本研究主要探討連結投資樣的並附有最低保證收益之變額生存保險，分析不同利率假設造成於保險計價時的風險，為反應保險屬於長期性的財務契約，我們引用Nielsen典Sandmann (1995) 的結果，利用隨機過程描述短期剎車的變動，取代傳統固定的評價利率。主要依據Girsanov定理，運用二維的平賭過程求出適用的機率測度及計價模式，本研究所討論變額保險的給付型態可利用亞式選擇權表示，投資比率與給定的指數參與率與標的物相關，由於變額保險的給付依投資標的物的收益決定，利用市場無套利假設進行評價，因無法得出明確的公式解，本文利用給定的指數參與率，同時給定指定的投資標的物，採用蒙地卡羅模擬法求得近似的數值解，依據所得數值結果發現，保險人若沒有考慮規避利率變動的策略，將顯著地增加經營時的清償風險。

This study considers pricing risk for minimum guaranteed equity-linked life insurance policies characterized by the interest-rate term structure. The risk of underestimating the premiums is fully explored under plausible interests rate scenarios. Considering life insurance policies as long term financial contracts, we adopt the work by Nielsen and Sandmann (1995) to determine the fair values of the policies given the explicit stochastic interest rate models. Based on Girsanov theorem, two-dimensional martingale measures are adapted to derive the appropriate probability measures and the pricing formulas. Since no analytic formulas are available, Monte Carlo techniques are adopted to approximate the fair premiums. Our findings indicate that the insurer tends to increase the insolvency exposures if there is no proper strategy to hedge the interest rate risks.