Shinichi Kamiya

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A bonus-malus system (BMS) serves not only as a fair rating system but also as a mechanism to avoid adverse selection by developing an applied premium based on the claim experience of a policy. This paper analyzes how a BMS could work for these two concepts: achieving fairness among policies and mitigating adverse selection. The purpose is to understand how(More)
This paper studies the effects of company risk and guaranty funds on life insurance in force using company-by-state level data during the 1985-2010 period. Consistent with market discipline, it finds a negative relation between company risk (measured by changes in financial ratings) and changes in life insurance in force and annuity considerations. Effects(More)
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