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Erschienen in:
2021 | OriginalPaper | Buchkapitel
Financial-Actuarial Assets
verfasst von : Francesco Menoncin
Erschienen in: Risk Management for Pension Funds
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In this chapter we show how to price a derivative on human life by using the tools already developed in the previous chapter. In particular, we show three cases: (1) the longevity bond, (2) the out of date Tontine, and (3) the death bond. These particular assets are just examples of a design that could be used to create many other actuarial derivatives whose underlying is the force of mortality. From a theoretical point of view, such assets are very useful for completing the financial market. In fact, it is very difficult to find pure financial assets that have a correlation with the force of mortality which is sufficiently high to make these assets suitable for hedging purposes.