Analysis of Joint Life Insurance with Dependent Lifetime Distribution Kang, Su-Hyun; Cha, Ji-Hwan;
Most studies on the joint life insurance assume the lifetimes of insurers to be mutually independent; however, there have been various studies that illustrate the dependency of insurers' lifetimes. Subsequently, some approaches to model this type of dependency have been suggested. This paper proposes a joint dependent lifetime distribution for coupled lives under common environmental effect and applies the proposed model to the study of the joint life insurance. In addition, we investigate the effect of the false assumption of independent lifetimes when there exists dependency between the insurers' lifetimes assumed in this paper.
Dependent lifetime distribution;environmental effect;joint life insurance;net premium;risk;
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