ABSTRACT

This study develops a contingent framework to examine the contract issuance of alternative unit-linked insurance plans (ULIPs) considering policy surrender. We show that the extension of the aggressive/conservative-plan policy surrender date enhances policyholder protection and insurer default risk when the two optimal guaranteed rates of the programs remain fixed. Increasing aggressive-plan policy surrenders improves policyholder protection and insurer survival when the optimal invested-asset interest rate remains unchanged. Increasing conservative-plan policy surrenders negatively impacts policyholder protection but supports insurer survival. Our results complement the literature by demonstrating that ULIPs are relevant to policyholder protection and insurer survival in the asset-liability matching management.

摘要

本研究开发了一个或有框架，以检查考虑保单退保的替代单位连接保险计划 (ULIP) 的合同签发。我们表明，当计划的两个最佳保证利率保持不变时，激进/保守计划保单退保日期的延长会增强保单持有人的保护和保险公司的违约风险。当最优投资资产利率保持不变时，增加激进计划的保单退保可以提高投保人的保护和保险公司的生存。增加保守计划保单退保会对保单持有人的保护产生负面影响，但会支持保险公司的生存。我们的结果通过证明 ULIP 与资产负债匹配管理中的投保人保护和保险公司生存相关，来补充文献。