NATURE OF LIFE INSURANCE AND THE BENEFITS PAID IN LATVIA

2019 ◽  
pp. 82
Author(s):  
Violeta Smule
Keyword(s):  
Life Insurance ◽  
Family Members ◽  
Insurance Market ◽  
Insurance Companies ◽  
Financial Problems ◽  
Insurance Benefits ◽  
The Family ◽  
The Future ◽  
Insured Person

Life insurance persistently evolves in Latvia. Competition in the insurance market is tough; consequently, the insurance companies apply diverse marketing techniques to retain their current clients and attract new ones. The research aim is to examine the nature of life insurance and the amounts of insurance benefits paid in Latvia. Life insurance is a kind of insurance that covers the death of the insured person. Life insurance is necessary for persons providing family incomes, as it protects the family members against financial problems in case of loss of the family provider. In Latvia, life insurance with savings is the most widespread, as this kind of life insurance combines two elements – the insurance of one’s own life and savings for the future.

Attribute Priority Arrangement of Cancellations in the Life Insurance Using Rough Set

2018 ◽  
Vol 9 (4) ◽  
pp. 16-43 ◽  
Author(s):  
M.A. Elsafty ◽  
Hamed Mohamed Elkhawaga
Keyword(s):  
Rough Set ◽  
Life Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Policies ◽  
Rough Model ◽  
The Future

This article presents a method for the rough set which attributes priority arrangement of cancellations in the life insurance. The number of canceled documents on the rise plus they're oscillatory and also the rates of cancellations in constant fluctuation, which requires searching in the problem of cancellations of this document, needs to be investigated in the future. It is obvious that these cancellations negatively affect the result operations of insurance companies. The article identifies the most important variables that affect the rates of cancellations and so as to reach solutions that lead to reducing the number of canceled documents by using the Rough model. The rough model was used to identify the determinants of cancellations in the life insurance of the Egyptian insurance market, so as to reach solutions that lead to reduce the number of canceled policies and find solutions to them. These findings prove that the most important factors that affect the cancellations for insurance policies are policy premiums, insurance period and age of policyholders, respectively.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

scholarly journals Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

2018 ◽  
Vol 7 (1) ◽  
pp. 17-42
Author(s):  
Milijana Novović Burić ◽  
Vladimir Kašćelan ◽  
Milivoje Radović ◽  
Ana Lalević Filipović
Keyword(s):  
Risk Management ◽  
Interest Rate ◽  
Life Insurance ◽  
Financial Management ◽  
Financial Stability ◽  
Interest Rate Risk ◽  
Economic Security ◽  
Insurance Market ◽  
Insurance Companies ◽  
Rate Risk

Abstract Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM), as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

scholarly journals Father-child discourse in Family Guy: a corpus-based analysis

2020 ◽  
Vol 26 (2) ◽  
pp. 61-65
Author(s):  
Anhelina Sliepushova
Keyword(s):  
Family Communication ◽  
Gender Stereotypes ◽  
Emotional Support ◽  
Family Members ◽  
Family Roles ◽  
American Family ◽  
The Family ◽  
Word Lists ◽  
The Future ◽  
Family Guy

The article aims at analysis of gender and family stereotypes in father-child communication in an animated series Family Guy, featuring a typical American family. The study focuses on Peter Griffin's discourse, the father of the family, containing his communication with two of his teenage children, a son and a daughter, unveiling gender peculiarities in father-son and father-daughter discourses. The attempt is made to disclose how gender and family roles are verbalized in communication between family members. The conversation, discourse and corpus-based analyses have been used to analyze the main character's discourse in order to single out the father's specific vocabulary — through word lists, keyword lists, clusters and collocations — he uses while communicating with his son and daughter. The findings show that Peter Griffin chooses different language means while talking to his son and daughter. Thus, his discourse addressing his adolescent son Chris is rich in direct addresses, mainly commands when the father tries to discipline his son. Offering his son emotional support or encouragement the father stays forthright with him creating an image of “real men” stereotypical conversations. On the contrary, while communicating with his daughter Peter modifies her name Meg addressing her as honey, sweetheart, one-of-a-kind in father-daughter discourse. However, using diminutives he humiliates his daughter and makes her feel an abandoned child. In this way, he makes her feel special but in a negative way. Family communication created in the animated series reflects gender stereotypes in father's attitude to his children belonging to two different sexes. Nevertheless, this verbal tendency does not affect relationships within the family. For the future, it is worthwhile to compile a larger corpus including mother-child, child-father, and child-mother discourses to get more representative results

Making a Connection: Family Experiences With Bedside Rounds in the Intensive Care Unit

2018 ◽  
Vol 38 (3) ◽  
pp. 18-26 ◽  
Author(s):  
Shawn E. Cody ◽  
Susan Sullivan-Bolyai ◽  
Patricia Reid-Ponte
Keyword(s):  
Intensive Care Unit ◽  
Intensive Care ◽  
Health Care Providers ◽  
Family Members ◽  
Management Style ◽  
Family Management ◽  
Care Providers ◽  
Bedside Rounds ◽  
The Family ◽  
The Future

Background The hospitalization of a family member in an intensive care unit can be stressful for the family. Family bedside rounds is a way for the care team to inform family members, answer questions, and involve them in care decisions. The experiences of family members with intensive care unit bedside rounds have been examined in few studies. Objectives To describe (1) the experiences of family members of patients in the intensive care unit who participated in family bedside rounds (ie, view of the illness, role in future management, and long-term consequences on individual and family functioning) and (2) the experiences of families who chose not to participate in family bedside rounds and their perspectives regarding its value, their illness view, and future involvement in care. Methods A qualitative descriptive study was done, undergirded by the Family Management Style Framework, examining families that participated and those that did not. Results Most families that participated (80%) found the process helpful. One overarching theme, Making a Connection: Comfort and Confidence, emerged from participating families. Two major factors influenced how that connection was made: consistency and preparing families for the future. Three types of consistency were identified: consistency in information being shared, in when rounds were being held, and in informing families of rounding delays. In terms of preparing families for the future, families appeared to feel comfortable with the situation when a connection was present. When any of the factors were missing, families described feelings of anger, frustration, and fear. Family members who did not participate described similar feelings and fear of the unknown because of not having participated. Conclusion What health care providers say to patients’ families matters. Families may need to be included in decision-making with honest, consistent, easy-to-understand information.

OSIGURANjE ŽIVOTA U KORIST TREĆIH LICA

2021 ◽  
pp. 535-551
Author(s):  
Zoran Miladinović ◽  
Keyword(s):  
Life Insurance ◽  
Legal Status ◽  
Insurance Contract ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Law ◽  
Legal Provisions ◽  
Insured Person ◽  
Insured Event

Insurance of life in favor of third parties is more important than the insurance of life in case of death. Moreover, in some rights this type of insurance can be contracted only in the event of the death of the insured person. There are no such restrictions in our insurance law, which means that the same can be agreed in case the isured person reaches a certain age. With this type of insurance, the insured event can be realized on the person of the insurance policyholders or on some other person. The insured person can therefore be the insurance contractor himself and it can also be another person. Considering that in this type of insurance, upon the occurrence of the insured event, the payment of the insured amount is always made to a certain third party beneficiary and that the insurance contract mentions several persons with different legal status, the insurance contract must clearly define the issues such as clear determination of the beneficiary insurance, what happens if the insurance beneficiary dies before the insured person, or the contractor assures, whether it is necessary for the insurance beneficiary to give his consent to be paid compensation, whether and until when the insurance policyholder can revoke the benefit he has contracted for a third party-beneficiary of the insured, etc. All these issues are mainly regulated by legal provisions, but of particular importance are General Conditions of life insurance of life insurance companies, as the above issues are clearly defined on the basis of experiences that have proven to be open in practice.

scholarly journals Trust – the Intangible Asset of Policyholder Behavior on Insurance Market

2016 ◽  
Vol 63 (s1) ◽  
pp. 125-136 ◽  
Author(s):  
Gabriela-Mihaela Mureşan ◽  
Gabriel Armean
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Positive Impact ◽  
Multiple Correspondence Analysis ◽  
Insurance Market ◽  
Insurance Companies ◽  
Intangible Asset ◽  
Computer Assisted ◽  
Initial Sample

Abstract Our analysis aims to identify the typology of consumers’ behavior on insurance market. The initial sample consisted of 1579 individuals who were randomly selected by Metro Media Transilvania (MMT) with the Computer-Assisted Telephonic Interview (CATI) method. Using the Multiple Correspondence Analysis (MCA) and logistic regression, we are showing that higher levels of trust, pleasant experiences, income and education have a positive impact on insurance development. This theoretical approach is relatively new as there are no specialized studies to investigate the intangible asset in insurance companies in Romania’s case. This article should help the insurers to understand the role of trust and the importance of pleasant experiences in selling financial services such as life insurance and voluntary private pension.

scholarly journals Stackelberg Equilibrium Premium Strategies for Push-Pull Competition in a Non-Life Insurance Market with Product Differentiation

Risks ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 49
Author(s):  
Søren Asmussen ◽  
Bent Jesper Christensen ◽  
Julie Thøgersen
Keyword(s):  
Differential Game ◽  
Product Differentiation ◽  
Life Insurance ◽  
Diffusion Approximation ◽  
Risk Process ◽  
Stackelberg Equilibrium ◽  
Insurance Market ◽  
Insurance Companies

Two insurance companies I 1 , I 2 with reserves R 1 ( t ) , R 2 ( t ) compete for customers, such that in a suitable differential game the smaller company I 2 with R 2 ( 0 ) < R 1 ( 0 ) aims at minimizing R 1 ( t ) − R 2 ( t ) by using the premium p 2 as control and the larger I 1 at maximizing by using p 1 . Deductibles K 1 , K 2 are fixed but may be different. If K 1 > K 2 and I 2 is the leader choosing its premium first, conditions for Stackelberg equilibrium are established. For gamma-distributed rates of claim arrivals, explicit equilibrium premiums are obtained, and shown to depend on the running reserve difference. The analysis is based on the diffusion approximation to a standard Cramér-Lundberg risk process extended to allow investment in a risk-free asset.

scholarly journals ANALYSIS OF COMPETITIVE POSITIONS OF INSURANCE COMPANIES IN THE NON-LIFE INSURANCE MARKET IN UKRAINE

2019 ◽  
pp. 88-94
Author(s):  
O. Pakhnenko ◽  
O. Zhuravka ◽  
V. Podhorna ◽  
A. Sukhomlyn
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Motor Vehicle ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Premiums ◽  
Property Insurance ◽  
Financial Condition

The paper explores the practical aspects of forming a competitive environment in the non-life insurance market of Ukraine and analyzes the competitiveness and financial performance of leading insurance companies. Based on the analysis of non-life insurance market concentration indicators, the authors concluded that there is no clear leader in this market, the level of market concentration is negligible. Based on the analysis of non-life insurance market leaders by volume of gross insurance premiums in the whole market and by main types of non-life insurance (CASCO, motor vehicle liability insurance, property insurance, fire and catastrophe risk insurance, CARGO, health insurance) the authors found that the leadership of insurance companies in the market does not mean their leadership in all types of non-life insurance; some insurance companies specialize in certain types of insurance and not being leaders in the insurance market at all occupy leading positions in certain segments of non-life insurance market. In order to provide a general assessment of the competitiveness of individual insurance companies in the non-life insurance market, the following indicators were selected: the volume of gross insurance premiums, gross insurance payments, insurance reserves and the amount of equity. In order to assess the size of market share of an individual insurance company in a more objective way, it is suggested to calculate the average share of the insurance company. The calculations made it possible to identify the leaders of the non-life insurance market in 2018 and to explore the dynamics of changes in their competitive position during 2016-2018. For the three insurance companies that have been identified as the leaders of the Ukrainian market non-life insurance in 2018 (“UNIKA”, “AXA Insurance” and “PZU Ukraine”), the authors analyzed the main indicators of their financial condition, namely the profitability of insurance services, profitability of sales, return on assets, return on equity, overall liquidity, absolute liquidity and autonomy. It was found that all the analyzed insurance companies are profitable, however, among the three leading Ukrainian insurance companies, the most effective in 2018 was the insurance company “PZU Ukraine” and the least profitable – “UNIKA”. Keywords: competitiveness, insurance company, market concentration, market share, competition.

scholarly journals Insurance Market of Ukraine: Current State and Development Problems

2020 ◽  
pp. 284-291
Author(s):  
Olha Kotsiurba ◽  
◽  
Daria Nasypaiko ◽  
Keyword(s):  
Life Insurance ◽  
Sharp Decrease ◽  
State Level ◽  
Insurance Market ◽  
Insurance Companies ◽  
Economic Downturn ◽  
Cyber Insurance ◽  
Current State ◽  
National Insurance ◽  
Stable Development

The article is devoted to the study of the peculiarities of the Ukraine’ insurance market functioning in the modern conditions of emergence of new unforeseen threats and challenges. The current state of the national insurance market is analyzed and the main trends of its development in 2017-2020 are identified. It was found that the change in the main indicators of the insurance market of Ukraine occurred under the influence of economic downturn due to the spread of coronary heart disease. Thus, if until 2020 the national insurance market was marked by insignificant but stable development, then from 2020 it was significantly affected by restrictive quarantine measures at the state level, which led to a sharp decrease of 19% in gross insurance premiums compared to 2019. There was a decrease in the number of insurers during the study period from 296 to 215, with the largest decrease in the number of companies providing insurance other than life insurance. It is noted that the impetus for the national insurance market development will provide the sale of new insurance products, such as cyber-insurance, P2P insurance and microinsurance, blockchain and smart contracts in insurance, insuretech. The main problems that hinder the development of the national insurance market are identified. These include: the lack of a unified state strategy for the development of the national insurance market, the change of the regulator and, accordingly, the general vision of the development of the national insurance market by its representatives; imperfection and fragmentation of the regulatory framework in the field of insurance; underdeveloped financial market and lack of liquid and reliable financial instruments for investing resources of insurance companies; fears of fraud; low level of innovation by insurers; improper level of information openness of the insurance market, etc. The solution of these problems will ensure its formation as a driver of economic development of the country.

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