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- Title
On the Rate Structure of the American Life Insurance Market.
- Authors
WINTER, RALPH A.
- Abstract
This article re-examines the conclusion of previous studies that price dispersion is extreme in the American whole life insurance market. We take an axiomatic approach to the problem of measuring "price" dispersion in the market for the multiparameter whole life contracts, studying the distribution across contract offers of a price index which is uniquely determined by two conditions. In contrast to the accepted wisdom, we find that the derived measure of price dispersion is only 3.6% and that much of this dispersion can be accounted for by measurement error.
- Subjects
UNITED States; WHOLE life insurance; LIFE insurance; INDUSTRIAL organization (Economic theory); PRICE indexes; PRICING; TERM life insurance policies; INSURANCE premiums; INSURANCE; LIFE insurance companies; ECONOMICS; RATES
- Publication
Journal of Finance (Wiley-Blackwell), 1981, Vol 36, Issue 1, p81
- ISSN
0022-1082
- Publication type
Article
- DOI
10.1111/j.1540-6261.1981.tb03536.x