Household Life Insurance Demand

Abstract

What types of households own life insurance? Who owns term life and who owns whole life insurance? These are questions of great interest to insurers that operate in a highly competitive market. To answer these questions, we jointly examine household demand of two types of insurance, term and whole life, using data from the Survey of Consumer Finances, a probability sample of the U.S. population. We model both the frequency and the severity of demand for insurance, building on the work of Lin and Grace by using explanatory variables that they developed. For the frequency portion, the household decisions about whether to own term and whole life insurance are modeled simultaneously with a bivariate probit regression model. Given ownership of life insurance by a household, the amounts of insurance are analyzed using generalized linear models with a normal copula. The copula permits the bivariate modeling of insurance amounts for households who own both term and whole life insurance, about 20% of our sample. These models allow analysts to predict who owns life insurance and how much they own, an important input to the marketing process.

Moreover, our findings suggest that household demand for term and whole life insurance is jointly determined. After controlling for explanatory variables, there exists a negative relationship for a household’s decision to own both whole and term life insurance (the frequency part) and a positive relationship for the amount of insurance purchased (the severity part). This indicates that the greater the probability of holding one type, the smaller the probability of holding the other type of life insurance. However, higher demand for both types of insurance exists when a household decides to own both. This mixed effect extends prior work that established a negative relationship, suggesting that term life insurance and whole life insurance are substitutes for one another. In contrast, our findings reveal that the ownership decision involves substitution, but, for households owning both types of insurance, amounts are positively related. Therefore, term and whole life insurance are substitutes in the frequency yet complements in the severity.     

再谈正确把握中华民族优秀传统的精神实质

更好地传承与弘扬中华民族优秀传统应建立在正确把握其精神实质的基础之上。从传统文化本质与现实文化有必然联系的方面入手，以民族普遍性与民族特殊性的内在统一为参照标准，以历史与现实的统一为评价尺度可知，中国人突出的人格价值自觉与强烈的社会责任感正是中华民族优秀传统的精神实质所在。尽管思想认识的时代高度不同，但其内在的精神实质则是一以贯之的。中国人突出的人格价值自觉与强烈的社会责任感必定会继承下来，发展开去。     

浅谈高边坡支护工程施工技术

文章结合苗家坝水电站工程料场高边坡支护施工,阐述了注浆锚杆、挂网喷混凝土、素喷混凝土和锚筋桩加固边坡的施工要点、注意事项、质量检测及工程效果。     

三宝电脑公司

三宝电脑（沈阳）有限公司为韩国三宝的全资子公司。2005年5月,韩国三宝本社因资不抵债向政府申请托管,实行破产保护,导致沈阳三宝4 200万美元对母公司应收账款变成呆账,由此将造成包括A银行在内的沈阳四家银行4 845万美元贷款无法收回。本案例采用故事化的表述形式,重现昔日这桩跨国公司破产案在中国所引发的信贷冲击波,以引起国内商业银行对跨国公司信贷风险防范和管理的关注。     

工程图学融合式教学模式的研究

本文建立了以三维CAD建模为主线的工程图学融合式教学模式,该模式将三维几何建模贯穿于工程图学教学全过程,使三维建模技术与传统图学的教学内容有机融合。在图学教学中引入三维实体造型理论和技术,使教学过程与工程应用相联系,是推进工程图学课程深入改革的必然趋势。     

利益相关者视角:自然资源利用与中医药产业发展

中医药作为中华传统瑰宝,自然资源的保护与利用是其产业发展的基石。如何保证药材原料资源可持续利用,促进企业履行社会责任,是值得探讨的问题。以中医药类上市企业为研究对象,基于自然资源在整个生产经营流程的定位,从利益相关者视角出发进行分类,并利用面板数据模型,通过一系列指标分析各利益相关者满足度对企业绩效影响的关联度,反映出当前中医药企业对于资源管理保护的参与性不够,导致提升各利益相关者满足度的投入成本效益并不合理。     

我国出口贸易贫困化增长的现状、原因及对策

＂贫困化增长＂理论是分析国际贸易对发展中国家影响的重要理论,最早由巴格瓦蒂提出。本文对中国出口贸易出现贫困化增长的现状与原因进行了分析,其中贸易增长的动力转换不到位是根本原因。在此基础上,提出了相关对策,如加快产业结构调整、转变出口增长方式,创造良好的外贸体制环境等。     

浅谈泵送混凝土裂缝的产生与防治措施

通过分析泵送混凝土的特点,针对温度裂缝、沉陷收缩裂缝、干缩裂缝的产生原因与防治措施进行探讨,以期通过本文的阐述为最大限度地防治泵送混凝土裂缝提供借鉴。     

宏观调控与微观干预

宏观调控是近几年出现频率最高的词,然而关于宏观调控的真正内涵却很少有人能说清楚,文章就这一词语的真正内涵及外延进行了探讨.指出宏观调控与政府干预的不同,以及微观干预与宏观调控之区别,并就我国当前宏观调控的任务谈些自己的观点.