TY  - UNPD
A1  - Doherty, Neil A.
A1  - Laux, Christian
A1  - Muermann, Alexander
T1  - Insuring non-verifiable losses
N2  - Insurance contracts are often complex and difficult to verify outside the insurance relation. We show that standard one-period insurance policies with an upper limit and a deductible are the optimal incentive-compatible contracts in a competitive market with repeated interaction. Optimal group insurance policies involve a joint upper limit but individual deductibles and insurance brokers can play a role implementing such contracts for the group of clients. Our model provides new insights and predictions about the determinants of insurance.
T3  - CFS working paper series - 2011, 31 
KW  - Deductible Insurance
KW  - Upper Limit
KW  - Implicit Insurance Contracts
KW  - Insurance Brokers
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/24115
UR  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hebis:30:3-241157
PB  - Goethe-Univ., House of Finance, Center for Financial Studies
CY  - Frankfurt am Main
ER  -