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J. M. Hoem, “The Versatility of the Markov Chain as a Tool in the Mathematics of Life Insurance,” Transactions of the 23rd International Congress of Actuaries, Vol. 3, 1988, pp. 171-202.

has been cited by the following article:

• TITLE: Discrete Time Markov Reward Processes a Motor Car Insurance Example

  AUTHORS: Guglielmo D’ Amico, Jacques Janssen, Raimondo Manca

  KEYWORDS: Markov Rewards Processes, Higher Order Moments, Bonus-Malus Systems

  JOURNAL NAME: Technology and Investment, Vol.1 No.2, May 25, 2010

  ABSTRACT: In this paper, a full treatment of homogeneous discrete time Markov reward processes is presented. The higher order moments of the homogeneous reward process are determined. In the last part of the paper, an application to the bonus-malus car insurance is presented. The application was constructed using real data.