TY - GEN N1 - Argumenta Oeconomica, 2022, Nr 2 (49), s. 199-218 N2 - This paper develops a life insurance liability valuation model that integrates the balance-sheet insurer loans with the shadow banking entrusted loans in a premature default risk environment. It is shown that the life insurance policyholder significantly benefits from the entrusted loan activities in a less likely premature default risk environment. The policyholder protection is increased in accord with a high guaranteed interest rate, particularly when the life insurance company has ample access to entrusted loans. The policyholder protection is also significantly increased by a high participation level when the life insurance company ‘shrinks away’ from accessing entrusted loans. Overall, the authors concluded that shadow banking entrusted loans help policyholder protection. L1 - http://www.dbc.wroc.pl/Content/118471/Chang_Chen_Lin_Shadow_banking_and_life_insurance.pdf M3 - artykuł L2 - http://www.dbc.wroc.pl/Content/118471 PY - 2022 KW - entrusted loan KW - guaranteed rate KW - participation rate KW - barrier option C1 - Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy A1 - Chang, Chuen-Ping A1 - Chen, Shi A1 - Lin, Jyh-Jiuan PB - Publishing House of Wroclaw University of Economics and Business C6 - Dla wszystkich zgodnie z licencją LA - eng CY - Wrocław ID - DOI: 10.15611/aoe.2022.2.10 T1 - Shadow banking and life insurance policyholder protection UR - http://www.dbc.wroc.pl/dlibra/publication/edition/118471 ER -