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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 : Social Science > Business Management
  • Received : April 16, 2018
  • Accepted : November 15, 2018
  • Published : November 30, 2018

OUH, CHANGSU 1 Nayeon Kwon 2

1한양대학교
2신협중앙회

Accredited

ABSTRACT

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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