The article presents a review of structural models of policyholder behavior in life insurance.
We first discuss underlying drivers of policyholder behavior in theory and survey the …

Section 1035 of the current US tax code allows policyholders to exchange their variable
annuity policy for a similar product while maintaining tax‐deferred status. When the variable …

In recent years, market-consistent valuation approaches have gained an increasing
importance for insurance companies. This has triggered an increasing interest among …

Most life insurance contracts embed the right to stop premium payments during the term of
the contract (paid‐up option). Thereby, the contract is not terminated but continues with …

In this paper, we first discuss the characteristics and major benefits of the Swiss risk-based
capital standards for insurance companies (Swiss Solvency Test), introduced in 2006. As the …

In addition to an interest rate guarantee and annual surplus participation, life insurance
contracts typically embed the right to stop premium payments during the term of the contract …

The aim of this paper is to compare pricing and performance of mutual funds with two types
of guarantees: a lookback guarantee and an interest rate guarantee. In a simulation analysis …

It is now well-established that privatization brings with it re-regulation, not de-regulation.
However, this does not mean that we should expect that the policies once pursued under …

Life insurance contracts typically possess various embedded options. In this paper, we focus
on common options with early exercise features such as paid-up options, resumption …

Participating life insurance contracts typically contain various types of implicit options. These
implicit options can be very valuable and can thus represent a significant risk to insurance …