Extant literature has explored policyowner decision‐making as it relates to both life insurance policy surrender and borrowing activity. However, researchers have not yet examined why individuals may select one option over the other. In this study, we investigate common hypotheses related to policy surrender and loan activity using approaches which allow us to examine the two options jointly while also accounting for the multidimensional nature of the decision‐making process. We offer evidence consistent with the emergency fund, alternative funds, and policy replacement hypotheses as they relate to the decision to either surrender a policy or take out a policy loan and find that differential effects exist between the two options. In particular, our findings suggest that households tend to surrender their cash value policies when longer‐term financial needs arise while temporary needs are more likely addressed with loans which keep the policy in force, each consistent with rational household decision‐making.

中文翻译：

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寿险保单投保和贷款活动检查

现有文献探讨了保单持有人的决策，因为它既涉及寿险保单投降又涉及借贷活动。但是，研究人员尚未研究为什么个人会选择一个选项而不是另一个选项。在本研究中，我们使用允许我们共同研究这两种选择，同时也考虑了决策过程的多维性质的方法，研究了与政策投降和贷款活动有关的常见假设。我们提供的证据与应急基金，替代资金和政策替代假设相关，因为它们与决定退保或提取政策贷款有关，并且发现这两种选择之间存在着不同的影响。特别是，