Pitacco, Ermanno; Tabakova, Daniela Y. - In: Risks : open access journal 10 (2022) 3, pp. 1-22
Special-rate life annuities are life annuity products whose single premium is based on a mortality assumption driven … underwriting step (which explains the alternative expression "underwritten life annuities"). Better annuity rates are then applied … (partially unobservable) heterogeneity inside each sub-portfolio of special-rate annuities follows, and this results in a higher …
