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A Study on the Determinants of the Surrender Behavior for Type 3 Insurance
Journal of Insurance and Finance
2018, 29(4),
pp.35-61
DOI :10.23842/jif.2018.29.4.002
Publisher : Korea Insurance Research Institute
Research Area : Business Management
DOI :10.23842/jif.2018.29.4.002
Publisher : Korea Insurance Research Institute
Research Area : Business Management
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The purpose of this study is to analyze empirically surrender behavior for Type 3 insurance contracts using the Korea Health Survey data. For the selection of research models that reflect the characteristics of the long-term panel data, we conducted a Housman test and determined the fixed-effect panel logistic model as a suitable model. The main results of this paper are as follows. The possibility of the surrender for Type 3 insurance (odds ratio) increases with more insurance contracts, more annual payment premium, those who are irregular workers and more hospitalization experience. But the possibility of the surrender for Type 3 insurance decreases in the case of higher personal medical expenditures, those who engage in wholesale and retail, lodging, and catering, those who engage in education services, and those who have a spouse and the heads of households.
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