• Journal of the Korean Data and Information Science Society
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• v.25 no.6
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• pp.1315-1331
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• 2014

Replacement rates which shows the ratio of retirement income relative to preretirement income is used for a valuable evaluation measures while discussing social security benefit levels or the adequacy of retirement income. However, replacement rates has been only used for an index for evaluating benefit level at the time of retirement or specific retirement period in advanced research projects. This article analyzes how much the uncertainty of survival has an influence on retirement income, and shows replacement rates in conformity with the period of survival as an index. The researchers named this index lifetime income replacement rates. Analysis based on this index shows both life replacement income rates of 38.3% in men's case and of 41.1% in women's case while enrolled for 20years in three pension plans - national pension, retirement pension and individual annuity.

• Journal of Technologic Dentistry
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• v.10 no.1
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• pp.25-41
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• 1988

In order to provide the National Dental Health Program with dasic data, and to implove the laborartory managent style, the author studied the operational situations of dental lads through questionaire. The results are as follows, 1. Unlicensured personnel should be replaced by the licensured(from present rate lf 49.2% licensured to more than80%) 2. Minimum wage guarantee system as well as well as oage raise should be established. 3. Monthly balancing accounts system and bepreciation reserve accounts system should be established for the reasonable management. 4. Manufacturing period should be elongated from presnt 2.8 days to 5-7 days for quality betterment of the processes. 5. Medical insurance system should be applied to the dental processes. 6. Manufacturing cost should be increased by 35%. 7. Retirement grants lr retirement annuity system, improvement of occupational environ-ment, and holidays incentives, and participation in medical insurance system should be adopted for the wellfare of the dental technicians. 8. Laboratory managers should operate the lads with pride and valuation. 9. Business Management course should be included in the curriculum of the dental labo-ratory school. 10. Good relationship between Korean Association of Dental Laboratory Technicians and local laboratories shorld be improved.

• Communications for Statistical Applications and Methods
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• v.28 no.6
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• pp.611-626
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• 2021

Marital status has been identified as an important risk factor affecting adult mortality. Many studies have found that marriage has positive effects on mortality and increases life expectancy. Since most pension contracts providing retirement income are provided to married couples, mortality assumption for actuarial valuation based on the entire population is likely to overestimate the actual mortality of the group of beneficiaries specified in the contracts. This study considered the differences in mortality according to marital status to analyze the length and value of the payments of a typical pension contract for a married couple. The study quantified the effect on actuarial measurements of considering marital status in mortality assumptions with a multi-state model framework using Korean experience mortality data organized by marital status. The results of analysis indicate that considering marital status in mortality assumptions improves mortality risk management.

• The Korean Journal of Health Service Management
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• v.6 no.3
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• pp.53-66
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• 2012

The main purpose of this research is to gain full understanding of how well people are aware and prepared for after retirement. To reach the goal to learn more about the upcoming aging society, professionals from variety of medical fields were employed as subjects to this research. In order to get a detailed result, and to provide an ideal suggestion, the research was conducted with 406 professional workers from 31 different medical institutions as its subjects. Obtained results were summarized as follows. First, in terms of government policies in the field, the idea of long term recuperation insurance gained more support than the belief that the public annuity is a sufficient economic countermeasure. Second, there is a causal relation between the economical preparation for retirement and the reason why people do not prepare for their after retirement. The more one feel short of money, the more one is obtuse towards the necessity of preparing for retirement, the more ignorant one is about preparing for retirement, the higher the chance that there will be no preparation done for his/her after retirement.

• Journal of the Korean Data and Information Science Society
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• v.24 no.3
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• pp.571-584
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• 2013

Various risk factors other than age and sex affecting human mortality have been identified and quantitatively analyzed by previous studies in many area of research. Marital status is one of key mortality risk factors which affect life expectancy directly or indirectly. Relevant results have implication on risk management for both of social and private insurance. In this paper, a mortality model to reflect mortality differential according to marital status and possible transitions among marital status is designed. Various actuarial calculations were performed and related issues were discussed.

• Journal of Electrical Engineering and Technology
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• v.9 no.5
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• pp.1501-1510
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• 2014

Low voltage direct current (LVDC) distribution system is a suitable techno-economic candidate which can create an innovative solution for distribution network development with respect to rural electrification. This research focuses on the use of LVDC distribution system to replace some of KEPCO's existing traditional medium voltage alternating current (MVAC) distribution network for rural electrification in South Korea. Considering the technical and economic risks and benefits involved in such project, a comparative techno-economic analysis on the LVDC and the MVAC distribution networks is conducted using economic assessment method such as the net present value (NPV) on a discounted cash flow (DCF) basis as well as the sensitivity analysis technique. Each would play a role in an economic performance indicator and a measure of uncertainty and risk involved in the project. In this work, a simulation model and a computational tool are concurrently developed and employed to aid the techno-economic analysis, evaluation, and estimation of the various systems efficiency and/or performance.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.7
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• pp.2982-2990
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• 2011

The puporse of this research is to analyze the impacts of derivatives to firm value. The sample of this research consists of 20 domestic life insurance companies and the duration of the research is the year between 2002 and 2009. And multi-regression analysis by cross-sectional analysis approach is used for the entire sample in this study. The result of the research indicates the impact of derivatives use on the value of the firm, which was the original focus of this study, is insignificant. And firm value increases as the leverage, rate of return on a loan, the ratio of product for annuity and the ratio of expense decrease.

• Communications for Statistical Applications and Methods
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• v.17 no.5
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• pp.653-666
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• 2010

Under the retirement pension plan enforced since December 2005, retirees can just choose the payout strategy either of a lump sum allowance or of an annuity in receiving the retirement benefit. Therefore, it is imperative to review and introduce the program withdrawal system enforced by countries with mature pension plan, and complement the limitations of the current payout strategy in the future. In this study, the appropriateness of each of the payout strategies related to the program withdrawal system is examined in terms of shortfall risk and bequest fund per each risk propensity through the expected utility model that reflects the age of the retiree.

• Communications for Statistical Applications and Methods
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• v.16 no.2
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• pp.249-264
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• 2009

Equity-indexed annuities(EIAs) provide their customers with the greater of either the return linked to the underlying index or the minimum guaranteed return. Insurance companies have developed EIAs to attract customers reluctant to buy traditional fixed annuities because of low returns and also reluctant to buy mutual funds for fear of the high volatility in the stock market. This paper proposes a new type of EIA embedded with an outside barrier option with flexible monitoring period in order to increase its participation rate. It also derives an explicit pricing formula for this proposed product, and discusses numerical examples to show relationships among participation rate, barrier level, index volatility and correlation.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.663-680
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• 2010

This paper aims at analysing Regional Patterns of Farmland Price Changes for the Farmland Reverse Mortgage System. Farmland Reverse Mortgage(FRM) is a system in which the aged farmers in the rural areas receive certain amount of money monthly through the liquidation of their own farmlands for the life time. Farmland price affects the farmland annuity considerably. In the future, if the farmland price goes down than the price when the borrower joined FRM, the borrower can get profits from the pension. Based on the results, the farmland price of Kyeonggi-do is strongly related to economic growth rates(index of industrial product). while that of Gyeongsangbuk-do is weakly related to economic variables including economic growth rates. Therefore, the expectation of farmland value rising rate will be higher in Kyeonggi-do than in Gyeongsangbuk-do. Thus the number of borrowers who want to join FRM in Gyeongsangbuk-do will be more than those in Kyeonggi-do.