Life Annuities
نویسندگان
چکیده
منابع مشابه
Optimum taxation of life annuities
The market for private life annuities is characterised by adverse selection, that is, contracts offer lower than fair payoffs to individuals with low life expectancy. Moreover, life expectancy and income have been found to be positively correlated. The paper shows that a linear tax on annuity payoffs, which raises more revenues from long-living individuals than from short-living, represents an ...
متن کاملsecuritization of mortality risks in life annuities
insurers have in the past few decades faced longevity risks - the risk that annuitants survive more than expected - and therefore need a new approach to manage this new risk. in this dissertation we survey methods that hedge longevity risks. these methods use securitization to manage risk, so using modern financial and insurance pricing models, especially wang transform and actuarial concepts, ...
15 صفحه اولAdjusted Money’s Worth Ratios In Life Annuities
The Money’s Worth Ratio (MWR) measures an annuity’s actuarial fairness. It is calculated as the discounted present value of the annuity’s expected future payments divided by its cost. We argue that, this measure may overestimate the value‐for‐money obtained by annuitants, since it does not adjust for liquidity or risk factors. Measuring these factors is challenging, requi...
متن کاملSecuritization of Mortality Risks in Life Annuities
The purpose of this paper is to study mortality-based securities, such as mortality bonds and swaps, and to price the proposed mortality securities. We focus on individual annuity data, although some of the modeling techniques could be applied to other lines of annuity or life insurance. Date: March 30, 2004. A very early version was presented at a seminar at the University of Waterloo, Departm...
متن کاملIndifference Pricing of Pure Endowments and Life Annuities
We study indifference pricing of mortality contingent claims in a fully stochastic model. We assume both stochastic interest rates and stochastic hazard rates governing the population mortality. In this setting we compute the indifference price charged by an insurer that uses exponential utility and sells k contingent claims to k independent but homogeneous individuals. Throughout we focus on t...
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ژورنال
عنوان ژورنال: The ANNALS of the American Academy of Political and Social Science
سال: 1917
ISSN: 0002-7162,1552-3349
DOI: 10.1177/000271621707000102