least insured. We document this risk-insurance pattern in data on life-insurance drawn from the Survey of Consumer Finance …. A calibrated version of the model can quantitatively account for the life-cycle variation of insurance observed in the … US data and implies welfare costs of under-insurance for young households that are equivalent to a 4 percent reduction in …

almost universally purchased) insurance products. Simulations of an extended model of life cycle saving and portfolio …

This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001 …, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance … Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program …

. Variable annuities are considered insurance products under the tax law, so buyers are not taxed on their investment returns …

. Variable annuities are considered insurance products under the tax law, so buyers are not taxed on their investment returns …

manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

Life insurance is a large yet poorly understood industry. A final death benefit is not paid for a majority of policies … are inverted relative to the dynamic pattern consistent with reclassification risk insurance. As an industry, insurers … for their need for future liquidity when purchasing insurance, offers a simple and unified explanation …