42 research outputs found
Analysis of the demand for life insurance and family Takaful: The ARDL modeling / Hendon Redzuan
No full textThe main objective of this study is to identify the determinants of life insurance and family takaful demand in the Malaysian marketplace. An interest in understanding the driving factors behind the purchase of life insurance has been growing since the first empirical study on the subject was conducted by Hammond et al. (1967). Even after 50 years, the quest to discover the determinants of life insurance demand continues with many recent empirical studies exploring these factors in a specific market or crosscountry context. This study seeks to broaden the existing literature relating to the demand for life insurance by investigating the key determinants of the consumption of life insurance specific to the Malaysian economy. The life insurance market in Malaysia is grossly under-tapped and what drives the demand for life insurance in Malaysia is still not well understood. This study applies the ARDL approach to cointegration advanced by Pesaran, Shin and Smith (2001), to examine the relationship between life insurance demand and a set of theoretically identified variables. The ARDL approach estimates the long-run coefficients and the associated error correction model after establishing the cointegration relationship among the variables under study. Using annual time series data for the period 1970 through 2008, eight versions of the demand model were developed and estimated to provide evidence on the long- and short-run relationships between life insurance and family takaful demand in Malaysia. The empirical results suggest that income is the key determinant in the consumption of life insurance both in the long- and short-run. Evidence also suggests that income has a significant influence on family takaful consumption in the long-run, but its effect is less obvious in the short-run. The number of dependents, level of education, savings in the Employees' Provident Fund (EPF), life expectancy and price of insurance are among the other factors that have a significant impact on the demand for life insurance and family takaful. The results also show the beneficial role of financial development in stimulating the growth of insurance sector. The main contribution of this thesis lies in its ability to empirically identify the determinants of both life insurance and family takaful demand and their short- and longrun relationships using the recent ARDL approach. The findings will provide important information for the insurers and policy makers to formulate new policies and strategies to further develop and promote the insurance industry
Underinsurance in malaysia: the application of the Monte Carlo simulation
No full textThis study seeks to estimate the extent of underinsurance among Malaysian families in 2012. Underinsurance is
quantified by the extent to which the citizens in a country are inadequately covered by the life insurance protection.
To measure underinsurance, we use the concept of the life insurance protection gap as proposed by Swiss Re (2004).
The mortality protection gap is the difference between the resources needed and the resources available. The resources
needed refer to the resources the surviving dependents require for income replacement, debt repayment and other
major expenses. The resources available refer to those resources actually available to the dependents from financial
assets, social security and life insurance coverage. The data collected are simulated using the Monte Carlo simulation
process. Statistical analysis of the results of the simulation runs indicates that, on average, the extent of underinsurance
in Malaysia is about RM500,000 per household
Houses in a Landscape: Memory and Everyday Life Mesoamerica ‐ by Hendon, Julia A. [Review of the book \u3cem\u3eHouses in a Landscape: Memory and Everyday Life in Mesoamerica\u3c/em\u3e, by J. A. Hendon]
No full textA review of the book Houses in a Landscape: Memory and Everyday Life in Mesoamerica in which the author uses the material remains found in and around ancient Maya domestic spaces in three settlements in Honduras, Hendon to examine aspects of everyday life
ANALYSIS OF THE DEMAND FOR LIFE INSURANCE AND FAMILY TAKAFUL
No full textAbstract The Malaysian insurance and takaful industry has enjoyed encouraging growth in the last decade despite the global economic crisis. This paper aims to investigate the driving force of the life insurance and family takaful consumption in Malaysia, using annual time series data covering the period from 1970 to 2008. To investigate the long-run relationship and short-run dynamics of the theorized variables on the demand for life insurance and family takaful, the autoregressive distributed lag (ARDL) bounds testing are employed. Computation of the F-statistic for testing the significance of the lagged levels of the variables in the error correction format of the underlying ARDL model confirmed the existence of cointegation between the variables under study. The estimations of the coefficients of the long-run relations and of the error correction model find that income, education level, and EPF are among significant predictors of the life insurance and family takaful consumption
Material Relations: The Marriage Figurines of Prehispanic Honduras
No full textFocusing on marriage figurines—double human figurines that represent relations formed through social alliances—Hendon, Joyce, and Lopiparo examine the material relations created in Honduras between AD 500 and 1000, a period when a network of social houses linked settlements of a variety of sizes in the region. The authors analyze these small, seemingly insignificant artifacts using the theory of materiality to understand broader social processes.
They examine the production, use, and disposal of marriage figurines from six sites—Campo Dos, Cerro Palenque, Copán, Currusté, Tenampua, and Travesia—and explore their role in rituals and ceremonies, as well as in the forming of social bonds and the celebration of relationships among communities. They find evidence of historical traditions reproduced over generations through material media in social relations among individuals, families, and communities, as well as social differences within this network of connected yet independent settlements.
Material Relations provides a new and dynamic understanding of how social houses functioned via networks of production and reciprocal exchange of material objects and will be of interest to Mesoamerican archaeologists, anthropologists, and art historians.https://cupola.gettysburg.edu/books/1001/thumbnail.jp
Selection criteria of motor insurance consumption
No full textIn Malaysia, motorists are required by law to insure minimum coverage for their automobiles.
However, the policy they own and the insurer they choose may not suit their needs. This study
examines several characteristics which influence consumers’ selection of auto insurance
policy and their loyalty to one insurer. Data were collected from a survey of 178 randomly
selected respondents. A chi-square analysis was conducted to determine the relationship
between age, race, gender, education background and automobiles’ market value to the
selection of auto insurance policy. In addition, the relationship between premium, dividend,
insurer’s internal factors, claim services and non-claim services to the loyalty of the consumer
are also tested using the chi-square and Spearman rank test. The results indicate that education
background and market value of the automobile are significant characteristics in selecting auto
insurance policy, while premium, dividend, insurer internal factors, claim and non-claim
services are not related to the loyalty of the consumer. The study reveals that such results were
attributed to the lack of industry information and the role of auto salesperson. For future
research, the issue should be examined with a larger set of data to represent the industry bette
Takaful claim dilemma
No full text“What a long and tedious meeting!” Borhan was heard grumbling.He had just finished attending July monthly meeting with the top management of Takaful Dinamik Berhad (TDB), a takaful company located in the heart of Kuala Lumpur.Just as he was about to breathe a sigh of relief, Borhan saw a letter which was discreetly placed on his table by his secretary.He was about to throw his files onto the letter when his eyes caught the phrase "Bank Negara Malaysia” (BNM) on the letter.BNM is the Central Bank of Malaysia and responsible for regulating and monitoring the insurance and takaful industry in the country. Borhan felt a bit anxious. With a furrowed brow he opened the letter and scrutinized the content line by line
The Singer or the Song? Developments in Performers' Rights from the Perspective of a Cultural Economist
No full textOver the last century, performers gradually acquired statutory protection of their economic and moral
rights. These rights are not copyright in the legal sense but neighboring rights and until recently, they
were mainly remuneration rights that are collectively administered. With the WPPT (WIPO
Performers and Phonograms Treaty), performers now have individual exclusive rights for digital
performances; this leads to the question: what has motivated this change – is it a change in the
perception of the value of performer or a change brought about by the changing technology of copying or,
indeed, a change that reflects different economic costs and benefits? The paper discusses the role of
copyright law as an incentive to performers and asks if the economic role of the performer is so different
from that of the author. The conclusion is that a complex interaction of the legal regulations, economic
conditions and institutional arrangements for administering these new rights will determine the outcome
Correction to:Evolutionary game theoretic approach with deep learning for health decision-making in critical environment (Annals of Operations Research, (2024), 10.1007/s10479-024-06353-2)
No full textTypesetter during proofing mistakenly changed co-author Helen Huifen Cai’s affiliation and should remain as “Business School, Middlesex University, The Burroughs, Hendon, London NW4 4BT, United Kingdom.” Original article has been corrected.</p
Economic indicators of lapse rate in the life insurance Industry / Hendon Redzuan
No full textThis paper adopts the conceptual approach which summarizes the findings of previous studies related to life insurance lapse rate. Based on the research under reviewed, several economic indicators have been hypothesized to influence the lapse rate behavior in the life insurance industry. Among the major economic factors identified are the interest rate, unemployment rate, inflation rate and level of income. The interest rate is consistently demonstrated to have significant effect on the lapse rate in the long-run. On the other hand, unemployment rate is shown to influence the lapse rate both in the short-run and long-run. Inflation rate is shown to have detrimental effect on the life insurance industry growth, while income is contended to improve life insurance policy retention
