MODERN LIFE-CARE TONTINES
نویسندگان
چکیده
Abstract The tendency of insurance providers to refrain from offering long-term guarantees on investment or mortality risk has shifted attention mutual pooling schemes like (modern) tontines, pooled annuities group self annuitization schemes. While the literature focused schemes, this paper builds advantage and morbidity risks, their inherent natural hedge. We introduce a modern “life-care tontine”, which in addition retirement income targets needs care (LTC) coverage for an ageing population. In contrast classical life-care annuity, both LTC risks are shared within policyholder pool by credits, respectively. Technically, we rely backward iteration deduce smoothed cashflows pattern separation cash-flows fixed withdrawal surplus two types risks. illustrate our results using real life data, demonstrating adequacy proposed tontine scheme.
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ژورنال
عنوان ژورنال: Astin Bulletin
سال: 2022
ISSN: ['0515-0361', '1783-1350']
DOI: https://doi.org/10.1017/asb.2022.6