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Life Insurance (life + insurance)
Terms modified by Life Insurance Selected AbstractsLIFE INSURANCE: REGULATION AS CONTRACT ENFORCEMENT,ECONOMIC AFFAIRS, Issue 4 2004Alan D. MorrisonArticle first published online: 28 JUN 200 Debating the minutiae of insurance regulation without a clear understanding of why insurance companies are regulated is futile. In this article I discuss the economic rationale for insurance business regulation and conclude that the appropriate role of the regulator is to enforce contracts which might otherwise be broken. I argue that if this is the case, regulation should be optional, and that it need not be a monopoly activity. [source] Portfolio Choice and Life Insurance: The CRRA CaseJOURNAL OF RISK AND INSURANCE, Issue 4 2008Huaxiong Huang We solve a portfolio choice problem that includes life insurance and labor income under constant relative risk aversion (CRRA) preferences. We focus on the correlation between the dynamics of human capital and financial capital and model the utility of the family as opposed to separating consumption and bequest. We simplify the underlying Hamilton,Jacobi,Bellman equation using a similarity reduction technique that leads to an efficient numerical solution. Households for whom shocks to human capital are negatively correlated with shocks to financial capital should own more life insurance with greater equity/stock exposure. Life insurance hedges human capital and is insensitive to the family's risk aversion, consistent with practitioner guidance. [source] Life Insurance for Living Kidney Donors: A Canadian Undercover InvestigationAMERICAN JOURNAL OF TRANSPLANTATION, Issue 7 2009R. C. Yang Some living kidney donors encounter difficulties obtaining life insurance, despite previous surveys of insurance companies reporting otherwise. To better understand the effect of donation on insurability, we contacted offices of life insurance companies in five major cities in Canada to obtain $100 000 of life insurance (20-year term) for 40 fictitious living kidney donors and 40 paired controls. These profiles were matched on age, gender, family history of kidney disease and presence of hypertension. The companies were blinded to data collection. The study protocol was reviewed by the Office of Research Ethics. The main study outcomes were the annual premium quoted and total time spent on the phone with the insurance agent. All donor and control profiles received a quote, with no significant difference in the premium quoted (medians $190 vs. $209, p = 0.89). More time was spent on the phone for donor compared to control profiles, but the absolute difference was small (medians 9.5 vs. 7.0 min, p = 0.046). Age, gender, family history of kidney disease and new-onset hypertension had no further effect on donor insurability in regression analysis. We found no evidence that kidney donors were disadvantaged in the first step of applying for life insurance. The effect donation has on subsequent phases of insurance underwriting remains to be studied. [source] Portfolio Choice and Life Insurance: The CRRA CaseJOURNAL OF RISK AND INSURANCE, Issue 4 2008Huaxiong Huang We solve a portfolio choice problem that includes life insurance and labor income under constant relative risk aversion (CRRA) preferences. We focus on the correlation between the dynamics of human capital and financial capital and model the utility of the family as opposed to separating consumption and bequest. We simplify the underlying Hamilton,Jacobi,Bellman equation using a similarity reduction technique that leads to an efficient numerical solution. Households for whom shocks to human capital are negatively correlated with shocks to financial capital should own more life insurance with greater equity/stock exposure. Life insurance hedges human capital and is insensitive to the family's risk aversion, consistent with practitioner guidance. [source] Transferable Ageing Provisions in Individual Health Insurance ContractsGERMAN ECONOMIC REVIEW, Issue 3 2008Florian Baumann Health insurance; lifetime contracts; ageing provisions; premium insurance; simulations Abstract. We consider lifetime health insurance contracts in which ageing provisions are used to smooth the premium profile. The capital stock accumulated for each individual can be decomposed into two parts: a premium insurance and an annuitized life insurance, only the latter being transferable between insurers without triggering premium changes through risk segmentation. In a simulation based on German data, the transferable share declines in age and falls with an increasing age of entry into the contract. In spite of different benefit profiles, it is almost identical for women and men. [source] End-user access to multiple sources: incorporating knowledge discovery into knowledge managementINTELLIGENT SYSTEMS IN ACCOUNTING, FINANCE & MANAGEMENT, Issue 4 2002Katharina Morik The End-User Access to Multiple Sources,Eams system,integrates given information sources into a knowledge management system. It relates the world of documents with the database world using an ontology. The focus of developing the Eams system is on the acquisition and maintenance of knowledge. Hence, in both worlds, machine learning is applied. In the document world, a learning search engine adapts to user behaviour by analysing the click-through-data. This eases the personalization of selecting appropriate documents for users and does not require further maintenance. In the database world, knowledge discovery in databases (KDD) bridges the gap between the ,ne granularity of relational databases and the actual information needs of users. KDD extracts knowledge from data and, therefore, allows the knowledge management system to make good use of already existing company data,without further acquisition or maintenance. A graphical user interface provides users with a uniform access to document collections on the Internet (Intranet) as well as to relational databases. Since the ontology generates the items in the user interface, a change in the ontology automatically changes the user interface without further efforts. The Eams system has been applied to customer relationship management in the insurance domain. Questions to be answered by the system concern customer acquisition (e.g. direct marketing), customer up- and cross-selling (e.g. which products sell well together), and customer retention (here, which customers are likely to leave the insurance company or ask for a return of a capital life insurance). Documents about other insurance companies and demographic data published on the Internet contribute to the answers, as do the results of data analysis of the company's contracts. Copyright © 2003 John Wiley & Sons, Ltd. [source] Portfolio Choice and Life Insurance: The CRRA CaseJOURNAL OF RISK AND INSURANCE, Issue 4 2008Huaxiong Huang We solve a portfolio choice problem that includes life insurance and labor income under constant relative risk aversion (CRRA) preferences. We focus on the correlation between the dynamics of human capital and financial capital and model the utility of the family as opposed to separating consumption and bequest. We simplify the underlying Hamilton,Jacobi,Bellman equation using a similarity reduction technique that leads to an efficient numerical solution. Households for whom shocks to human capital are negatively correlated with shocks to financial capital should own more life insurance with greater equity/stock exposure. Life insurance hedges human capital and is insensitive to the family's risk aversion, consistent with practitioner guidance. [source] To Hedge or Not to Hedge: Managing Demographic Risk in Life Insurance CompaniesJOURNAL OF RISK AND INSURANCE, Issue 1 2006Helmut Gründl Demographic risk, i.e., the risk that life tables change in a nondeterministic way, is a serious threat to the financial stability of an insurance company having underwritten life insurance and annuity business. The inverse influence of changes in mortality laws on the market value of life insurance and annuity liabilities creates natural hedging opportunities. Within a realistically calibrated shareholder value (SHV) maximization framework, we analyze the implications of demographic risk on the optimal risk management mix (equity capital, asset allocation, and product policy) for a limited liability insurance company operating in a market with insolvency-averse insurance buyers. Our results show that the utilization of natural hedging is optimal only if equity is scarce. Otherwise, hedging can even destroy SHV. A sensitivity analysis shows that a misspecification of demographic risk has severe consequences for both the insurer and the insured. This result highlights the importance of further research in the field of demographic risk. [source] Securitization of Mortality Risks in Life AnnuitiesJOURNAL OF RISK AND INSURANCE, Issue 2 2005Yijia Lin The purpose of this article 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. [source] Demographics and Costs of Colic in Swedish HorsesJOURNAL OF VETERINARY INTERNAL MEDICINE, Issue 4 2008A. Egenvall Background: Colic is an important cause of morbidity and mortality in horses. In Sweden, an insurance database with diagnostic medical information is maintained on >30% of the nation's horse population. Hypothesis: The objective was to describe the occurrence of colic, defined by costly veterinary care and life claims, in horses at 1 insurance company during 1997,2002. Horses: All horses (<21 years of age) with complete insurance for veterinary care and life during the period 1997,2002 were included. Methods: Colic was defined as conditions where the main clinical sign was abdominal pain and the problem was related to the gastrointestinal system. The analyses included measures of incidence by sex, breed group, age categories, geographical location (urban/other), survival to and survival after colic, medical cost for colic, and multivariable modeling of risk factors related to the event of colic. Results: In all, 116,288 horses contributed to 341,564 horse years at risk (HYAR). There were 3,100 horses with a colic diagnosis, of which 27% were settled for life insurance. The median gross cost for veterinary care was 4,729 Swedish Kronor (SEK). The overall occurrence and mortality rate of colic was 91 and 24 events per 10,000 HYAR. Survival after colic at 1 month was 76% (95% confidence interval: 75,78%). Conclusions and Clinical Importance: The occurrence of colic varied with breed group, age, and season. The mortality rates probably reflected the true mortality of colic. The veterinary care rates most likely underestimated of the risk colic because they represent relatively costly events. [source] PRICING IN AN INCOMPLETE MARKET WITH AN AFFINE TERM STRUCTUREMATHEMATICAL FINANCE, Issue 3 2004Virginia R. Young We apply the principle of equivalent utility to calculate the indifference price of the writer of a contingent claim in an incomplete market. To recognize the long-term nature of many such claims, we allow the short rate to be random in such a way that the term structure is affine. We also consider a general diffusion process for the risky stock (index) in our market. In a complete market setting, the resulting indifference price is the same as the one obtained by no-arbitrage arguments. We also show how to compute indifference prices for two types of contingent claims in an incomplete market, in the case for which the utility function is exponential. The first is a catastrophe risk bond that pays a fixed amount at a given time if a catastrophe does not occur before that time. The second is equity-indexed term life insurance which pays a death benefit that is a function of the short rate and stock price at the random time of the death of the insured. Because we assume that the occurrence of the catastrophe or the death of the insured is independent of the financial market, the markets for the catastrophe risk bond and the equity-indexed life insurance are incomplete. [source] Employer-Sponsored Health Insurance: Are Employers Good Agents for Their Employees?THE MILBANK QUARTERLY, Issue 1 2000Pamela B. Peele Employers in the United States provide many welfare-type benefits, such as life insurance, disability insurance, health insurance, and pensions, to their employees. Employers can be viewed as performing an agency role in purchasing pension, health, and other welfare benefits for their employees. An exploration of their competence in this role as agents for their employees indicates that large employers are very helpful to their employees in this arena. They seem to contribute to individual employees' welfare by providing them with valued services in purchasing health insurance. [source] Improving Organ Procurement Travel Practices in the United States: Proceedings from the Michigan Donor Travel ForumAMERICAN JOURNAL OF TRANSPLANTATION, Issue 3 2010M. J. Englesbe There are significant risks and inefficiencies associated with organ procurement travel. In an effort to identify, quantify, and define opportunities to mitigate these risks and inefficiencies, 25 experts from the transplantation, transportation and insurance fields were convened. The forum concluded that: on procurement travel practices are inadequate, there is wide variation in the quality of aero-medical transportation, current travel practices for organ procurement are inefficient and there is a lack of standards for organ procurement travel liability coverage. The forum concluded that the transplant community should require that air-craft vendors adhere to industry quality standards compatible with the degree of risk in their mission profiles. Within this context, a purchasing collaborative within the transplant community may offer opportunities for improved service and safety with lower costs. In addition, changes in travel practices should be considered with broader sharing of procurement duties across centers. Finally, best practice standards should be instituted for life insurance for transplant personnel and liability insurance for providers. Overall, the aims of these proposals are to raise procurement travel standards and in doing so, to improve the transplantation as a whole. [source] Life Insurance for Living Kidney Donors: A Canadian Undercover InvestigationAMERICAN JOURNAL OF TRANSPLANTATION, Issue 7 2009R. C. Yang Some living kidney donors encounter difficulties obtaining life insurance, despite previous surveys of insurance companies reporting otherwise. To better understand the effect of donation on insurability, we contacted offices of life insurance companies in five major cities in Canada to obtain $100 000 of life insurance (20-year term) for 40 fictitious living kidney donors and 40 paired controls. These profiles were matched on age, gender, family history of kidney disease and presence of hypertension. The companies were blinded to data collection. The study protocol was reviewed by the Office of Research Ethics. The main study outcomes were the annual premium quoted and total time spent on the phone with the insurance agent. All donor and control profiles received a quote, with no significant difference in the premium quoted (medians $190 vs. $209, p = 0.89). More time was spent on the phone for donor compared to control profiles, but the absolute difference was small (medians 9.5 vs. 7.0 min, p = 0.046). Age, gender, family history of kidney disease and new-onset hypertension had no further effect on donor insurability in regression analysis. We found no evidence that kidney donors were disadvantaged in the first step of applying for life insurance. The effect donation has on subsequent phases of insurance underwriting remains to be studied. [source] Limiting Financial Disincentives in Live Organ Donation: A Rational Solution to the Kidney ShortageAMERICAN JOURNAL OF TRANSPLANTATION, Issue 11 2006R. S. Gaston Availability of kidney transplantation is limited by an inadequate supply of organs, with no apparent remedy on the immediate horizon and increasing reliance on living donors (LDs). While some have advocated financial remuneration to stimulate donation, the National Organ Transplant Act (NOTA) of 1984 expressly forbids the offer of ,valuable consideration.' However, recent developments indicate some fluidity in the definition of valuable consideration while evolving international standards highlight deficiencies (particularly regarding long-term care and follow-up) in the current American system. Recognizing that substantial financial and physical disincentives exist for LDs, we propose a policy change that offers the potential to enhance organ availability as well as address concerns regarding long-term care. Donors assume much greater risk than is widely acknowledged, risk that can be approximated for the purpose of determining appropriate compensation. Our proposal offsets donor risk via a package of specific benefits (life insurance, health insurance and a small amount of cash) to minimize hazard and ensure donor interests are protected after as well as before nephrectomy. It will fund medical follow-up and enable data collection so that long-term risk can be accurately assessed. The proposal should be cost effective with only a small increase in the number of LDs, and the net benefit will become greater if removal of disincentives stimulates even further growth. As importantly, by directly linking compensation to risk, we believe it preserves the essence of kidney donation as a gift, consistent with NOTA and implementable in the United States without altering current legal statutes. [source] Anti-predator crèches and aggregations of ant-mimicking jumping spiders (Araneae: Salticidae)BIOLOGICAL JOURNAL OF THE LINNEAN SOCIETY, Issue 3 2008XIMENA J. NELSON Myrmarachne assimilis, an ant-like jumping spider (Araneae, Salticidae) from the Philippines and a Batesian mimic of Oecophylla smaragdina, the Asian weaver ant, aggregates on leaves in the company of its model. All stages in this species' lifecycle are sometimes found in nest complexes (nests connected to each other by silk). Although aggregating and forming nest complexes is known for a few other salticid species, the aggregations of M. assimilis have some unusual characteristics. In particular, reproductive females appear to be most frequently found with other reproductive females in nest complexes, suggesting that nest complexes have a role in parental care and are often built by females joining other females. An egg-survival experiment showed that eggs in solitary nests were more often destroyed than were eggs in nest complexes, suggesting that, for females of M. assimilis, choosing aggregations as oviposition sites may be functionally akin to life insurance for their progeny. © 2008 The Linnean Society of London, Biological Journal of the Linnean Society, 2008, 94, 475,481. [source] | |||||||||||||