The Cost of Financial Frictions for Life Insurers
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During the financial crisis, life insurers sold long-term policies at deep discounts relative to actuarial value. The average markup was as low as 19 percent for annuities and 57 percent for life insurance. This extraordinary pricing behavior was due to financial and product market frictions,
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美国国家经济研究局创建时间：
2012-08-01
