Inflation and Nominal Policy Yields on Participating Life Insurance
研究了现金价值人寿保险的保单持有人收益率在1960-70年代是否随通胀调整，发现加拿大保单几乎没有调整，原因在于从通胀变化到保单分红调整的每个环节都存在显著滞后。
This study investigates the extent to which yields to policyholders on cash-value life insurance have been adjusted over time to compensate for inflation. The results for a sample of Canadian policies suggest little adjustment has been made for inflation over the 1960s and especially the 1970s. This non-adjustiment is traceable to significant slippage a( each stage of the process leading from a change in inflation to a change in policy dividends. Such slippage might not occur, and might even work to policyholders' advantage, in future scenarios which are unlike the experience of 1962-81.