State-dependent fees for variable annuity guarantees

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      <subfield code="a">Bernard, Carole</subfield>
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      <subfield code="a">State-dependent fees for variable annuity guarantees</subfield>
      <subfield code="c">Carole Bernard, Mary Hardy, Anne Mackay</subfield>
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      <subfield code="a">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.</subfield>
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      <subfield code="d">Belgium : ASTIN and AFIR Sections of the International Actuarial Association</subfield>
      <subfield code="x">0515-0361</subfield>
      <subfield code="g">01/09/2014 Volumen 44 Número 3 - septiembre 2014 </subfield>
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