TY - JOUR
T1 - Policyholder exercise behavior in life insurance : the state of affairs
AU - BAUER, Daniel
AU - GAO, Jin
AU - MOENIG, Thorsten
AU - ULM, Eric R.
AU - ZHU, Nan
N1 - This article concludes our research under the Society of Actuaries’ (SOA) Center of Actuarial Excellence (CAE) Research Grant “Structural Models of Policyholder Behavior.” We are grateful to the SOA for the financial support.
PY - 2017
Y1 - 2017
N2 - The article presents a review of structural models of policyholder behavior in life insurance. We first discuss underlying drivers of policyholder behavior in theory and survey the implications of different models. We then turn to empirical behavior and appraise how well different drivers explain observations. The key contributions lie in the synthesis and the systematic categorization of different approaches. The article should provide a foundation for future studies, and we describe some important directions for future research in the conclusion.
AB - The article presents a review of structural models of policyholder behavior in life insurance. We first discuss underlying drivers of policyholder behavior in theory and survey the implications of different models. We then turn to empirical behavior and appraise how well different drivers explain observations. The key contributions lie in the synthesis and the systematic categorization of different approaches. The article should provide a foundation for future studies, and we describe some important directions for future research in the conclusion.
UR - http://commons.ln.edu.hk/sw_master/6692
UR - http://www.scopus.com/inward/record.url?scp=85030171401&partnerID=8YFLogxK
U2 - 10.1080/10920277.2017.1314816
DO - 10.1080/10920277.2017.1314816
M3 - Journal Article (refereed)
SN - 1092-0277
VL - 21
SP - 485
EP - 501
JO - North American Actuarial Journal
JF - North American Actuarial Journal
IS - 4
ER -