This paper uses direct evidence to evaluate whether asymmetric information
is a barrier to trade in the largest market for private insurance in the wo
rld life insurance. We report several findings that seem difficult to recon
cile with the conventional theory of insurance under asymmetric information
. We conjecture that sellers may know their costs of production better than
consumers in this market, as in those for most other products. (JEL D8, G1
, I1, L0).