Kling, Alexander; Russ, Jochen; Schmeiser, Hato - In: The Geneva Papers on Risk and Insurance Theory 31 (2006) 1, pp. 43-60
Newly introduced government-subsidized pension products in Germany are required to contain a promise by the seller to provide a “money-back guarantee” at the end of the term. The client is also given the right to stop paying premiums at any time (paid-up option). In this case, the amount of...