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حسابداری و مالی::
ارزش اقتصادی ذاتی
• Intrinsic Economic Value (IEV), the present value of the cash flows of policy held till maturity with the consideration of premium costs, policy benefits, the insured's life expectancy / mortality, and expected rate of return on investment.
(2010) define the Intrinsic Economic Value of a policy with following formula:
Deloitte & Connecticut (2005) conducted a comprehensive actuarial analysis of the Life Settlements industry to explore the gap between the Life Settlements Value (LSV) and the Intrinsic Economic Value (IEV).
The actuarial valuation and probabilistic analysis of selected samples show that the IEV / LSV ratio ranges from 113% to 165% and the realised IEV when the policyholder dies will probably exceed the LSV.
A more impressive empirical analysis of Deloitte & Connecticut (2005) shows that the gap between LSV and IEV due to the transaction costs ranges from 50% to 67% of a policy's economic value, which is significantly higher than that of any other asset type (see Figure 26).
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