Turnitin: Pricing Critical Illness Insurance Premiums Using Multiple State Continous Markov Chain Model U. S. Pasaribu Primary Author H. Husniah Primary Author RR. K.N. Sari Primary Author A.R. Yanti Primary Author mixed material bibliography 2022 monographic en English
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 Abstract Critical Illness Insurance is an insurance product with a lump sum benefit or cash payment if the policyholder is diagnosed with critical illness in an insurance contract. The health state change process can be observed and modeled by a multi-state Markov Chain with a time-continuous parameter. In this article, we will illustrate how the mathematics of Markov Chain can be used to develop a model of state change in critical illness in the case of a cancer patient. Health state changes process in critical illness modeled by four states Markov chain. Using transition probability which is based on transition intensity of continuous Markov chain. We will estimate the transition intensity and used it in a differential equation of transition probability. The application of Markov chain model will be used to estimate the value of the premiums in some of critical illness insurance benefit model. The premiums value will be shown in the table in section five. Continous Markov chain Multiple state model Critical illness insurance premium Transition probability Transition intensity Cancer 600 Repository Fakultas Teknik Sistem Repository Elektronik Skripsi dan Penelitian Dosen Fakultas Teknik 658 HEN p TJITI.2022.035 My Library Turnitin: Pricing Critical Illness Insurance Premiums Using Multiple State Continous Markov Chain Mode Turnitin_-_35._Pricing_Critical_Illness_Insurance_Premiums_Using_Multiple_State_Continous_Markov_Cha 957 2023-01-27 21:44:41 2023-03-27 20:26:30 machine generated