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On the effectiveness of natural hedging for insurance companies and pension plans

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Figure

Fig. 1. Central death rates of male assured lives, pensioners, and annuitants in UK, 1983-2006
Fig. 2. Parameter estimates of x,i (top), x,i (middle), and t,i (bottom) of cPLCM for assured lives
Fig. 3. Parameter estimates of x,i (top), B   or xx,i (middle), and K  or tt,i (bottom) of PCFM for
Fig. 4. Parameter estimates of   (top), x jx (middle), and  jt (bottom) of product model of
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