null資產額份在保險上之運用資產額份在保險上之運用郝充仁
淡江大學保險經營研究所nullInsurance Company Funds FlowIncome Premiums+Investment EarningsLess Disbursements Expenses+Claims+Dividends+Surrender PaymentsEquals: Net AssetsTime PeriodFunds Flow1 Income1 - Disbursements1 = Net Assets1 2 Net Assets1 + Income2 – Disbursements2 = Net Assets2 3 Net Assets2 + Income3 – Disbursements3 = Net Assets3n Net Assets n-1 + Income n– Disbursements n = Net Assets n nullIllustrative Asset-share Calculation Life Insurance Policies (35-year-old Males, Tentative Premium Rate of $15.00)(1) (2) (3) (4) (5) (6) Policy YearNumber Paying Premiums at Beginning of YearNumber Dying aNumber Withdrawing bNumber Alive at End of Year after Withdrawals [(2) - (3) - (4)] 1 2 3 4 5 6 7 8 9 1011121314151617181920100,000 89,912 84,426 80,102 76,469 73,293 70,523 68,125 65,998 64,053 62,277 60,585 58,980 57,457 56,011 54,635 53,270 51,912 50,559 49,208Expense Rate Per $1,00088 92 101 111 118 132 142 152 164 175 198 212 226 240 256 273 293 315 340 36810,000 5,394 4,221 3,524 3,058 2,638 2,256 1,975 1,781 1,601 1,494 1,393 1,297 1,206 1,120 1,092 1,065 1,038 1,011 98489,912 84,426 80,102 76,469 73,293 70,523 68,125 65,998 64,053 62,277 60,585 58,980 57,457 56,011 54,635 53,270 51,912 50,559 49,208 47,856$22.00 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25a Deaths based on select and ultimate experience mortality table. Deaths assumed to occur in middle of policy year on the average.
b Withdrawals based on Linton A lapse rates. Assumed to occur on anniversary at end of policy year. nullIllustrative Asset-share Calculation Life Insurance Policies (35-year-old Males, Tentative Premium Rate of $15.00)(cont.)(1) (7) (8) (9) (10) (11) Policy YearCash Value per $1,000 on Withdrawal cDividend per$1,000Fund at Beginning of Year [(16) Prior Year]Premium income [($15) * (2) ]1 2 3 4 5 6 7 8 9 1011121314151617181920$ 0.00 0.00 4.31 13.91 22.86 34.16 44.81 55.82 67.19 78.94 91.05 103.56 116.46 129.78 143.51 157.66 172.19 187.10 202.35 217.92$0.00 0.50 1.00 1.50 2.00 2.50 3.10 3.70 4.30 5.90 6.60 7.30 7.90 8.50 9.20 9.90 10.60 11.40 12.20 13.00$ 0 -847,520 184,874 1,158,880 2,075,460 2,952,205 3,793,912 4,608,568 5,402,814 6,178,176 6,878,629 7,544,662 8,187,202 8,814,332 9,428,453 10,024,390 10,595,210 11,137,980 11,645,660 12,114,990$1,500,000 1,348,680 1,266,390 1,201,560 1,147 035 1,099,395 1,057,845 1,021,875 989,970 960,795 934,155 908,775 884,700 861,855 840,165 819,525 799,050 778,680 758,385 738,120C Cash values : 1980 CSO Mortality Table, 5 1/2 percentExpense Disbursements [(2) * (6)]$2,200,000 202,302 189,959 180,234 172,055 164,909 158,677 153,281 148,496 144,119 140,123 136,316 132,705 129,278 126,025 122,929 119,858 116,802 113,758 110,718nullIllustrative Asset-share Calculation Life Insurance Policies (35-year-old Males, Tentative Premium Rate of $15.00)(cont.) (1) (12) (13) (14) (15)Policy YearDeath Claims Paid [$1,000 * (3)]Amounts Paid on Surrender [(4) * (7)]Total Dividend Paid [(5) * (8)]Interest Earned During Year {0.08[(9) + (10) – (11) – (12) - (13) – (14) + (15)]}1 2 3 4 5 6 7 8 9 1011121314151617181920$ 88,000 92,000 101,000 111,000 118,000 132,000 142,000 152,000 164,000 175,000 198,000 212,000 226,000 240,000 256,000 273,000 293,000 315,000 340,000 368,000$ 0 0 18,175 49,019 72,965 90,126 101,091 110,248 119,667 126,377 136,030 144,255 151,050 156,514 160,729 172,162 183,387 194,213 204,581 214,430$ 0 42,213 80,104 114,704 146,586 176,308 211,188 244,193 275,428 367,434 399,861 430,554 453,910 476,094 502,642 527,373 550,267 576,273 600,338 622,128$ -59,520 20,229 96,864 169,976 239,315 305,655 369,766 432,093 492,983 552,588 605,893 656,890 706,096 754,153 801,167 846,759 890,232 931,389 969,623 1,004,672nullIllustrative Asset-share Calculation Life Insurance Policies (35-year-old Males, Tentative Premium Rate of $15.00)(cont.) (1) (16) (17) (18) (19)Policy YearFund at End of Year [(9) + (10) – (11) – (12) –(13) – (14) + (15)]Asset Share at End of Year [(16) (5)]Reserve d at End of YearSurplus per $1,000 at End of Year [(17) – (18)]1 2 3 4 5 6 7 8 9 1011121314151617181920$ -847,520 184,874 1,158,880 2,075,460 2,952,205 3,793,912 4,608,568 5,402,814 6,178,176 6,878,629 7,544,662 8,187,202 8,814,332 9,428,453 10,024,390 10,595,210 11,137,980 11,645,660 12,114,990 12,542,510-9.43 2.19 14.47 27.14 40.28 53.80 67.65 81.86 96.45 110.45 124.53 138.81 153.41 168.33 183.48 198.90 214.56 230.34 246.20 262.09$ 9.15 18.65 28.49 38.68 49.20 60.07 71.25 82.79 94.67 106.90 119.48 132.43 145.75 159.45 173.54 188.01 202.83 217.99 233.45 249.19-18.58 -16.46 -14.02 -11.54 -8.92 -6.27 -3.6 -0.93 1.78 3.55 5.05 6.38 7.66 8.88 9.94 10.89 11.73 12.35 12.75 12.90 d Net level premium reserves, 1980 CSO Mortality Table, 5 percent.nullExpected Effect on Insurer’s Balance Sheet of New Policy at the End of Years 1, 2, 7, and 20Panel (a) Balance Sheet at End of Year 1Panel (b) Balance Sheet at End of Year 2AssetsLiabilities-$9.43$9.15Surplus -$18.68AssetsLiabilities$2.19$18.65Surplus -$16.46nullExpected Effect on Insurer’s Balance Sheet of New Policy at the End of Years 1, 2, 7, and 20 (cont.)Panel (c) Balance Sheet at End of Year 7AssetsLiabilities$67.65$71.25Surplus -$3.61Panel (d) Balance Sheet at End of Year 20AssetsLiabilities$262.09$249.19Surplus $12.90nullInterest rate decreased from 8 percent to 7 percent
Mortality increased by 20 percent
Expenses in creased by 5 percent
Gross premium increased from $15.00 to $15.50
Dividends reduced by 10 percent each year
Cash values increased
Lapse rates increasednullnullnullnullnullnullnull
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