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Unobserved Heterogeneity; Process and Parameter Effects in Life Insurance

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  • Jaap Spreeuw
  • Henk Wolthuis

    (University of Amsterdam)

Abstract

In this paper life insurance contracts based on an urn-of-urns model, with age-at-death asobservable variable, are analyzed. Premium payment functions based on the principles of“equivalence on an individual level” and “equivalence on a group level” are compared. Boththe aggregate loss and its second moment for an individual contract are split in severalcomponents. Life insurance contracts are compared with non-life insurance contracts, alsowith respect to solidarity.

Suggested Citation

  • Jaap Spreeuw & Henk Wolthuis, 1997. "Unobserved Heterogeneity; Process and Parameter Effects in Life Insurance," Tinbergen Institute Discussion Papers 97-131/4, Tinbergen Institute.
    • Handle: RePEc:tin:wpaper:19970131
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    References listed on IDEAS

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    1. James Vaupel & Kenneth Manton & Eric Stallard, 1979. "The impact of heterogeneity in individual frailty on the dynamics of mortality," Demography, Springer;Population Association of America (PAA), vol. 16(3), pages 439-454, August.
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