In the paper we consider an endowment insurance contract with a twelve months maturation time. Using the majorization order and Schur-convex functions we derive upper and lower bounds of the premium, the death and survival benefits for a hetrogeneous population of insureds. The bounds are obtained for the exponential, Balducci, and linear approximations.
ASJC Scopus subject areas
- Statistics and Probability
- Economics and Econometrics
- Statistics, Probability and Uncertainty