Essays on the State of Taxation of the Life Insurance Industry PDF Download
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Author: Marci K. Castillo
Publisher:
ISBN:
Category :
Languages : en
Pages : 141
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Book Description
Author: Marci K. Castillo
Publisher:
ISBN:
Category :
Languages : en
Pages : 141
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Book Description
Author: Patrick Ryan Cooper
Publisher:
ISBN:
Category : Electronic dissertations
Languages : en
Pages : 128
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Book Description
While life insurers are generally free to set prices on term life insurance contracts, they face three constraints in doing so. Two of these constraints, insurance premium taxes and insurance guaranty funds, are imposed by state governments, while the third, the insolvency risk premium of insurance contracts issued by a specific insurer, is imposed directly by the market. The first two essays estimate the effects of the two government-imposed constraints on the price of term life insurance. In essay one, we look at how guaranty funds affect the price of term life insurance. Guaranty funds, which exist in every state, reduce the cost of insurer insolvency to policyholders by paying out death benefits up to a specified amount, usually $300,000, on policies written by insurers that have become insolvent. We show theoretically, using an expected value model, and empirically, using data from the California term life insurance market, that the price per thousand dollars of coverage is significantly lower for policies with a face value above the amount guaranteed by the state guaranty fund. In essay two, we estimate the effects of state insurance premium taxes on the price of term life insurance. In estimating the effects of state-specific premium taxes on the price of term life insurance, we linearly bifurcate each state's premium tax into a domestic premium tax, which is paid by all life insurance companies, regardless of domicile, and a retaliatory tax, which is paid only by an insurer whose state of domicile has a premium tax greater than that of the state in which the policy is written. We find that a one percent increase in both the domestic premium tax and the retaliatory tax increase the price of term life insurance by less than one percent. Finally, in the third essay, we estimate the effect of an insurer's insolvency risk, as measured by A.M. Best Financial Strength Ratings, on the price of a term life insurance contract issued by that insurer. Insurance contracts sold by an insurer with a relatively lower rating should sell at a discount to policies written by firms with a higher rating. We find strong evidence that insurers with a relatively higher A.M. Best rating actually charge lower prices.
Author: American Bar Association. House of Delegates
Publisher: American Bar Association
ISBN: 9781590318737
Category : Law
Languages : en
Pages : 216
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Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author: Thomas McIntyre Cooley
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 1032
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Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 806
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Author:
Publisher:
ISBN:
Category : Insurance
Languages : en
Pages : 1064
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Book Description
Author: Mr.Victor Thuronyi
Publisher: International Monetary Fund
ISBN: 9781557755872
Category : Business & Economics
Languages : en
Pages : 534
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Book Description
Edited by Victor Thuronyi, this book offers an introduction to a broad range of issues in comparative tax law and is based on comparative discussion of the tax laws of developed countries. It presents practical models and guidelines for drafting tax legislation that can be used by officials of developing and transition countries. Volume I covers general issues, some special topics, and major taxes other than income tax.
Author: Jeffrey R. Brown
Publisher: MIT Press
ISBN: 9780262261692
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Annuity insurance products help protect retirees against outliving their incomes. Dramatic advances in life expectancy mean that today's retirees must plan on living into their eighties, their nineties, and even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes. A life annuity is an insurance product that pays out a periodic amount for as long as the annuitant is alive, in exchange for a premium. The book begins with a history of life annuity markets during the twentieth century in the United States and elsewhere. It then explores recent trends in annuity pricing and money's worth, as well as the economic value generated for purchasers of these products. The book explains the potential importance of inflation-protected annuities and stock-market-linked variable annuities in providing more complete retirement security. The concluding chapters examine life annuities in various institutional settings and the tax treatment of annuity products.
Author: United States. Congressional Budget Office
Publisher:
ISBN:
Category : Family farms
Languages : en
Pages : 60
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Book Description
Author: Ward R. Kangas
Publisher: Universal-Publishers
ISBN: 1581120044
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
Based on data on publicly traded insurance firms, the first essay examines questions about the effect of large catastrophic events on insurance firms. Rather than looking at a single event, thirty catastrophic events were aggregated into quintiles and the cumulative abnormal returns around these events were found to be significantly positive over a 25 day trading window. There is no significant evidence that post-catastrophic stock returns are correlated to the magnitude of the catastrophe. The second essay analyzes the effect of a large land grant university, the University of Illinois, on the State Treasury of Illinois. If the State Treasury were acting as its own agent trying to maximize revenues, would it choose higher education as an investment versus other alternative investments. While it is true the State makes large expenditures for the operations of the University, it is also true that individuals receiving degrees on average receive higher incomes. Taxes or higher incomes offset the cost of operating the University. The study is broken out by the level of student: undergraduate, masters, doctorate, medical professional, and by function of the University. It was found that all levels of education have a positive return not only for the individual, but also for the State Treasury. This is in excess of any non-pecuniary benefits to the State of having a better educated population, or the local taxation effects on the county or city where the campus is located. These returns are found to be higher than other types of investments.
