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Article: Assessing the impact of suicide exclusion periods on life insurance
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TitleAssessing the impact of suicide exclusion periods on life insurance
 
AuthorsYip, P1
Pitt, D4
Wang, Y3
Wu, X4
Watson, R4
Huggins, R4
Xu, Y2
 
KeywordsAge-standardized mortality rate
Australia
Life insurance
Suicide rate
Suicide-exclusion period
 
Issue Date2010
 
PublisherHogrefe & Huber Publishers. The Journal's web site is located at http://www.hogrefe.com/periodicals/crisis-the-journal-of-crisis-intervention-and-suicide-prevention/
 
CitationCrisis, 2010, v. 31 n. 4, p. 217-223 [How to Cite?]
DOI: http://dx.doi.org/10.1027/0227-5910/a000023
 
AbstractBackground: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide.We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some "insurance-induced" suicides - a rationale for this conclusion is given. © 2010 Hogrefe Publishing.
 
ISSN0227-5910
2012 Impact Factor: 1.57
2012 SCImago Journal Rankings: 0.580
 
DOIhttp://dx.doi.org/10.1027/0227-5910/a000023
 
ISI Accession Number IDWOS:000281362600007
 
ReferencesReferences in Scopus
 
DC FieldValue
dc.contributor.authorYip, P
 
dc.contributor.authorPitt, D
 
dc.contributor.authorWang, Y
 
dc.contributor.authorWu, X
 
dc.contributor.authorWatson, R
 
dc.contributor.authorHuggins, R
 
dc.contributor.authorXu, Y
 
dc.date.accessioned2011-10-28T02:52:22Z
 
dc.date.available2011-10-28T02:52:22Z
 
dc.date.issued2010
 
dc.description.abstractBackground: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide.We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some "insurance-induced" suicides - a rationale for this conclusion is given. © 2010 Hogrefe Publishing.
 
dc.description.natureLink_to_subscribed_fulltext
 
dc.identifier.citationCrisis, 2010, v. 31 n. 4, p. 217-223 [How to Cite?]
DOI: http://dx.doi.org/10.1027/0227-5910/a000023
 
dc.identifier.doihttp://dx.doi.org/10.1027/0227-5910/a000023
 
dc.identifier.eissn2151-2396
 
dc.identifier.epage223
 
dc.identifier.hkuros197421
 
dc.identifier.isiWOS:000281362600007
 
dc.identifier.issn0227-5910
2012 Impact Factor: 1.57
2012 SCImago Journal Rankings: 0.580
 
dc.identifier.issue4
 
dc.identifier.pmid20801752
 
dc.identifier.scopuseid_2-s2.0-77957105149
 
dc.identifier.spage217
 
dc.identifier.urihttp://hdl.handle.net/10722/142596
 
dc.identifier.volume31
 
dc.languageeng
 
dc.publisherHogrefe & Huber Publishers. The Journal's web site is located at http://www.hogrefe.com/periodicals/crisis-the-journal-of-crisis-intervention-and-suicide-prevention/
 
dc.publisher.placeUnited States
 
dc.relation.ispartofCrisis
 
dc.relation.referencesReferences in Scopus
 
dc.subject.meshAge Factors
 
dc.subject.meshAustralia - epidemiology
 
dc.subject.meshInsurance, Life - economics - statistics and numerical data
 
dc.subject.meshSex Factors
 
dc.subject.meshSuicide - prevention and control - statistics and numerical data
 
dc.subjectAge-standardized mortality rate
 
dc.subjectAustralia
 
dc.subjectLife insurance
 
dc.subjectSuicide rate
 
dc.subjectSuicide-exclusion period
 
dc.titleAssessing the impact of suicide exclusion periods on life insurance
 
dc.typeArticle
 
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<item><contributor.author>Yip, P</contributor.author>
<contributor.author>Pitt, D</contributor.author>
<contributor.author>Wang, Y</contributor.author>
<contributor.author>Wu, X</contributor.author>
<contributor.author>Watson, R</contributor.author>
<contributor.author>Huggins, R</contributor.author>
<contributor.author>Xu, Y</contributor.author>
<date.accessioned>2011-10-28T02:52:22Z</date.accessioned>
<date.available>2011-10-28T02:52:22Z</date.available>
<date.issued>2010</date.issued>
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<description.abstract>Background: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide.We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some &quot;insurance-induced&quot; suicides - a rationale for this conclusion is given. &#169; 2010 Hogrefe Publishing.</description.abstract>
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Author Affiliations
  1. The University of Hong Kong
  2. Biostatistics
  3. Royal Melbourne Institute of Technology University
  4. University of Melbourne