We study aggregate lapsation risk in the life insurance sector. Using the regulatory reporting of historical lapse … risk factors that explain a large fraction of the common variation in lapse rates of the 30 largest life insurance … and valuation of life insurance contracts. Ignoring aggregate lapsation risk results in cross-subsidization across …

estimate that access to a five-year loan decreases the values of community- and experience-rated insurance for the average …We analyze the value of insurance when individuals have access to credit markets. Loans allow consumers to smooth … financial shocks over time, decreasing the value of consumption smoothing from insurance. We derive formulas for the value of …

A rent guarantee insurance (RGI) policy makes a limited number of rent payments to the landlord on behalf of an insured … society. While unrestricted access is not financially viable with either private or public insurance providers due to moral …

0.9% in 2019, despite private LTC insurance playing a minor role. Still today, LTC remains heavily reliant on informal …

evaluate the design of dynamic pricing regulations in the U.S. long-term care insurance (LTCI) market. We find that stricter …

, which in turn increase the insurance value of the program to communities …