• Journal of health informatics and statistics
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• 제43권4호
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• pp.318-328
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• 2018

Objectives: People are living longer, but often with diseases or chronic conditions. As a consequence, interest in resolving insurance blind spots is growing. This study provides substandard risk-relevant statistics to help substandard risks who are likely to fall in insurance blind spots obtain insurance coverage, such as the reimbursement of medical costs, as well as to stimulate insurance product development. Methods: This study uses National Health Insurance Service (NHIS) cohort data to determine the relevant statistics. The incidence rates of severe diseases are derived and compared against standard risks to establish a set of relative risk factors. These incidence rates of standard and substandard risks are then compared. Results: Currently, an individual's cancer history is used in the underwriting process for simplified issue insurance. However, underwriting focusing on hospitalization and procedures related to serious illnesses could lower premiums for substandard risks. Moreover, the statistical results could be used to expand the coverage of health insurance products. Conclusions: This study's relative risk factors can be used to derive simplified issue premium rates for substandard risks. They can also be used to implement discount and loading schemes for medical reimbursement insurance and help insurance companies implement proactive risk management.

• 보험의학회지
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• 제24권
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• pp.97-117
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• 2005

Internally Korean insurance market is that whole life products' growth are becoming slowdown that's why new insurance products have appeared on the market in consideration of consumer's needs recently. Externally domestic insurance market competitions has drifted from insurance industry to whole financial industry since bankasurance started. Life insurance companies should open up a new market to survive from severe competitions. Worksite marketing can be an alternative. An insurer make arrangements with an employer about an insurance terms which an insurer offers in Worksite marketing. Then eligible individuals enroll in the plans at their own discretion and pay 100 percent of the premium for coverage through payroll deductions. An employer doesn't need to pay extra money for additional benefit but can raise employee's loyalty and satisfaction of company through worksite marketing. An employee can be covered at discounted premium rate and less strict underwriting guidelines to an insurer compared to individual insurance. In developed countries specially U.S insurance market, Worksite marketing is getting very popular and growing rapidly due to the advantages. Worksite marketing has both individual insurance characters and group insurance characters. Individual insurance characters are that employees enroll in the plans at their own discretion and pay 100 percent of the premium for coverage. Group insurance characters are that actively at work and participation etc. An insurer have to reflect these two characters on Worksite marketing when an insurance company work out a plan for developing products and underwriting guidelines. When an insurer devise worksite products, one should consider participation level which means percentage of eligible employees participating. Participation is related to anti-selection. As we know underwriting is essential for every kind of insurance, especially underwriting plays major role in worksite marketing. We can see that in the below. Firstly, it has a function in calculation of premium rate. When calculate premium rate for worksite products underwriters have to estimate expected participation level and risk factors. So underwriters and acturies keep in close contact with each other. Secondly, underwriting methods are important. When an insurer underwrite worksite products, there are three kinds of underwriting methods. These are Simplified issue underwriting, Full underwriting and Guaranteed issue underwriting. Simplified issue underwriting typically requires no medical examination, but usually requires supplying satisfactory answers to one or several health and/or lifestyle questions. Full underwriting requires a complete medical history questionnaire that may further require an exam. Guaranteed issue underwriting means that coverage is issued without the employee having to provide evidence of insurability. When insurer set the GI limit are usually based on the type of industry, number of eligible employees, the average amount of coverage and participation level. In addition to insurer should have a clear definition of eligible employee on the insurance provision and application form. It will minimize possibility of trouble claims and anti-selection. An insurer also establish preexisting condition exclusion and special guidelines for late entrants. When an insurer introduce Worksite marketing to Korean insurance market, an insurer has to examine market research to analyze potential market and strategy of sales most of all. Also an insurer should review real situation of the U.S, England and Japanese market etc. There are a lot of new technologies about worksite marketing process that an insurer should learn. When an insurer consider many things which we explained it can be a real alternative.

• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.83-89
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• 2019

The purpose of this paper is to examine how the social system of deposit insurance affected the financial market in Korea. Specifically, we want to know how much the risk-seeking behavior of financial institutions has increased or decreased. The most important feature of the deposit insurance system is to prevent the insolvency of financial institutions and to properly protect depositors. In recent studies, it has been argued that characteristics of deposit insurance bring moral hazard of financial institutions and that financial institutions make unreasonably risky investments. Therefore, in this study, we will first examine whether such previous research can be applied to the Korean financial market. Next, we will examine the appropriateness of the differential premium rate that is currently used for each financial institution in the Korean financial market. In order to test the first hypothesis, we used the Capital Asset Pricing Model (CAPM) to calculate the total risk for each financial institution. As a result, significant changes were found in all regions before and after the introduction of the deposit insurance system. As for testing the second hypothesis, we conducted a variance analysis of financial institutions' indexes before and after the introduction of the deposit insurance and we discovered significance of the total risk difference.

• 한국유기농업학회지
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• 제27권1호
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• pp.17-32
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• 2019

The objective of this study is to investigate the effect of pesticide-related accident on prices and sales of eggs and the perception of food safety accidents among consumers. For this, we analyzed the impact of the pesticide incident on consumers' purchases by separating large discount stores and eco-friendly specialty stores with econometrics methods. In addition, the value changes for each egg certification were analyzed after the accident. Perception of food safety accidents was conducted through a survey to investigate the awareness of the pesticide-related accidents, changes in purchases, and the causes of the pesticide accidents. Furthermore, the risk analysis was conducted. This results show the importance of trust and communication in food safety accidents between distributors, consumers and concerned authorities. Also, after the accident, consumers' interest and premium exist in the breeding process such as animal welfare, not only in the final product. Therefore in order to actively respond to food safety accidents such as pesticides-related accident, response and improvement are necessary considering various aspects such as risk assessment, risk management, and risk communication.

• 재무관리연구
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• 제9권1호
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• pp.223-262
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• 1992

보험수요자(保險需要者)로서의 개인이나 기업은 보험증권과 함께 은행 예금과 같은 무위험자산, 혹은 실물자산 자본자산과 같은 위험자산을 보유하고 있는 것이 보통이다. 본 논문은 보험 수요자가 보유하는 전체 포트폴리오의 맥락에서 최적보험수요(最適保險需要)를 분석하는 데 목적이 있다. 이 연구에서 설정(設定)한 분석규모(分析規模)에서는 기대효용가설(期待效用假說)(expected utility hypothesis)에 기초하여 무위험자산과 위험자산에 대한 수요를 보험수요와 동시에 고려하여 보험료(保險料)의 기회비용이 균형보험료(均衡保險料) 개념에 명백히 반영되게 하였다. 이 경우 보험계약은 재난 재해에 대한 위험관리(危險管理)(insurable risk management) 방법의 하나로써 다른 투자기회들과 함께 경쟁관계에서 전체 포트폴리오의 위험을 감소시키는 역할을 담당한다. 본 모형의 분석 결과는 기존의 보험경제학설과 다음과 같은 근본적인 상이점을 보이고 있다. 첫째로, 투자자의 효용함수가 일정절대위험회피(一定絶對危險回避)(CARA)일 경우, 투자위험(投資危險)(speculative risk)과 재산 재해위험(財産 災害危險) (insurable risk)이 확률적으로 상호의존 관계에 있더라도, 최적보험수요(最適保險需要)는 다른 투자기회들과 분리(分離)(separation)결정될 수 있음을 보였다. 그러나 일반적으로 재산 재해위험이 투자위험과 확률적으로 독립분포되어 있더라도, 보험과 투자간의 상호작용 때문에, 최적보험수요는 다른 투자기회들과 분리결정 될 수 없음을 보였다. 이 논문에서는 특별히, 무위험자산 혹은 위험자산에 대한 투자가 재산 재해(財産 災害)의 위험(危險)(insurable risk)을 헷징(hedging)하는 데 기여하는 고유한 역할을 규명하였고, 또 그 역할을 보험 계약에 의해 중복될 수 없는 것임을 보였다. 둘째로, 베르누이 원칙(Bernoulli Principle)을 재검토하여 기존의 베르누이 원칙이 본(本) 분석모형에서는 제한적으로 성립함을 보였다. 이 논문에서는 보다 일반적으로 베르누이 기준이 유지 혹은 위배되는 충분조건을 제시하였고, 그 조건을 전체 포트폴리오 위험에 대한 평균보지확산(平均保持擴散)(mean preserving spread)의 개념을 도입해 직관적으로 해석하였다. 전통적으로 베르누이 원칙은 보험시장 존재근거에 대해 가장 강력한 이론적 타당성을 부여해 왔으나, 이 논문의 분석결과는 보험수요자의 투자에 대한 기회비용이 보험가격 책정에 반영되지 않으면 보험시장이 붕괴할 수 있음을 시사해 주고 있다.

• 한국사회복지학
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• 제57권4호
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• pp.321-342
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• 2005

본 논문은 보험료를 중심으로 하는 의료보험 재정방식의 문제점을 파악하고 그 대안으로서 조세를 통한 국고보조의 가능성을 검토하기 위해 작성되었다. 이 목적을 달성하기 위해 의료보험재정과 관련된 근로관계, 소득재분배효과, 기업의 부담, 위험분산 그리고 의료보험의 관리운영권이라는 5가지 관점에서 살펴보았다. 그 결과 보험료 재정방식은 여러 문제들이 있으며 그것들이 조세를 통한 국고보조로 해결될 수 있을 것으로 파악되었다. 이 결과를 기초로 보험료 중심의 의료보험재정을 조세방식으로 전면적으로 전환하자고 주장하는 것은 무리가 있다. 그러한 정책의 시행에 영향을 미치는 다른 변수들을 고려해야 하기 때문이다. 그러나 본 논문은 국가의 재정적 책임의 점진적 확대 또는 유지와 관련된 논의를 좀더 체계적으로 전개하는 데 기여할 수 있을 것이다.

• 한국안전학회지
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• 제25권4호
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• pp.13-18
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• 2010

To investigate electrostatic ignition hazards of commercial gasoline used in the gas station, experiments were conducted dealing with the minimum ignition energy(MIE) of several kinds of gasoline under the various temperature. The conductivity of gasoline that was required for an accurate risk assessment as well as the MIE were also examined. The solvent ignitability apparatus which can heat up the inside of the vessels up to $210^{\circ}C$ was used in this study. Four kinds of premium gasoline and four kinds of regular gasoline, differing with respect to the companies, were used as test specimens. The following results were obtained: (1) all gasoline specimens were so sensitive that even an electrostatic discharge with a very low energy, such as about 0.5mJ, could ignite them. The ignitability of premium gasoline was constant irrespective of the companies. On the other hand, the ignitability of regular gasoline was variable depending on the company. (2) The MIE of all specimens depended markedly on the temperature; in other words, an increase in temperature decreases the ignition energy value. (3) The conductivity values of all specimens were low. Those must be taken into consideration in electrostatic risk assessment.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.203-215
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• 2022

Bayesian Networks are multivariate probabilistic factor graphs that are used to assess underlying factor relationships. From January 2005 to December 2018, the study examines how Dynamic Bayesian Networks can be utilized to estimate portfolio risk and return as well as determine inter-factor relationships among reversal profit-generating components in Pakistan's emerging market (PSX). The goal of this article is to uncover the factors that cause reversal profits in the Pakistani stock market. In visual form, Bayesian networks can generate causal and inferential probabilistic relationships. Investors might update their stock return values in the network simultaneously with fresh market information, resulting in a dynamic shift in portfolio risk distribution across the networks. The findings show that investments in low net profit margin, low investment, and high volatility-based designed portfolios yield the biggest dynamical reversal profits. The main triggering aspects related to generation reversal profits in the Pakistan market, in the long run, are net profit margin, market risk premium, investment, size, and volatility factor. Investors should invest in and build portfolios with small companies that have a low price-to-earnings ratio, small earnings per share, and minimal volatility, according to the most likely explanation.

• 대한수학회보
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• 제50권2호
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• pp.611-626
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• 2013

In the paper we study the finite-time ruin probability in a general risk model with constant interest force, in which the claim sizes are pairwise quasi-asymptotically independent and arrive according to an arbitrary counting process, and the premium process is a general stochastic process. For the case that the claim-size distribution belongs to the consistent variation class, we obtain an asymptotic formula for the finite-time ruin probability, which holds uniformly for all time horizons varying in a relevant infinite interval. The obtained result also includes an asymptotic formula for the infinite-time ruin probability.

• 재무관리연구
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• 제26권4호
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• pp.103-140
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• 2009

This paper investigates various channels through which liquidity can affect stock returns and examines whether behavioral explanation for liquidity risk is reasonable. First, we examine whether liquidity level (average liquidity) plays a significant role in determining asset returns. The result is consistent with the hypothesis that a stock with higher average illiquidity will have a higher expected return. Second, we focus on the argument that liquidity has a non-diversifiable systematic component. If systemic liquidity has a different impact across individual securities, a stock that is more sensitive to systematic liquidity will have a higher expected return. The results of various tests are inconsistent with each other, not completely supporting the argument. Finally, the intra-market tests in Korea support the behavioral explanation for the liquidity premium, and the effect is stronger in the liquidity level than in the liquidity beta related to systematic liquidity.