Policyholder exercise behavior in life insurance: the state of Affairs

Daniel Bauer, Jin Gao, Thorsten Moenig, Eric R. Ulm, Nan Zhu

Research output: Contribution to journalReview articlepeer-review

27 Scopus citations


The article presents a review of structural models of policyholder behavior in life insurance. We first discuss underlying drivers of policyholder behavior in theory and survey the implications of different models. We then turn to empirical behavior and appraise how well different drivers explain observations. The key contributions lie in the synthesis and the systematic categorization of different approaches. The article should provide a foundation for future studies, and we describe some important directions for future research in the conclusion.

Original languageEnglish (US)
Pages (from-to)485-501
Number of pages17
JournalNorth American Actuarial Journal
Issue number4
StatePublished - Sep 27 2017

All Science Journal Classification (ASJC) codes

  • Statistics and Probability
  • Economics and Econometrics
  • Statistics, Probability and Uncertainty


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