Mahayni, Antje; Lubos, Oliver; Offermann, Sascha - In: Review of Managerial Science 15 (2020) 7, pp. 1821-1848
The paper analyzes the design of participating life insurance contracts with minimum return rate guarantees. Without default risk, the insured receives the maximum of a guaranteed rate and a participation in the investment returns. With default risk, the payoff is modified by a default put...