Abstract
An actuarial premium principle is a method for assigning an appropriate price for an insurance policy. Different classes of premium calculation principles emerge from different axiomatic settings. Several premium principles are presented, with an emphasis on the theories of choice under risk underlying them. Two approaches for deriving premium principles are provided: the first is based on Bühlmann's economic principle, while the second is based on a generalized Markov inequality.
| Original language | English |
|---|---|
| Title of host publication | Encyclopedia of Quantitative Finance |
| Publisher | Wiley |
| Pages | 1-6 |
| Number of pages | 6 |
| ISBN (Electronic) | 9780470061602 |
| ISBN (Print) | 9780470057568 |
| DOIs | |
| Publication status | Published - 15 May 2010 |
| Externally published | Yes |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 10 Reduced Inequalities
Keywords
- axiomatization
- esscher premium
- expected utility
- exponential premium
- Markov inequality
- premium principles
- risk measurement
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