Actuarial Modeling of Insurance Premium for Patients with Acute Lymphoblastic Leukemia (ALL)

Gurprit GROVER
Parmeet Kumar VINIT
Arpan Kumar THAKUR

Keywords

Actuarial modeling, ALL, cure fraction, Kaplan-Meier survival curve, premium, insurance

Abstract

The aim of this paper is to introduce a cancer cover plan for patients suffering from Acute Lymphoblastic Leukemia (ALL). Cure fraction model is used to accentuate the proportion of long term survivors in cohort of patients. As substantial proportion of patients are long-term survivors from disease, so here we suggest an insurance plan that is beneficial for patients and viable for insurer as well. Currently insurers have restricted the insurance plan only if an individual is free from cancer. Keeping the Cure fraction model in mind, we propose an insurance plan which includes the patients who are suffering from ALL. The premium at various follow up times for patients suffering from ALL are determined on the basis of a deterministic model by using survival estimates from Kaplan-Meier survival curve.