IMPLEMENTATION OF ECONOMIC AND MATHEMATICAL INSTRUMENTS IN TERMS OF JUSTIFICATION OF THE ATTRACTION OF THE LIFE INSURANCE
Abstract
The article notes that the life insurance service is one of the factors which will help to take down social and economic tensions in society and acts as a tool of financial protection. A simulation model of life insurance has been built by taking into account different factors: changes in the rate of return; income levels of the households; the duration of the life insurance contract; the frequency of payments and reimbursement; demographic characteristics of society. The target of building a simulation model was to justify the benefits of long-term life insurance, which will increase social protection of the population and form long-term investment resources. The construction of the simulated model was based on actuarial calculations based on the financial capabilities of the population. It was conducted mid-term forecasting of the minimum wage, the average monthly wage of one full-time employee, the minimum size of existing pensions by simple and weighted moving average, exponential and linear smoothing methods. Specified misunderstanding of the majority of citizen about the fact that the cost of funds is constantly changing over time. On the basis of the calculations made have been proved that as earlier insurant concludes an agreement, the less cost loading he will receive in the present time. It is emphasized that the receipt of the accumulated amount in the form of a one-time payment, which is the result of life-annuity insurance, is not always convenient for citizens with a low financial culture, since it is possible to spend, save and multiply the received funds correctly, if they possess a certain set of knowledge and skills. It is much more convenient for most of the population to use a convenient format - periodic receipt of the specified sum insured. The size of the insurer's payment depends on the period of receipt of the sum insured (annually, quarterly, monthly) and the starting of payments.
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