We examine the efficiency of fraternal insurers as compared to mutual and stock insurers in the U.S. life insurance industry. We test the hypothesis of equal efficiency across fraternal, mutual, and stock insurers. We find that mutual and stock insurer technology is dominant for producing the...

This paper analyzes the reasons why exchange-traded insurance-linked derivatives like catastrophe insurance futures and options have failed to attract interest from financial market participants. There are various risk components embedded in exchange-traded catastrophe insurance...

We examine the efficiency of fraternal insurers as compared to mutual and stock insurers in the U.S. life insurance industry. We test the hypothesis of equal efficiency across fraternal, mutual, and stock insurers. We find that mutual and stock insurer technology is dominant for producing the...

An increasing number of states have legalized marijuana for recreational use. Though marijuana is still illegal at the Federal level, the administration will not seek to enforce the law in states that have legalized its use, consistent with a majority of Americans who indicate that they do not...

Determinants of risk attitudes of individuals are of great interest in the growing area of behavioral economics that focuses on the individual attributes, psychological or otherwise, that shape common financial and investment practices. The...

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This paper puts forth a critique of European solvency regulation of the type imposed on insurers by Solvency I and II. Insurers’ underwriting and investment...

Consumer insurance fraud and abuse (CIFA) is the subject of managerial, regulatory, and judicial attention. This issue may represent the misallocation of billions of dollars, with monitoring and remedial costs contributing billions more. This problem is most often addressed as a matter of...

We analyze life insurance policy surrender activity to determine whether surrender is a function of certain macroeconomic variables and, therefore, highly correlated across policies. Results support the Emergency Fund Hypothesis and the Interest Rate Hypothesis. In addition, we provide evidence...