A Study on Modeling of Lifetime with Right-Truncated Composite Lognormal-Pareto Distribution: Actuarial Premium Calculations

Abstract

Highlights• This paper focused on premium calculations of the right truncated marginals ( , ) and composite ( ) lifetime models. • Premiums were calculated for whole life and term life insurances in the single and joint life statuses.• Models giving the highest and lowest premium coefficients were determined.• It was seen from the results that there are significantly differences in the premiums.