Description: This paper develops a model of annuity mortality that facilitates a more thorough evaluation of the issues of policyholder antiselection and insurance company response. Aging occurs as an annuitant's health state changes. Death occurs either as terminal health state or by accident. By knowing the current health state, the annuitant or insurance company can improve its knowledge about life expectancy.

Description: The purpose of this paper is to study mortality-based securities, such as mortality bonds and swaps, and to price the proposed mortality securities. The focus is on individual annuity data, although some of the modeling techniques could be applied to other lines of annuity or life insurance.

Description: This paper describes a concept product, advanced-life delayed annuity ALDA, which would be acquired at a young age small premiums would be paid over a ling period of time but the ALDA would only begin paying an inflation-adjusted life-contingent income at the advanced age of 80, 85, or even 90.