The purpose of this paper is to evaluate the hedging costs and check the net present value where the death rate of mortality table is hedging cost, using Monte Carlo simulation.

• 本研究目的是评价这二种方案之避险成本，并检验保险业实务上常以台湾经验生命表之死亡率直接当作避险成本费用率，其寿险公司的损益程度。