Characteristics of insurance contracts suitable to benefit value insurance settlements
Based on the economic substance of life settlement in US, I examined the possibility of benefit value insurance settlement about each insurance contract type. As a result, the following three conditions are proved to be necessary to exist for benefit value insurance settlement. First, from the viewpoint of insurable interest, the policyholder must be able to change the beneficiary to anyone when transferring an insurance contract to the unrelated third party. Second, the insured event must be most likely to occur during the policy period. Moreover, such situation must continue for certain period of time. Third, the concerned insurance contract must be oneclaim- ending type of insurance contract.
Volume (Year): 64 (2014)
Issue (Month): 4 ()
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- Hanming Fang & Edward Kung, 2010.
"How Does Life Settlement Affect the Primary Life Insurance Market?,"
PIER Working Paper Archive
10-006, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Hanming Fang & Edward Kung, 2010. "How Does Life Settlement Affect the Primary Life Insurance Market?," NBER Working Papers 15761, National Bureau of Economic Research, Inc.
- Glenn Daily & Igal Hendel & Alessandro Lizzeri, 2008. "Does the Secondary Life Insurance Market Threaten Dynamic Insurance?," American Economic Review, American Economic Association, vol. 98(2), pages 151-56, May.
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