臺灣博碩士論文加值系統

雙起賠點產品規定只有在二個事件或風險同時發生的情況下，保險公司才支付賠款，支付賠款的第二個啟動條件常常連結保單持有人無法影響的指標，來避免道德風險；此起賠點的變動應與保單持有人的財務利益有很強的相關性，才能減少基差風險的產生。
利用蒙地卡羅模擬利率和股票報酬率的變動及損失金額，藉由利率、股票二者之間的結合，決定投資比重並製造組合指數，組合指數的高低會影響到保險公司的自留比率，當組合指數的報酬率低於再保險公司所要求的投資報酬率時，再保險公司才會賠償。透過自負比率和組合指數的變化情況，保險公司的自留比率也會不同；當保險公司的組合指數高時，表示保險公司投資獲利，可以提高自留比率，降低保險費。雙起賠點商品最主要的優點在於自留比率及組合指數間會因為彼此變動而產生不同的情況，保險公司可以利用雙起賠點商品的優點擁有變動的自負額和低保費。

The Double trigger products are carried out and the insurance company will pay for the loss, only when the two events take place simultaneously. The second trigger usually connects with an index which can’t be influenced by the policy holder so that moral risk can be avoided. The trigger has strong correlation with financial benefits of the policy holder so that basic risk can be reduced.
Using the Monte Carlo simulation, one can calculate the stock and bond return and the amount of loss. A combination index is produced, and the index will influence the retention of insurance company. When the combination index is below the investment return and the loss is greater than the bond, the insurance company will pay for the amount of loss. Through changes in the combination index, the insurance company will have different retention rates. When the combination index is high, it gives an indication that the insurance company is making profit, hence the company can raise the retention and reduce the premium. The chief advantage of the Double trigger is that the mutually changing retention rate and combination index will be able to generate different situations. Insurance companies use the double trigger advantage of varying retention rates and low premium.

目 錄
第一章 緒論…………………………………………………1
第一節 研究背景 ……………..…………………1
第二節 研究動機與目的 ……………………..…………4
第三節 論文架構 …………………………..……6
第二章 文獻回顧……………………………………………7
第三章 研究方法…………………………………………..8
第四章 實證結果與分析…………………………………..15
第五章 結論與建議………………………………………..21
參考文獻…………………………………………………….24

參考文獻
中文部分
1.姚宏儒（2004）。具有提前履約特性的金融及天然巨災債券之訂價。碩士論文，國立中央大學財務金融研究所，桃園。
英文部分
1. Samuel H. Cox , Joseph R. Fairchild and Hal W. Pedersen,（2004）,Insurance: Mathematics and Economics, Valuation of structured risk management products,34.
2.Vasicek, O. (1977), An Equilibrium Characterization of the Term Structure, Journal of Financial Economics, 5, 177-188.