A COMPARATIVE STUDY OF THE MODIFIED IV MORTALITY TABLE AND THE U.S. STANDARD: IMPLICATIONS FOR SHARIA LIFE INSURANCE USING THE MAN-WHITNEY METHOD
Keywords:
Insurance, Mortality Table, Mann-WhitneyAbstract
The mortality table, sometimes referred to as the life table, displays the likelihood of death for each age group's population members. Actuaries use this table to determine precise life insurance contributions. The mortality table of a country is influenced by several demographic factors of the country itself, such as birth rates, education, economy, socio-cultural aspects, and lifestyle, which can affect the mortality rate. This research employs a quantitative approach, utilising secondary data and the Mann-Whitney method to examine significant differences between the Indonesian IV Modified mortality table and the 1980 CSO mortality table. Additionally, it analyses the impact of education on the mortality table. There is no significant difference in the average mortality rate, and there is an influence of education. The results of the comparative analysis show the impact of education on the mortality table in a country, and there is no significant difference in the average mortality rate between the modified TMI IV and the CSO 1980.
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