The money you pay for your business's many insurance premiums might seem like a waste, but it's like the lifeboats on a ship: You might never need it, but when you do you'll really, really need it.

This paper seeks to develop a normative framework for analyzing the investment decision of a mutual life insurer. A criterion is suggested by which to judge management decisions. Then a way is ...

The insurance industry is unlike any other—it doesn’t sell a physical product but rather a service that underpins the entire economy. Each year there are about $7 trillion in premiums alone. The ...