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Suitable utility function identification
Majerová, Michaela ; Kopa, Miloš (advisor) ; Lachout, Petr (referee)
At the beginning of this work we study basic properties of utility functions and connection between their shape and investor's relation to risk. Then we define risk premium and we recall measure of risk aversion. In the second chapter we study classification of utility functions according to the absolute risk aversion measure and we list some basic types of utility functions. In the third chapter we construct investor's utility function. We use values of insurance premium which we get from questionnaire filled by MFF UK students. We use these utility functions in the last chapter. First we define portfolio selection problem and then we find optimal portfolio for different investors.
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Insurance Policy and the Legal Expenses Insurance
Beran, Tomáš ; Švestka, Jiří (advisor) ; Dvořák, Jan (referee) ; Vychopeň, Martin (referee)
1.Summary - review in English The above-mentioned work comprises of two basic issues that are connected together, namely commentary on Insurance Policy Act as general introduction into the field of insurance policies and consequent and special issue of legal expenses insurance interpretation. The basic meaning of it was to introduce not only the provisons concerning insurance policies, but also to show one of the insurance policies type in details, what could be hardly possible or satisfactory without preceding description of the Insurance Policy Act. Thus, complete summary of this work will be divided into two parts; first would be the part concerning Insurance Policy Act and second would be the part concerning legal expenses insurance. 1.1.Insurance Policy Act - Summary The first part of this work concerned, as mentioned above, the Insurance Policy Act, whereas my primary aim was to interpret provisions of this act that were worth it and point out namely on imperfections of the existing legislature. It wasn't and wouldn't be of any significant value just to copy and paste individual provisions of the act, therefore, this work aimed primarily on introduction of new ideas and as a basis for that served a confrontation with the actual wording and its interpretation, whereas plain consent with what was...
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Suitable utility function identification
Majerová, Michaela ; Kopa, Miloš (advisor) ; Lachout, Petr (referee)
At the beginning of this work we study basic properties of utility functions and connection between their shape and investor's relation to risk. Then we define risk premium and we recall measure of risk aversion. In the second chapter we study classification of utility functions according to the absolute risk aversion measure and we list some basic types of utility functions. In the third chapter we construct investor's utility function. We use values of insurance premium which we get from questionnaire filled by MFF UK students. We use these utility functions in the last chapter. First we define portfolio selection problem and then we find optimal portfolio for different investors.
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Security in sickness and maternity from the point of view of inhabitans of the Czech Republic
Chotěborská, Šárka ; Čabanová, Bohumila (advisor) ; Orságová, Petra (referee)
Presented diploma theses evaluates the sickness insurance system in the Czech Republic and Europe from the point of view of the Czech Republic citizens. The aim of the work is to analyze the sickness insurance system in the Czech Republic regarding the system changes and also to find out the reform impacts on insured. Simultaneously the aim is to compare the impacts of the Czech insured with the impacts on those migratory workers who draw a claim to the insurance benefit from foreign systems of Europe. The theory of the social capital focused on the social policy and the social security and its legitimacy, theory of the inequality and poverty, the theory of the human capital and the theory of the bureaucracy were the basis of this work. In order to acquire the objective data at first it was made the comparative analysis of the chosen sickness insurance systems in Europe. Other part of this work is focused on the reform of the sickness insurance system in the Czech Republic and it analyses and compares some chosen indicators of the system focusing the years 2008 and 2009. The first half of the empirical part of the work is made on the basis of the qualitative research and it shows the impacts of the reform on the employees, presents their attitudes, their impressions and their opinions on contemporary shape...
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Mathematical modelling in general insurance
Zajíček, Jakub ; Bílková, Diana (advisor) ; Bohatová Chládková, Dana (referee)
This diploma thesis deals with the mathematical models in general insurance. The aim of this thesis is to analyse selected mathematical models that are widely used in general insurance for the estimation of insurance portfolio statistics, pricing and the regulatory capital requirement calculation. Claim frequency models, claim severity models, aggregate loss models and generalized linear models are analysed. This thesis consists of a theoretical and a practical part. The theoretical part contains description of selected models. Described models are then applied to a real dataset in the practical part. The real dataset modelling was performed using the statistical software R. It has been proved that maximum likelihood parameter estimations are of better quality than the method of moments or quantile method estimations. The results of aggregate loss distribution computational methods are comparable. This comparability is mostly caused by a large number of observations. In the context of tariff analysis it was found that the most significant factors are driver's age and the driver's area of residence.
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Investment life insurance
Bláhová, Lucie ; Bílková, Diana (advisor) ; Valová, Pavlína (referee)
This diploma thesis deals with the investment life insurance. Investment life insurance combines the classical life insurance and the investments in open-end mutual funds. It is a widely discussed financial product, especially for its high expensiveness. Nevertheless, the investment life insurance holds a significant share of the insurance market. The aim of this diploma thesis is the analysis and exploration of investment life insurance market in Czech Republic. The thesis consists of theoretical and practical part. In theoretical part the basic concepts of this insurance product are defined. Theoretical part further contains the theory related to time series analysis and the description of mutual funds. Practical part deals with the five most significant insurance companies in Czech Republic, compares various mutual funds and analyses the selected mutual fund in detail. The forecast of selected mutual fund price development was performed. It turned out that the price forecasting is complicated because of variety of factors affecting the price behaviour. Further, the calculations of insurance premiums and technical provisions were performed. MS Excel was used for the calculations and the time series analysis was performed using the statistical software Eviews. Diploma thesis assists the readers with the orientation in the investment life insurance problematics.
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Insurance fraud on Russian insurance market
Shklyarskaya, Maria ; Daňhel, Jaroslav (advisor) ; Vacek, Vladislav (referee)
This bachelor thesis deals with description of insurance fraud on Russian insurance market, describes the insurance industry of Russia, its regulation and trends. Theoretical part begins from general definition of insurance market, describes the situation on Russian insurance market and also defines insurance fraud. Then, there are the analysis of individual fraud in the life and non-life insurance, methods of fighting against fraud and ways of prevention. Further thesis describes fraud indicators and their economic assessment. The conclusion of this thesis is a practical part, which testing three selected companies in order to evaluate the extent of their vulnerability to the fraud.
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Salery and Employee Problems Formulation and Evaluation
DRNKOVÁ, Martina
The aim of this bachelor's degree dissertation was to conduct an investigation into wage processing. The theoretical part of the study clarifies the notion of wage, describes its individual functions as well as the way it is determined, calculated and accounted. This section deals also with labour law, public health insurance, social security and physical persons{\crq} income tax of dependent activities. As this is a truly vast area impossible to cover in a single study in its entirety, this dissertation concentrates on the system of rewarding and the individual instruments that this system uses. The work focuses in particular on employees' benefits in relation to amendments made to the legal regulation of income tax, which took effect as of 1st January 2007, mainly due to the labour code, which contains amendments to income tax law. At first glance, these appear to be very mild, butin fact they are very substantial. This amendment resulted in the expansion of the room available for providing employees' benefits at the cost of the employer's tax related expenses. The practical part of the study deals with one particular company. Each of the subsidiaries of the company creates its own rules for rewarding its employees; the parent company only sets rules for rewarding members of top management. For the purpose of comprehensibility, the study presents a detailed structure of the rewardi system including the individual instruments adopted by one of its subsidiaries as well as the system used for rewarding the top management. The company rewards its employees on the basis of employees' benefits although no self-contained system has been put in place so far.. The following section of the practical part of the dissertation contains a proposal for an improvement of the reward system by means of creating a self-contained system of providing employees' benefits. The practical part of the dissertation then returns to the above mentioned amendment to income tax law, since the presentation of the selected types of benefits that are to be included in the rewards system also includes an explanation of how this impact upon public health insurance, social security and income tax, both from the employee's and employer's perspective. The concluding part comprises an evaluation of the rewards system adopted by this company and highlights the advantage of rewarding employees by means of benefits in relation not only to the employees' motivation and satisfaction, but also to tax optimization.
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The analysis of the household insurance products on the Czech insurance market
Davídková, Adéla ; Ducháčková, Eva (advisor)
The goal of the thesis is to examine the current state of the household insurance market in the Czech Republic and to compare the products available on the market. The first part of the thesis aims to generally characterize the product. It starts with the basic terminology, such as the object insured, risk covered, insurance premium and it provides elementary household insurance types recognition. Next, a description is provided of specific products offered by different insurance companies. Their description contains the extent of the risk covered, advantages, assistance services and other specifics of the given products. In the next part, a product analysis is performed based on specifically chosen criteria followed by an example. The current situation of household insurance on the Czech insurance market is also examined. The thesis concludes by summing up the information about the analyzed products.
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Determinants of using life insurance focusing on unit linked insurance in Czech Republic
Veselý, Matyáš ; Ducháčková, Eva (advisor) ; Daňhel, Jaroslav (referee)
The main topic of this dissertation is life insurance. The first part contains a description of principles, reasons for providing and the evolution of life insurance products. The dissertation looks for related values based on characteristics of life insurance and discusses the reference to the insurance premium volume. The second part of this dissertation is engaged in unit linked insurance -- its construction, investment status and flexibility. In this part is described a profitability diference between investing in different assets as well. This dissertation also describes some matters like broker interestedness and financial crisis impacts.
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