license: apache-2.0
Project 1 Proposal of the Long Term Care(LTC) Aggregated Dataset
KAO, HSUAN-CHEN(Justin)
NetID: hk310
Dataset Details
The long-term care aggregated dataset, essential for conducting experience studies, is an extensive and valuable compilation of variables central to the analysis and prediction of long-term care (LTC) insurance products. This dataset integrates two critical files: one detailing claim incidence and the other capturing policy terminations. This merger is crucial for valuation purposes, enabling a holistic view of the insurance lifecycle.
The dataset features a broad spectrum of variables, from demographic information such as Gender, Issue_Age_Bucket, and Marital_Status, to more nuanced policy-specific details including Premium_Class, Underwriting_Type, and Coverage_Type_Bucket. Additionally, the termination component enriches the dataset with variables like Claim_Type, Region, Diagnosis_Category, Claim_Duration, Exposure, Benefit_Expiry, Deaths, Recovery, Terminations, and Others_Terminations. These elements offer insights into the reasons for policy cessation, whether due to the policyholder's death, recovery from the condition leading to the claim, or other factors leading to the discontinuation of coverage.
By combining the incidence and termination datasets, insurers gain a comprehensive understanding of both the initiation and conclusion of LTC insurance policies. This complete perspective is vital for actuaries and analysts to assess risk, set appropriate reserves, design tailored products, and determine pricing strategies that reflect the true cost of providing LTC coverage. It also aids in regulatory compliance and ensures that insurance products are both financially viable for the provider and beneficial for the consumer. Through careful analysis of this aggregated data, insurers can predict trends, modify underwriting practices, and make informed decisions to manage their portfolios effectively.
Dataset Sources [optional]
- Repository: SOA Actuarial Practice Modules[https://www.soa.org/sections/long-term-care/long-term-care-resources/]
Uses
Direct Use
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Dataset Structure
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Dataset Creation
Curation Rationale
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Source Data
Data Collection and Processing
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Who are the source data producers?
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Annotations [optional]
Annotation process
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Who are the annotators?
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Personal and Sensitive Information
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Bias, Risks, and Limitations
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Recommendations
Users should be made aware of the risks, biases and limitations of the dataset. More information needed for further recommendations.
Citation [optional]
Dataset Card Authors [optional]
[Justin Kao]