Life insurance model: concept, structure and assessment of financial stability
Keywords:
life insurance, life insurance model, financial stability.
Abstract
The Institute of Life Insurance is actively growing all over the world and especially in developing countries in order to provide an increase in the duration and quality of life of the population. The increasing role of life insurance in the economic and social sphere of the country requires a theoretical understanding of its place in the system of market relations and effective implementation. The purpose of the study is to develop the theoretical and methodological basis of life insurance, substantiate methodological approaches to its study in the context of a systematic approach through the prism of various models functioning. As a result of the study theoretical determinants of life insurance model are revealed, and a methodology for determining the financial stability of the applied life insurance model has been developed.
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References
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Odinokova, T.D. (2021). Genesis of scientific views on insurance as an economic category. Bulletin of Tomsk State University. Economics, 53, 58-75. https://doi.org/10.17223/19988648/53/5 (in Russian).
OECD (2020a). OECD Insurance Statistics 2019. Paris: OECD Publishing. https://doi.org/10.1787/g2g9fade-en
OECD (2020b). Pension Markets in Focus 2020. Paris: OECD Publishing. www.oecd.org/finance/pensionmarketsinfocus.htm
Schinasi, G.J. (2005). Safeguarding financial stability: theory and practice. Washington, D.C.: International Monetary Fund.
Shindo, T., & Thorburn, C. (2020). Developing Insurance. Washington, D.C: World Bank Press. https://doi.org/10.1596/36356
Stoff, W. (1963). The role of models in cognition. Leningrad: Leningrad State University Press (in Russian).
Swiss Re Institute (2020). World insurance: riding out the 2020 pandemic storm. Zurich: Multicolor Print AG, Baar. https://forinsurer.com/files/file00689.pdf
Uyomov, А.I. (1971). Logical Foundations of the Modelling Method. Moscow: Mysl (in Russian).
van Dullemen, C.E., Nagel, I., & de Bruijn, J.M.G. (2016). Are the Chinese Saving for Old Age? Journal of Population Ageing, 10(3), 287-310. https://doi.org/10.1007/s12062-016-9159-x
Weinstock, F.J. (1975). Life Insurance. International Ophthalmology Clinics, 15(2), 191-196. https://doi.org/10.1097/00004397-197501520-00023
Yerznkyan, B.H. (2010). From Synergetic Economics to Economic Synergetics. Economic Science in Modern Russia, 2, 161-171. https://cyberleninka.ru/article/n/ot-sinergeticheskoy-ekonomiki-k-ekonomicheskoy-sinergetike (in Russian).
Yoon, H.-S. (2013). Korea: Balancing Economic Growth and Social Protection for Older Adults. The Gerontologist, 53(3), 361-368. https://doi.org/10.1093/geront/gnt018
Zweifel, P. (2000). Criteria for the future division of labor between private and social health insurance. Journal of Health Care Finance, 26(3), 38-55.
Besanko, D., Dranove, D., & Garthwaite, C. (2020). Insurance access and demand response: Pricing and welfare implications. Journal of Health Economics, 73, 102329. https://doi.org/10.1016/j.jhealeco.2020.102329
Cavapozzi, D., Trevisan, E., & Weber, G. (2012). Life insurance investment and stock market participation in Europe. Advances in Life Course Research, 18(1), 91-106. https://doi.org/10.1016/j.alcr.2012.10.007
Chant, J., Lai, A., Illing, M., & Daniel, F. (2003). Essays on Financial Stability. Ottawa: Bank of Canada Press. https://www.banqueducanada.ca/wp-content/uploads/2010/01/tr95.pdf
Crockett, A. (1996). The theory and practice of financial stability. De Economist, 144, 531-568. https://doi.org/10.1007/BF01371939
Evstigneeva, L.P., & Evstigneev, R.N. (2010). Economy as a Synergetic System. Moscow: LENAND (in Russian).
Ferguson, R. W. (2003). Should financial stability be an explicit central bank objective? Monetary stability, financial stability and the business cycle: five views (Conference on Monetary Stability, Financial Stability and the Business Cycle held at the BIS in Basel on 28-29 March 2003), 7-15. https://www.imf.org/external/pubs/ft/seminar/2002/gfs/eng/ferguson.pdf
Harris, T., Yelowitz, A., & Courtemanche, C. (2021). Did COVID‐19 change life insurance offerings? Journal of Risk & Insurance, 88(4), 831-861. https://doi.org/10.1111/jori.12344
Heide, A. (2020). Making financial uncertainty count: Unit‐linked insurance, investment and the individualisation of financial risk in British life insurance. British Journal of Sociology, 71(5), 985-999. https://doi.org/10.1111/1468-4446.12783
Heinrich, T., Sabuco, J., & Farmer, J.D. (2021). A simulation of the insurance industry: the problem of risk model homogeneity. Journal of Economic Interaction and Coordination, 1-42. https://doi.org/10.1007/s11403-021-00319-4
Isenko, A.I. (2015). Notions of model and modelling in human activity. Concept, 4, 31-35. https://e-koncept.ru/2015/15095.htm (in Russian).
Kormilitsyna, I.G. (2011). Financial stability: nature, factors, indicators. Finance and Credit, 17(35), 70-79. https://www.fin-izdat.com/journal/fc/detail.php?ID=43907
Kryvyts’ka, O. (2019). Analysis of the life insurance market subjects’ activities. Ostroh, Ukraine: National University Ostroh Academy Press. https://doi.org/10.25264/978-617-7328-64-2
Lobo-Guerrero, L. (2016). Insuring Life. London: Routledge. https://doi.org/10.4324/9781315880228
Luecke, R.W., Bickers, C.R., & Luecke, R.W. (1989). Life insurance: a fund-raising tool that builds future capital. Healthcare Financial Management, 43(5), 61-65.
Marmor, T.R. (2018). Beneath the Surface Social Insurance and American Health CarePrinciples and Paradoxes. Journal of Health Politics Policy and Law, 43(6), 1013-1024. https://doi.org/10.1215/03616878-7104419
Minsky, H.P. (1993). The Financial Instability Hypothesis. Working Paper № 74. NY: Levy Economics Institute Press. https://levyinstitute.org/pubs/wp74.pdf
Mohamed, A., Abdessamad Saidi, S., & Firano, Z. (2012). Financial Stability: Definitions, Theoretical Foundations and Roles of the Central Banks. International Research Journal of Finance and Economics, 84. https://www.researchgate.net/publication/265570125_Financial_Stability_Definitions_
Theoretical_Foundations_and_Roles_of_the_Central_Banks
Musgrove, P. (1995). Cost-effectiveness and the socialization of health care. Health Policy, 32(1-3), 111-123. https://doi.org/10.1016/0168-8510(95)00730-g
Nusratullin, I., Drozdov, I., Ermakov, A., Koksharova, E., & Mashchenko, M. (2021b). Natural population movement and COVID-19: data from Russia. Cuestiones Politicas, 39(71), 986-1007. https://doi.org/10.46398/cuestpol.3971.60
Nusratullin, I., Mrochkovskiy, N., Yarullin, R., Zamyatina, N., & Solntseva, O. (2021a). The Financial Implications of the Coronavirus COVID-19 Pandemic: A Review. Cuestiones Políticas, 39(68), 325-342. https://doi.org/10.46398/cuestpol.3968.20
Odinokova T.D. (2019) Financial means of life assurers in a digital economy. AEBMR-Advances in Economics Business and Management Research (International Scientific Conference on Modern Management Trends and the Digital Economy - From Regional Development to Global Economic Growth (MTDE), APR 14-15, 2019), 81, 398-402.
Odinokova, T.D. (2021). Genesis of scientific views on insurance as an economic category. Bulletin of Tomsk State University. Economics, 53, 58-75. https://doi.org/10.17223/19988648/53/5 (in Russian).
OECD (2020a). OECD Insurance Statistics 2019. Paris: OECD Publishing. https://doi.org/10.1787/g2g9fade-en
OECD (2020b). Pension Markets in Focus 2020. Paris: OECD Publishing. www.oecd.org/finance/pensionmarketsinfocus.htm
Schinasi, G.J. (2005). Safeguarding financial stability: theory and practice. Washington, D.C.: International Monetary Fund.
Shindo, T., & Thorburn, C. (2020). Developing Insurance. Washington, D.C: World Bank Press. https://doi.org/10.1596/36356
Stoff, W. (1963). The role of models in cognition. Leningrad: Leningrad State University Press (in Russian).
Swiss Re Institute (2020). World insurance: riding out the 2020 pandemic storm. Zurich: Multicolor Print AG, Baar. https://forinsurer.com/files/file00689.pdf
Uyomov, А.I. (1971). Logical Foundations of the Modelling Method. Moscow: Mysl (in Russian).
van Dullemen, C.E., Nagel, I., & de Bruijn, J.M.G. (2016). Are the Chinese Saving for Old Age? Journal of Population Ageing, 10(3), 287-310. https://doi.org/10.1007/s12062-016-9159-x
Weinstock, F.J. (1975). Life Insurance. International Ophthalmology Clinics, 15(2), 191-196. https://doi.org/10.1097/00004397-197501520-00023
Yerznkyan, B.H. (2010). From Synergetic Economics to Economic Synergetics. Economic Science in Modern Russia, 2, 161-171. https://cyberleninka.ru/article/n/ot-sinergeticheskoy-ekonomiki-k-ekonomicheskoy-sinergetike (in Russian).
Yoon, H.-S. (2013). Korea: Balancing Economic Growth and Social Protection for Older Adults. The Gerontologist, 53(3), 361-368. https://doi.org/10.1093/geront/gnt018
Zweifel, P. (2000). Criteria for the future division of labor between private and social health insurance. Journal of Health Care Finance, 26(3), 38-55.
Published
2022-10-10
How to Cite
Odinokova, T., Kharitonovich, A., Morozova, G., Margilevskaya, E., & Timofeeva, R. (2022). Life insurance model: concept, structure and assessment of financial stability. Amazonia Investiga, 11(55), 273-284. https://doi.org/10.34069/AI/2022.55.07.29
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