State-dependent fees for variable annuity guarantees

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<title>State-dependent fees for variable annuity guarantees</title>
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<abstract displayLabel="Summary">For variable annuity policies, management fees for the most basic guarantees are charged at a constant rate throughout the term of the policy. This creates a misalignment of risk and income  the fee income is low when the option value is high, and vice versa. In turn, this may create adverse incentives for policyholders, for example, encouraging surrenders when the options are far out-of-the-money.</abstract>
<note type="statement of responsibility">Carole Bernard, Mary Hardy, Anne Mackay</note>
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<titleInfo>
<title>Astin bulletin</title>
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<publisher>Belgium : ASTIN and AFIR Sections of the International Actuarial Association</publisher>
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<identifier type="issn">0515-0361</identifier>
<identifier type="local">MAP20077000420</identifier>
<part>
<text>01/09/2014 Volumen 44 Número 3 - septiembre 2014 </text>
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