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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of commerce and management
Vol. 57, no. 1 (Oct. 2023)
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2024-09-21
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このアイテムへのリンクには次のURLをご利用ください: https://doi.org/10.15057/26978
このアイテムへのリンクには次のURLをご利用ください: https://hdl.handle.net/10086/26978
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cover_26978
pdf
HJcom0480100990
pdf
870 KB
2,077
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Title
ASYMMETRIC INFORMATION IN LIFE INSURANCE: DIFFERENCE BETWEEN WHOLE LIFE AND TERM LIFE
Creator
Creator Name
YAMAMOTO, SHINICHI
YAMAMOTO, SHINICHI
山本, 信一
山本, 信一
Affiliation
Affiliation Name
Ritsumeikan University
Creator Name
YONEYAMA, TAKAU
YONEYAMA, TAKAU
米山, 高生
米山, 高生
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
KWON, W. JEAN
KWON, W. JEAN
Affiliation
Affiliation Name
St. John's University
Key Word
adverse selection
moral hazard
whole life insurance
term life insurance
automatic renewal clause of term life insurance
suicide clause
Abstract
This paper provides empirical evidence consistent with the existence of adverse selection and moral hazard in the whole life and term life insurance market. We use life insurance companies' data to recognize adverse selection, moral hazard, and medical examination effects. Drawing on data from more than 1.3 million insurance policies in Japan, we find evidence that the mortality of the insured at policy inception is lower than that of the general public; with the selection of the insured via medical examination, we did not find adverse selection in new whole life and term life insurance risks. In the case of automatic renewal of term life policies where insurance companies set the price using the same regulated mortality table as that of optional renewal term life policies, the effectiveness of medical selection attenuates after approximately five years of the policy life, and the costs from adverse selection and the moral hazard from suicide begin to occur around the fifth year.
Publisher
Hitotsubashi University
Issued Date
2014-10
Language
英語(eng)
Resource Type
departmental bulletin paper(紀要論文)
Version Type
VoR
selfDOI
10.15057/26978
ISSN
0018-2796
NCID
AA00207536
Source Title
Hitotsubashi journal of commerce and management
Volume Number
48
Issue Number
1
Page Start
99
Page End
117
Appears in Collections
Vol. 48, no. 1 (Oct. 2014)
URL
https://hdl.handle.net/10086/26978
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