Search results for "Life Insurance"
showing 10 items of 13 documents
Financial assets and patrimonial issues in international families
2021
: The paper deals with patrimonial issues in International families and with the European Regulations 1103 and 1104/ 2016 together with regulation 650/2012. The paper particularly focuses on financial assets: Bank Account; Share of Investments Funds; Life Insurance; Virtual assets like criptovalutes; real estate wealth. This perspective implies the need to find the rule governing the succession or the families? patrimonial issues, also taking into account the different rules in the different states concerned of the contracts that govern the circulation of such goods.
The Challenges Faced by Life Insurance Companies in the Baltic States
2020
The Baltic life insurance market is a young steadily growing market. It began its development in the early 1990s when all three Baltic States, specifically Estonia, Latvia and Lithuania, have regained their independence. The Baltic life insurance market is limited due to a relatively small size with approximately six million inhabitants in all three countries. Additionally, the operations have deteriorated due to the low interest rates and the negative fluctuations in the financial market. The lessons learnt by the life insurers in the Baltic States are useful to other small countries in the European Union (EU) as well as to the larger States, to help bring to light the challenges of those …
Pricing the Option to Surrender in Incomplete Markets
2010
New international accounting standards require insurers to reflect the value of embedded options and guarantees in their products. Pricing techniques based on the Black and Scholes paradigm are often used; however, the hypotheses underneath this model are rarely met. We propose a framework that encompasses the most known sources of incompleteness. We show that the surrender option, joined with a wide range of claims embedded in insurance contracts, can be priced through our tool, and deliver hedging portfolios to mitigate the risk arising from their positions. We provide extensive empirical analysis to highlight the effect of incompleteness on the fair value of the option.
How Return Affects the Decision to Surrender a Savings Insurance Policy: Detailed Observations on the Reverse Disposition Effect
2020
The disposition effect has been widely studied in academia, while the reverse disposition effect observed in mutual funds has gained relatively little attention. This study examines the reverse disposition effect in detail by using policy-level data from a Finnish life insurer with a considerable sample size. The results show that the Finnish savings policies with a positive return have a surrender rate that is over 30 percent lower than that of policies with a negative return. Tax incentives and expected future returns do not seem to cause this reverse disposition effect directly. Salient information strengthens the reverse disposition effect, and higher policyholder age and surrender fees…
Katherine Watson, Poisoned lives: English poisoners and their victims, London and New York, Hambledon and London, 2004, pp. xiv, 268, illus., £19.99 …
2005
This book provides a fresh look at the social history of poisons and poisoners based on around 500 cases of criminal poisoning that occurred in England between 1750 and 1914. Watson analyses not only published sources but also the rich documents stored at the National Archives at Kew. As a consequence, the study offers reliable statistical data about poisoning and includes a broad range of cases, not only the most famous and popular poisoning trials. First of all, Watson describes the main poisons employed in the nineteenth century, their effects on human bodies and the three ways of detecting them: clinical symptoms, post-mortem autopsies and chemical tests. The different value of these si…
Modelling and forecasting mortality in Spain
2008
[EN] Experience shows that static life tables overestimate death probabilities. As a consequence of this overestimation the premiums for annuities, pensions and life insurance are not what they actually should be, with negative effects for insurance companies or policy-holders. The reason for this overestimation is that static life tables, through being computed for a specific period of time, cannot take into account the decreasing mortality trend over time. Dynamic life tables overcome this problem by incorporating the influence of the calendar when graduating mortality. Recent papers on the topic look for the development of new methods to deal with this dynamism. Most methods used in dyna…
The Fair Premium of an Equity—Linked Life and Pension Insurance
2002
An equity linked life and pension insurance contract consists of an nonlinear combination of a life and pension insurance with an investment strategy. In addition to the guaranteed payments the insured receives a bonus depending on the value of an investment strategy. The additional payment is similar to an Asian type option. Since the insurance contract combines mortality and financial risks in a nonlinear way, the value or premium of the contract must reflect these uncertainties. Within this context a premium sequence is called fair if the accumulated expected discounted premium is equal to the accumulated expected discounted payments of the contract. This paper shows the existence of a f…
Risk Preference Heterogeneity and Multiple Demand for Insurance
2010
We examined the relationship between unobserved risk preferences and four insurance purchase decisions: health Medigap insurance, long-term insurance, life insurance and annuity. Standard economic theory assumes that individuals take decision over a set of risky domains according to their own risk preferences which are stable across decision contexts. This assumption of context-invariant risk preference has caused debate in the literature concerning its validity. Using data from the Health and Retirement Study, we exploit latent class analysis to identify conditional on predicted and realized risk how heterogeneity in risk preferences affects multiple insurance demand. Our results provide e…
Incorporating big microdata in life table construction: A hypothesis-free estimator
2019
Abstract The IT revolution, now more than ever, offers a cheaper and faster way to collect, store, transmit and process data. Detailed microdata of dates of death, migration and birth are already becoming available for general populations. In this paper, we develop within the family of period-based estimators a new, assumption-free estimator for constructing life tables. The estimator proposed exploits all the detailed data available and is free of the theoretical inconsistencies that the estimators currently used by most official statistical agencies have. We compute the proposed estimator for a real database and test the suitability of the hypotheses on which the estimators used so far re…
Using Parametric Bootstrap to Introduce and Manage Uncertainty: Replicated Loaded Insurance Life Tables
2019
Insurance companies develop loaded life tables to protect themselves against deviations, for example, in the number of expected deaths or in the (residual) expectation of life of their insured. In ...