Description: In this paper, the authors take an axiomatic approach to characterize insurance prices in a competitive market setting. Four axioms are presented to describe the behavior of market insurance prices. From these axioms it follows that the price of an insurance risk has a Choquet integral representation with respect to a distorted probability.

Description: This paper examines the Federal Housing Administration's [FHA] historical termination data on individual single family mortgages. These FHA data can be used to help understand recent past experience as well as to forecast future experience.