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Exotic Unit-Linked Life Insurance Contracts

In: Financial Risk and Derivatives

Author

Listed:
  • Steinar Ekern

    (Institute of Finance and Management Science, Norwegian School of Economics and Business Administration)

  • Svein-Arne Persson

    (Institute of Finance and Management Science, Norwegian School of Economics and Business Administration)

Abstract

This article integrates aspects of traditional insurance with advances in financial economics, yielding proper valuation and premium assessments of insurance benefits linked to various financial assets. Several new types of unit-linked life insurance contracts are discussed, with substantial potential for real-life applications. Compared to usual unit-linked products, these contracts offer added flexibility and/or altered exposure to financial risk for the insured and/or the insurer. The single premiums of these policies are calculated as expectations under a risk-adjusted probability measure (equivalent martingale measure), satisfying no-arbitrage conditions in financial markets.

Suggested Citation

  • Steinar Ekern & Svein-Arne Persson, 1996. "Exotic Unit-Linked Life Insurance Contracts," Springer Books, in: Henri Loubergé & Marti G. Subrahmanyam (ed.), Financial Risk and Derivatives, pages 35-63, Springer.
    • Handle: RePEc:spr:sprchp:978-94-009-1826-9_4
    DOI: 10.1007/978-94-009-1826-9_4
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