CÁLCULO ESTOCÁSTICO DE LA RENTABILIDAD FINANCIERO-FISCAL DE UNA OPERACIÓN DE CAPITAL AL FINAL DEL PERIODO DE FALLECIMIENTO DEL ASEGURADO
Keywords:
Expected return, maximun return, capital at the end of the insured’s year of death, product’s benefit current value random variable,, annual interest rate random variableAbstract
Since 2014, the Spanish legislation on insurance establishes the obligation to inform the insured on life insurance operations’expected return they hire. Consequently, this paper develops a financial-actuarial methodology to calculate it by defining the probability distribution of a random variable that we call "current value of the product benefit" for a simple insurance operation where the payment of the benefit to the beneficiaries takes place only in the event that the insured dies within a certain period. The probability distribution of the operation’s "annual interest rate" random variable allows us to obtain a risk index which measures the maximum return suitable to be obtained and under what conditions it would be possible. The paper will also analyze, both theoretically and practically, the effects of considering the expenses applied by the company to obtain the commercial premium (management expenses) on both maximum return and expected return, as well as the effects of taxes on the capital obtained by beneficiaries with the operation.
