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Consumer Capital Market Constraints and Guaranteed Renewable Insurance

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  • Frick, Kevin D
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    Abstract

    This paper analyzes a market in which individuals can purchase guaranteed renewable insurance policies to insure against the risk of loss in the current period and the risk of an increased probability of loss. Individuals who cannot borrow will purchase partially guaranteed renewable insurance at most. Relatively impatient individuals may purchase policies with no guaranteed renewability features. Without borrowing, the results are similar regardless of whether consumers can save. Copyright 1998 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Risk and Uncertainty.

    Volume (Year): 16 (1998)
    Issue (Month): 3 (July-Aug.)
    Pages: 271-78

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    Handle: RePEc:kap:jrisku:v:16:y:1998:i:3:p:271-78

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    Web page: http://www.springerlink.com/link.asp?id=100299

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    Cited by:
    1. Bradley Herring & Mark Pauly, 2003. "Incentive-Compatible Guaranteed Renewable Health Insurance," NBER Working Papers 9888, National Bureau of Economic Research, Inc.
    2. Baumann, Florian & Meier, Volker & Werding, Martin, 2008. "Transferable ageing provisions in individual health insurance contracts," Munich Reprints in Economics 20150, University of Munich, Department of Economics.
    3. Volker Meier, 2005. "Efficient Transfer of Aging Provisions in Private Health Insurance," Journal of Economics, Springer, vol. 84(3), pages 249-275, 05.
    4. Paul Kleindorfer & Howard Kunreuther & Chieh Ou-Yang, 2012. "Single-year and multi-year insurance policies in a competitive market," Journal of Risk and Uncertainty, Springer, vol. 45(1), pages 51-78, August.
    5. Herring, Bradley & Pauly, Mark V., 2006. "Incentive-compatible guaranteed renewable health insurance premiums," Journal of Health Economics, Elsevier, vol. 25(3), pages 395-417, May.
    6. Volker Meier, 2003. "Solving the Premium Risk Problem, Insurer Switches, and Transfers of Aging Provisions," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 1(3), pages 20-23, October.
    7. Annette Hofmann & Mark Browne, 2013. "One-sided commitment in dynamic insurance contracts: Evidence from private health insurance in Germany," Journal of Risk and Uncertainty, Springer, vol. 46(1), pages 81-112, February.
    8. Bradley Herring & Mark V. Pauly, 2006. "The Effect of State Community Rating Regulations on Premiums and Coverage in the Individual Health Insurance Market," NBER Working Papers 12504, National Bureau of Economic Research, Inc.
    9. Kevin Frick, 2002. "Valuing improvements in lifetime endowments in markets with no borrowing," Atlantic Economic Journal, International Atlantic Economic Society, vol. 30(2), pages 191-195, June.
    10. Mark Pauly & Kai Menzel & Howard Kunreuther & Richard Hirth, 2011. "Guaranteed renewability uniquely prevents adverse selection in individual health insurance," Journal of Risk and Uncertainty, Springer, vol. 43(2), pages 127-139, October.

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