第三个观点怎么错了？

问题如下：

Johnson decide add hedge fund to his client's portfolio，he consider a hedge fund that specializes in reinsurance and life settlements. Johnson tell his customer about three characteristics that hedge fund managers look for three characteristics when investing in life settlement:

Feature 1 The surrender value provided to the insured individual is relatively high.

Feature 2 The premiums paid continuously to keep the policy active are relatively low.

Feature 3 There is a high probability that the designated insured person is likely to die within the period predicted by standard actuarial methods.

Which of the three characteristics of life settlements noted by Johnson is correct?

选项：

A.Feature 1 B.Feature 2 C.Feature 3

解释：

B is correct. Hedge funds look for policies in which the ongoing premium payments to keep the policy active are relatively low, so Feature 2 is correct. Hedge funds also look for life settlements where the surrender value offered to the insured individual is also relatively low and the probability that the designated insured person is likely to die earlier than predicted by standard actuarial methods is relatively high.A is incorrect because hedge funds look for policies in which the surrender value offered to the insured individual is relatively low (not high) in order to enhance return by purchasing at a lower price.C is incorrect because hedge funds look for settlements in which the probability that the designated insured person is likely to die earlier than predicted by standard actuarial methods is relatively high. This means the hedge fund’s cash outflows to pay the ongoing premium will be less than predicted, which will enhance return.

寿险的再保险中，对冲基金主要有两个支出，一个是一次性退出的一个费用，也就是A选项中的surrender value，另一个是每一期还要交的一个保费，这两个费用都是越低越好，所以A选项中说surrender value高，这个是不对的，而B选项则是对的。那么同时对于HF来说，被保人越早死亡，就可以越早拿到理赔的钱，对对冲基金是更好的，所以C选项应该是die earlier才对。