a fixed sum (lump sum) is payable on the diagnosis of one of a specified list of critical illnesses.

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