annuities
Variable | Question text | Label |
---|---|---|
ann001 | We would now like to ask you about annuities. In a typical annuity contract:
For the purposes of this survey, please do not think of pensions or retirement saving accounts as annuities. This includes:
Please select whichever of the following is true: | own annuity |
ann002 | You have indicated that you own an annuity. If you own more than one annuity, please think of the
largest policy that you own.
Have you started receiving payments on this annuity? | |
ann003_month | ^FL_anninc
| income per month |
ann003_year | OR:
| income per year |
ann004_randomizer | Indicates assigned annuity income | random assigned annuity income |
ann005 | Suppose that you own an annuity that promises to pay $^fl_amount each year for the rest of your life. Suppose further that you never trade this annuity for cash and hold the contract until the end of your life.
^FL_ann005 This means that the annuity permanently stops making payments. This might occur if the insurance company goes out of business, they claim you violated a clause in the contract, or they ruled the policy void for some other reason. What is the percent chance this occurs? | |
ann005_randomizer | Indicates annuity frame 5 randomization | randomizer |
ann006 | Suppose that you own an annuity that promises to pay $^fl_amount each year for the rest of your
life. We would now like to focus on what might happen just during the next calendar year.
You have been given 20 balls to put in the following bins. Each bin describes a scenario that involves the annuity payment that you are supposed to receive next year. The more likely you think a bin is, the more balls you should put in that bin. What do you think will happen to the annuity payment next year? | |
ann007 | You put ^ann_balls[2] ball(s) in the bin marked "I will receive a payment less than I am supposed to receive." Please distribute those balls in the following bins. The more likely you think a bin is, the more balls you should put in that bin.
If you do receive a payment that is less than you are supposed to receive, how much do you think you would get? | less expected distribution |
ann008 | The way you put balls into various bins shows that you expect to receive about ^ann_exp_value%
of your annuity payment next year. It also shows that you could receive more or less than
^ann_exp_value% of the promised payment.
Let's call this distribution of possible payments, as described by you using the bins and balls, your "uncertain payments." So, your uncertain payments are whatever payments you think you might receive next year. We are now interested in how you value having a contract with no uncertainty. Imagine a contract that is guaranteed to pay ^ann_discount% of your annuity payment with no risk of the insurance company not paying out as promised. This is like having all 20 balls on this certain percentage. This contract is unbreakable and cannot be changed by anybody. This contract has no risk, but is guaranteed to pay less than the full promised amount of your original contract. Would you rather have: | preference discount |
ann009 | Earlier you put ^ann_balls[1] ball(s) in the bin indicating "I will receive no payment at all". Suppose that this actually happened.
In the case that you receive no payment next year, what is the percent chance that the annuity never makes another payment at any point in the future? This might occur if the insurance company goes out of business, they claim you violated a clause in the contract, or they ruled the policy void for some other reason. | chance never annuity payment |
ann010 | In general, how much effort do you think you will need to put in to receive the annuity payments you are promised? For example, this could include you or your family members doing paperwork, talking with claims officers, talking with doctors, hiring lawyers, or other such activities.
Please choose one of the following: | how much effort needed |
ann_amount | annuity amount | |
ann_balls | ||
ann_balls_temp | ||
ann_discount | ||
ann_discount_randomizer | Indicates discount | randomizer annuity discount |
ann_exp_value | annuity expected value | |
ann_pay_st | You have indicated that you own an annuity. If you own more than one annuity, please think of the
largest policy that you own.
Have you started receiving payments on this annuity? | |
own_ann | We would now like to ask you about annuities. In a typical annuity contract:
For the purposes of this survey, please do not think of pensions or retirement saving accounts as annuities. This includes:
Please select whichever of the following is true: | own annuity |