Weinert, Jan-Hendrik - 2017 - This version: May 8, 2017
characteristics of tontinists. Therefore, the surrender decision of single tontinists directly affects the remaining members' payouts …. Nevertheless, the opportunity to surrender is crucial to the success of a tontine from a regulatory as well as a policyholder … perspective. Therefore, this paper derives the fair surrender value of a tontine, first on the basis of expected values, and then …