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Center for Financial Studies (CFS), Universität Frankfurt a. M. >
CFS Working Paper Series, Universität Frankfurt a. M. >
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http://hdl.handle.net/10419/57366
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| Title: | | Insuring non-verifiable losses  |
| Authors: | | Doherty, Neil A. Laux, Christian Muermann, Alexander |
| Issue Date: | | 2011 |
| Series/Report no.: | | CFS Working Paper 2011/31 |
| Abstract: | | Insurance contracts are often complex and difficult to verify outside the insurance relation. We show that standard one-period insurance policies with an upper limit and a deductible are the optimal incentive-compatible contracts in a competitive market with repeated interaction. Optimal group insurance policies involve a joint upper limit but individual deductibles and insurance brokers can play a role implementing such contracts for the group of clients. Our model provides new insights and predictions about the determinants of insurance. |
| Subjects: | | Deductible Insurance Upper Limit Implicit Insurance Contracts Insurance Brokers |
| JEL: | | D68 G22 L14 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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