lmpact of flexible periodic premiums on variable annuity guarantees

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      <subfield code="a">Bernard, Carole</subfield>
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      <subfield code="a">lmpact of flexible periodic premiums on variable annuity guarantees</subfield>
      <subfield code="c">Carole Bernard, Zhenyu Cuí, and Steven Vanduffel</subfield>
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      <subfield code="a">In this article, we study the fair fee of a flexible premium variable annuity (FPVA), in which the policyholder can choose to pay
periodic premiums during the accumulation phase instead of a single initial premium. We are able to express fair fees using a fast and
accurate approximation based on bounds on the price of the FPVA. We identify scenarios that are particularly costly for the insurer.
Our study could help insurers estimate the magnitude of typical underpricing when offering flexible-premium variable annuities with
the same fee as the corresponding single-premium variable annuity.</subfield>
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      <subfield code="a">Garantías</subfield>
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      <subfield code="a">Cuí, Zhenyu</subfield>
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      <subfield code="a">Vanduffel, Steven</subfield>
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      <subfield code="t">North American actuarial journal</subfield>
      <subfield code="d">Schaumburg : Society of Actuaries, 1997-</subfield>
      <subfield code="x">1092-0277</subfield>
      <subfield code="g">01/03/2017 Tomo 21 Número 1 - 2017 , p. 63-86</subfield>
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