Journal of Risk and Insurance

This academic risk management and insurance journal provides research in industrial organization of insurance markets, management of risks in the private and public sectors, insurance regulation and more.

Articles from Vol. 74, No. 1, March

Adverse Selection in Term Life Insurance Purchasing Due to the Brca1/2 Genetic Test and Elastic Demand
ABSTRACTConsumer groups fear that the use of genetic testing information in insurance underwriting might lead to the creation of an underclass of individuals who cannot obtain insurance; thus, these groups want to ban insurance companies from accessing...
Adverse Selection in Term Life Insurance Purchasing Due to the BRCA1/2 Genetic Test and Elastic Demand
ABSTRACT Consumer groups fear that the use of genetic testing information in insurance underwriting might lead to the creation of an underclass of individuals who cannot obtain insurance; thus, these groups want to ban insurance companies from accessing...
Biological and Psychobehavioral Correlates of Credit Scores and Automobile Insurance Losses: Toward an Explication of Why Credit Scoring Works
ABSTRACT The most important new development in the past two decades in the personal lines of insurance may well be the use of an individual's credit history as a classification and rating variable to predict losses. However, in spite of its obvious...
Deregulating Property-Liability Insurance
Deregulating Property-Liability Insurance, edited by J. David Cummins, 2002, Brookings Institution Press, 408 pages. Reviewer: David L. Eckles, Assistant Professor of Risk Management and Insurance, University of Georgia, Athens, GA.Deregulating Property-Liability...
Editorial Change
Richard MacMinn and Patrick BrockettEditors, Journal of Risk and Insurance, 1998-2006The American Risk and Insurance Association and its membership express profound gratitude to Patrick Brockett and Richard MacMinn for the service they provided to the...
Equilibrium in Marine Mutual Insurance Markets with Convex Operating Costs
ABSTRACT The article analyzes the possibility of reaching an equilibrium in a market of marine mutual insurance syndicates, called Protection and Indemnity Clubs, or P&I Clubs for short, displaying economies of scale. Our analysis rationalizes...
Household Life Cycle Protection: Life Insurance Holdings, Financial Vulnerability, and Portfolio Implications
ABSTRACT Using the Survey of Consumer Finances, we examine the life cycle demand for different types of life insurance. Specifically, we test for the consumer's aversion to income volatility resulting from the death of a household's wage-earner...
Insurance, Bond Covenants, and Under- or Over-Investment with Risky Asset Reconstitution
ABSTRACT Traditional theory predicts that the shareholders of a limited liability company financed partly by bonds may underinvest by not replacing damaged company assets. It also precludes the possibility of overinvestment. By relaxing the restrictive...
On the Lack of Participating Policy Usage by Stock Insurance Companies
ABSTRACT Stock insurers can reduce or eliminate agency conflicts between policyholders and stockholders by issuing participating insurance. Despite this benefit, most stock companies don't offer participating contracts. This study explains why....
Securitization of Longevity Risk: Pricing Survivor Bonds with Wang Transform in the Lee-Carter Framework
ABSTRACT Longevity risk is a major issue for insurers and pension funds, especially in the selling of annuity products. In that respect, securitization of this risk could offer great opportunities for hedging. This article proposes to design survivor...
The Allocation of Governmental Regulatory Authority: Federalism and the Case of Insurance Regulation
ABSTRACT We investigate the incentives states have to provide insurance regulatory services in an efficient manner. Regulation of the insurance industry in the United States is unique, as it is conducted primarily at the state level whereas the...
The Demand for Health Insurance in the Group Setting: Can You Always Get What You Want?
ABSTRACT To what extent do health benefits obtained in the employment-based setting reflect individual preferences? We examine this question by comparing the relationship between person-level characteristics and the plans they obtain in a group...
Wealth, Income, and Optimal Insurance
ABSTRACT This article considers the decision to purchase insurance against possible losses of a property or wealth. The decision involves a standard economic trade-off between the benefit of protection against loss and the cost of insurance premium....
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