Death Benefits, Refunds and Covenants

Moshe Milevsky

Chapter 5 in How to Build a Modern Tontine, 2022, pp 61-79 from Springer

Abstract: Abstract This chapter implements a design feature in which investors in the modern tontine are assured they will be made whole if they happen to die prior to receiving their original investment back in periodic payments. This is the symmetric equivalent of a cash-refund income annuity, which incidentally is the most popular rider in the US market.

Date: 2022
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DOI: 10.1007/978-3-031-00928-0_5

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