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GWL&A is to retain some participating life insurance policies that will be administered by Protective.
In this article, the authors test whether hypotheses derived from agency theory explain the usage of participating life insurance policies by stock insurers.
The use of two different measures of the dependent variable results in two samples of insurers because some insurers have participating life insurance policies in force at year-end, but they did not issue participating policies in the current year.
Hooton noted that default money is likely to wind up in an insurer's with-profit fund, which is held on behalf of customers with participating life insurance policies. "And there has been a lot of fuss recently about the lack of transparency of with-profit Funds," he said.
They use an option valuation framework to show that the expected cash flows associated with participating life insurance policies resolve costs of managerial discretion in stock insurers.
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