Mortality Risk and Life Insurance

2012 ◽  
pp. 157-182
Author(s):  
Narat Charupat ◽  
Huaxiong Huang ◽  
Moshe A. Milevsky
Keyword(s):  
Mortality Risk ◽  
Life Insurance

RISK-MINIMIZATION FOR LIFE INSURANCE LIABILITIES WITH DEPENDENT MORTALITY RISK

2015 ◽  
Vol 27 (2) ◽  
pp. 505-533 ◽  
Author(s):  
Francesca Biagini ◽  
Camila Botero ◽  
Irene Schreiber
Keyword(s):  
Mortality Risk ◽  
Life Insurance ◽  
Risk Minimization ◽  
Dependent Mortality

Consideration of Marital Status in a Mortality Model and its Application for Mortality Risk Management

2016 ◽  
Vol 10 (2) ◽  
Author(s):  
Hyuk-Sung Kwon
Keyword(s):  
Risk Factors ◽  
Marital Status ◽  
Mortality Risk ◽  
Life Insurance ◽  
Pension Plans ◽  
Never Married ◽  
Mortality Model ◽  
Logistic Regression Method ◽  
Mortality Table ◽  
Actuarial Model

AbstractAs a variety of mortality risk factors have been identified by previous studies, it is desirable that these factors are reflected in mortality (longevity) risk assessments for life insurance, individual annuities, and pension plans. In this study, an extended traditional mortality table that accommodates marital status, which is one of the important risk factors in terms of mortality, is considered. A logistic regression method is used to model the mortality of groups of people with four different marital statuses–never married, married, widowed, and divorced. The analyses are based on data regarding mortality and changes of marital status in Korea. The results of the analyses that are based on the developed mortality model suggest that the information on risk factors must be reflected in an actuarial model to improve the evaluations and monitoring of risk for the portfolios of relevant insurance products.

scholarly journals Life Insurance and Subsistence Consumption with an Exponential Utility

Mathematics ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 358
Author(s):  
Ho-Seok Lee
Keyword(s):  
Mortality Risk ◽  
Life Insurance ◽  
Explicit Solution ◽  
Utility Maximization ◽  
Exponential Utility ◽  
Maximization Problem ◽  
Duality Method ◽  
Utility Maximization Problem

In this paper, we derive an explicit solution to the utility maximization problem of an individual with mortality risk and subsistence consumption constraint. We adopt an exponential utility for the individual’s consumption and the martingale and duality method is employed. From the explicit solution, we exhibit how the mortality intensity and subsistence consumption constraint affect, separately and together, portfolio, consumption and life insurance purchase.

Activity Level as a Mortality Predictor in a Population Sample after Typical Underwriting Exclusions and Laboratory Scoring

2020 ◽  
Vol 48 (2) ◽  
pp. 124-135
Author(s):  
Steven J. Rigatti ◽  
Robert Stout
Keyword(s):  
Mortality Risk ◽  
Life Insurance ◽  
Sedentary Time ◽  
Cox Model ◽  
Population Sample ◽  
Continuous Variable ◽  
Activity Level ◽  
Insurance Companies ◽  
Activity Levels ◽  
Biometric Data

Objectives.— To quantify the effect of physical activity on the mortality rates of healthy individuals in a population sample, after controlling for other sources of mortality risk. Background.— The widespread availability of activity monitors has spurred life insurance companies to consider incorporating such data into their underwriting practices. Studies have shown that sedentary lifestyles are associated with poor health outcomes and higher risks of death. The aim of this paper is to investigate how well certain measures of activity predict mortality when controlled for other known predictors of mortality including a multivariate laboratory based risk score. Methods.— Data were obtained from the National Health and Nutrition Examination Survey (NHANES) for the years 1999 through 2014. Laboratory and biometric data were scored for mortality risk using a previously developed proprietary algorithm (CRL SmartScore). Data on activity were obtained from the NHANES questionnaires pertaining to activity. In a second analysis, data were obtained from pedometers worn for 1 week by NHANES participants (years 2003-2004, and 2005-2006 only). Before analysis, cases were selected based on commonly used life insurance underwriting criteria to remove from consideration those who have major health issues, which would ordinarily preclude an offer of life insurance. Results.—In fully-adjusted Cox model which included survey-based MET*hours per day as a 3-level categorical variable, the moderate and minimal levels of activity were associated with hazard ratios of 1.15 (95% CI: 1.04-1.28) and 1.38 (95% CI: 1.23-1.56), respectively, when compared to the highest level of activity. When treated as a continuous variable, the fully adjusted model the HR for MET*hours per day was 0.91 (95% CI: 0.87-0.95). In fully adjusted models using pedometer data, the percentage of wear time spent sedentary was associated with mortality (HR: 1.19, 95% CI: 1.09-1.31), while average counts per minute were negatively associated with mortality (HR: 0.82, CI: 0.75-0.90). Conclusions.—It is clear from these results that high proportions of sedentary time are associated with increased mortality, whether the sedentary time is quantified via questionnaire or pedometer. Because both laboratory scores and activity levels remain significant in Cox models where both are included, these factors are largely independent, indicating that they are measuring distinct influences on the risk of mortality.

Hemoglobin Screening Independently Predicts All-Cause Mortality

2015 ◽  
Vol 45 (2) ◽  
pp. 75-80
Author(s):  
Michael Fulks ◽  
Vera F. Dolan ◽  
Robert L. Stout
Keyword(s):  
Risk Assessment ◽  
Mortality Risk ◽  
Life Insurance ◽  
Laboratory Testing ◽  
Test Results ◽  
Vital Status ◽  
Increased Risk ◽  
All Cause Mortality ◽  
Age And Sex

Objective Determine if the addition of hemoglobin testing improves risk prediction for life insurance applicants. Method Hemoglobin results for insurance applicants tested from 1993 to 2007, with vital status determined by Social Security Death Master File follow-up in 2011, were analyzed by age and sex with and without accounting for the contribution of other test results. Results Hemoglobin values ≤12.0 g/dL (and possibly ≤13.0 g/dL) in females age 50+ (but not age <50) and hemoglobin values ≤13.0 g/dL in all males are associated with progressively increasing mortality risk independent of the contribution of other test values. Increased risk is also noted for hemoglobin values >15.0 g/dL (and possibly >14.0 g/dL) for all females and for hemoglobin values >16.0 g/dL for males. Conclusion Hemoglobin testing can add additional independent risk assessment to that obtained from other laboratory testing, BP and build in this relatively healthy insurance applicant population. Multiple studies support this finding at older ages, but data (and the prevalence of diseases impacting hemoglobin levels) are limited at younger ages.

The Wolf-Parkinson-White ECG Pattern – Assessing the Mortality Risk

2015 ◽  
Vol 45 (1) ◽  
pp. 48-57 ◽  
Author(s):  
Emoke Posan
Keyword(s):  
Sudden Cardiac Death ◽  
Risk Stratification ◽  
Mortality Risk ◽  
Life Insurance ◽  
Cardiac Death ◽  
Asymptomatic Individuals

The presence of a Wolf-Parkinson-White (WPW) pattern is not uncommonly discovered on a life insurance applicant’s ECG. How does one determine the appropriate mortality risk in this population? This article will discuss the risk of sudden cardiac death (SCD), the interpretation of electrophysiology testing results, and risk-stratification both for asymptomatic individuals and those who have had ablation treatment.

Changing the “Normal Range” for Blood Pressure from 140/90 to 130/Any Improves Risk Assessment

2015 ◽  
Vol 45 (1) ◽  
pp. 28-33
Author(s):  
Michael Fulks ◽  
Robert L. Stout ◽  
Vera F. Dolan
Keyword(s):  
Blood Pressure ◽  
Risk Assessment ◽  
Mortality Risk ◽  
Life Insurance ◽  
Reference Range ◽  
Reference Laboratory ◽  
Normal Reference Range ◽  
Normal Reference ◽  
Blood Pressure Study ◽  
Upper Limits

Objective Redefine the “normal” reference range for blood pressure from <140/90 to one that more effectively identifies individuals with increased mortality risk. Method Data from the recently published 2014 CRL blood pressure study was used. It includes 2,472,706 life insurance applicants tested by Clinical Reference Laboratory from 1993 to 2007 with follow-up for vital status using the September 2011 Social Security Death Master File. Various upper limits of blood pressure (BP in mm Hg) were evaluated to determine if any was superior to the current, commonly used limit of 140/90 in identifying individuals with increased mortality risk. Results An alternative reference range using a systolic BP (SBP) <130 with any diastolic BP (DBP) included 84% of life insurance applicants. It had a lower mortality rate and narrower range of relative risk than <140/90, including 89% as many applicants but only 68% as many deaths. This pattern of lives and deaths was consistent across age and sex. Conclusion Switching to a “normal” reference range of SBP <130 offers superior risk assessment relative to using BP <140/90 while still including a sufficient percentage of the population.

Association of Carcinoembryonic Antigen with Mortality in an Insurance Applicant Population

2019 ◽  
Vol 48 (1) ◽  
pp. 24-35
Author(s):  
Steven J Rigatti ◽  
Robert Stout
Keyword(s):  
Carcinoembryonic Antigen ◽  
Mortality Risk ◽  
Life Insurance ◽  
Surface Glycoprotein ◽  
Cox Models ◽  
Cell Surface Glycoprotein ◽  
The Social ◽  
Social Security Death Index ◽  
Occult Malignancy ◽  
Mortality Ratio

Objectives.— To quantify the mortality risks associated with elevated levels of carcinoembryonic antigen (CEA). Background.— Carcinoembryonic antigen is cell surface glycoprotein and has been associated with the presence of high grade or metastatic cancers of the colon as well as other malignant and non-malignant disease. Prior publications have demonstrated the utility of CEA levels in the determination of mortality risk in life insurance applicants. The aim of this paper is to further characterize this risk with a larger set of data containing additional person-years of follow-up, more outcomes, and additional variables potentially associated with occult malignancy. Methods.— By use of the Social Security Death Index, mortality was examined in 321,574 insurance applicants age 50 years and older, who submitted blood samples to Clinical Reference Laboratories for testing including CEA. Results were stratified by age group and by CEA level (<5 ng/mL, 5 to 9.9 ng/mL, 10+ ng/mL), though other thresholds were tested. Mortality comparisons were carried out using Cox models and tabular methods with the 2015 smoker-distinct Valuation Basic Tables as a comparator. Results.— Relative mortality is increased at CEA levels above 4.0 ng/mL in both smokers and non-smokers. This association is persistent in Cox models when albumin, BMI and cholesterol are included as covariates. The strongest association with mortality risk occurred in the first 3-4 durations. The 3-year cumulative mortality ratio when using the 2015 VBT as baseline was 6.51 when comparing the group with CEA levels of 10+ ng/mL, compared to those with levels below 5.0 ng/mL. Conclusion.— This study shows that CEA is strongly associated with the risk of early excess mortality in life insurance applicants, and this risk appears not to be mitigated by consideration of other markers thought to be associated with occult malignancy.

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