... that raising exposed debt is a negative net present value project for the investor and hence that form of financing would not be found in practice. Practical implications The existence of exposed debt does not explain the demand or commercial insurance. Originality/value The paper challenges...

...Emilio C. Venezian Purpose The purpose of this study is to determine the characteristics of the equilibrium between demand and supply for a reciprocal insurance firm. Design/methodology/approach The model developed assumes a fixed number of individuals with identical characteristics...