Abstract:
Life insurance is a protection program for individuals or families from death that
can cause financial loss. Insurance companies need to calculate reserves to prepare
funds when participants request a claim. This final project discusses the prospective
reserve of joint life endowment life insurance for two insurance participants who are
x and y years old by using Joe copula model. The solution of this problem is
obtained by determining the initial life annuity joint life temporary, single premium,
and annual premium, then the prospective reserve formula is obtained based on Joe
copula model. Calculations in this final project use RStudio and Microsoft Excel
software. The prospective reserves for joint life endowment life insurance using
Joe copula model are larger than prospective reserve for joint life endowment life
insurance using the Indonesian Mortality Table IV.