A Design of a Pricing Model for a Unit-Linked Endowment Life Assurance Product with an Option of Unemployment Benefit in Case of Loss of Employment During the Policy Term
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The insurance market is just like any other market. It consists of buyers and sellers. The buyers are the policyholders, and the sellers are the insurance companies. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured (Kagan, 2019). Life insurance, which is the basis on which this product is designed, is defined as a contract between an insured and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured (Kagan, 2019). The global and regional penetration of the sector is discussed below – subject to statistical backing.