Hilpert, Christian; Li, Jing; Szimayer, Alexander - In: Journal of Risk & Insurance 81 (2014) 4, pp. 943-968
type="main" xml:lang="en" <title type="main">Abstract</title> <p>Many equity-linked life insurance products offer the possibility to surrender policies prematurely. Secondary markets for policies with surrender guarantees influence both policyholders and insurers. We show that secondary markets lead to a gap in policy value...</p>