人寿结算如何影响初级人寿保险市场？

How Does Life Settlement Affect the Primary Life Insurance Market?

Abstract

We study the effect of the life settlement market on the structure of long term contracts offeredby the primary market for life insurance, as well as the effect on consumer welfare, usinga dynamic model of life insurance with one sided commitment and bequest-driven lapsation.We show that the presence of life settlement affects the extent as well as the form of dynamicreclassification risk insurance in the equilibrium of the primary insurance market, and that thesettlement market generally leads to lower consumer welfare. We also examine the primary insurers’response to the settlement market when they can offer enriched contracts by specifyingoptimally chosen cash surrender values (CSVs).