Life Markets: Trading Mortality and Longevity Risk with Life Settlements and Linked Securities

摘要

1. Description of Life Markets The title suggests that this book treats two developments in trading life contingent securities, life settlements market and the longevity securities market. In fact, the book provides complete coverage of life settlements, but very little on managing longevity risk of pension plans and annuities. Despite the book's title, it is almost entirely about life settlements. The book's 19 chapters (244 pages) cover life settlements very well, including the basics of life insurance, motives for a policyholder to sell her/his policy, underwriting policies for sale in the secondary market, securitization of portfolios of policies, ethics of settlements, valuation of life settlement securities and more.