stochastic mortality risk driven by jumps, unspanned labor income as well as short-sale and liquidity constraints and a simple … insurance. I compare models with deterministic and stochastic hazard rate of death to a model without mortality risk. Mortality …

more important issue that we address. In actuarial practice, the different mortality levels of the several risk classes are … obtained by applying adjustment coefficients to population mortality rates. Such a choice is not supported by a rigorous model …. On the other hand, the heterogeneity of a population with respect to mortality can formally be described with a frailty …