Optimal Fee Structure of Variable Annuities

2021 ◽  
Author(s):  
Gu Wang ◽  
Bin Zou
Keyword(s):  
Variable Annuities ◽  
Fee Structure

High‐water mark fee structure in variable annuities

2021 ◽  
Author(s):  
David Landriault ◽  
Bin Li ◽  
Dongchen Li ◽  
Yumin Wang
Keyword(s):  
High Water ◽  
Variable Annuities ◽  
Fee Structure ◽  
High Water Mark

STATE-DEPENDENT FEES FOR VARIABLE ANNUITY GUARANTEES

2014 ◽  
Vol 44 (3) ◽  
pp. 559-585 ◽  
Author(s):  
Carole Bernard ◽  
Mary Hardy ◽  
Anne Mackay
Keyword(s):  
Option Value ◽  
Variable Annuities ◽  
Numerical Examples ◽  
Management Fees ◽  
Fee Structure ◽  
State Dependent ◽  
Constant Rate ◽  
The Cost

AbstractFor variable annuity policies, management fees for the most basic guarantees are charged at a constant rate throughout the term of the policy. This creates a misalignment of risk and income – the fee income is low when the option value is high, and vice versa. In turn, this may create adverse incentives for policyholders, for example, encouraging surrenders when the options are far out-of-the-money.In this paper, we explore a new fee structure for variable annuities, where the fee rate supporting the cost of guarantees depends on the moneyness of those guarantees. We derive formulas for calculating the fee rates assuming fees are paid only when the guarantees are in-the-money, or are close to being in-the-money, and we illustrate with some numerical examples. We investigate the effect of this new fee structure on the surrender decision.

Characterization of carbides in M50NiL

1991 ◽  
Vol 49 ◽  
pp. 606-607
Author(s):  
L. S. Lin ◽  
K. P. Gumz ◽  
A. V. Karg ◽  
C. C. Law
Keyword(s):  
Temperature Effects ◽  
Base Composition ◽  
Lattice Parameter ◽  
Control Surface ◽  
Carbide Formation ◽  
Particle Sizes ◽  
Low Carbon ◽  
Fee Structure ◽  
Heat Treated

Carbon and temperature effects on carbide formation in the carburized zone of M50NiL are of great importance because they can be used to control surface properties of bearings. A series of homogeneous alloys (with M50NiL as base composition) containing various levels of carbon in the range of 0.15% to 1.5% (in wt.%) and heat treated at temperatures between 650°C to 1100°C were selected for characterizations. Eleven samples were chosen for carbide characterization and chemical analysis and their identifications are listed in Table 1.Five different carbides consisting of M6C, M2C, M7C3 and M23C6 were found in all eleven samples examined as shown in Table 1. M6C carbides (with least carbon) were found to be the major carbide in low carbon alloys (<0.3% C) and their amounts decreased as the carbon content increased. In sample C (0.3% C), most particles (95%) encountered were M6C carbide with a particle sizes range between 0.05 to 0.25 um. The M6C carbide are enriched in both Mo and Fe and have a fee structure with lattice parameter a=1.105 nm (Figure 1).

Domain coarsening by grain boundary migration in ordered Ni4Mo

1986 ◽  
Vol 44 ◽  
pp. 560-561
Author(s):  
K. Vasudevan ◽  
H. P. Kao ◽  
C. R. Brooks ◽  
E. E. Stansbury
Keyword(s):  
Grain Boundary ◽  
Grain Boundaries ◽  
Short Range ◽  
Boundary Migration ◽  
Grain Boundary Migration ◽  
Rapid Cooling ◽  
Temperature Range ◽  
Fee Structure ◽  
Domain Coarsening ◽  
Boundary Reaction

The Ni4Mo alloy has a short-range ordered fee structure (α) above 868°C, but transforms below this temperature to an ordered bet structure (β) by rearrangement of atoms on the fee lattice. The disordered α, retained by rapid cooling, can be ordered by appropriate aging below 868°C. Initially, very fine β domains in six different but crystallographically related variants form and grow in size on further aging. However, in the temperature range 600-775°C, a coarsening reaction begins at the former α grain boundaries and the alloy also coarsens by this mechanism. The purpose of this paper is to report on TEM observations showing the characteristics of this grain boundary reaction.

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