An application of the @a-power approximation in multiple life insurance [An article from: Insurance Mathematics and Economics]

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Description:
In this note, we combine the @a-PAs and copula to approximate the survival probabilities of the general symmetric status. Two methods are constructed and the different approximations are compared with respect to stochastic ordering. As an application, these approximation methods are introduced to an endowment insurance contract and the effect of @a value is discussed. Finally, two numeric examples are presented.