Acknowledgment

We thank the research assistance of our PhD students who have helped us in data investigation, analysis, literature review, and manuscript preparation related to this project: Himchan Jeong, Banghee So, Zhiyu Quan, and Shuang Yin.

Emil, Guojun, and Jay gladly acknowledge the funding support provided by the Society of Actuaries (SOA) through the CAE Research Grant Program. Any opinions, findings, and conclusions or recommendations arising from this research project are those of the principal investigators, and do not necessarily reflect the views of the SOA.