Actuarial Mathematics for Life Contingent Risks
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- David C. M. Dickson, University of Melbourne
- Mary R. Hardy, University of Waterloo, Ontario
- Howard R. Waters, Heriot-Watt University, Edinburgh
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Selected as official reading for SOA Exam MLC in 2012: download free supplementary notes from the Resources tab below.How can actuaries equip themselves for the products and risk structures of the future? Using the powerful framework of multiple state models, three leaders in actuarial science give a modern perspective on life contingencies, and develop and demonstrate a theory that can be adapted to changing products and technologies. The book begins traditionally, covering actuarial models and theory, and emphasizing practical applications using computational techniques. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. Using spreadsheet-style software, the book presents large-scale, realistic examples. Over 150 exercises and solutions teach skills in simulation and projection through computational practice. Balancing rigor with intuition, and emphasizing applications, this text is ideal for university courses, but also for individuals preparing for professional actuarial exams and qualified actuaries wishing to freshen up their skills.Read more
- Practical textbook incorporating the latest developments in actuarial science
- Includes numerical solutions to end-of-chapter exercises
- Teaches the underlying principles while preparing the reader for practical applications in life insurance
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- Date Published: November 2009
- format: Adobe eBook Reader
- isbn: 9780511629655
- contains: 65 tables 165 exercises
- availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
Table of Contents
1. Introduction to life insurance
2. Survival models
3. Life tables and selection
4. Insurance benefits
6. Premium calculation
7. Policy values
8. Multiple state models
9. Pension mathematics
10. Interest rate risk
11. Emerging costs for traditional life insurance
12. Emerging costs for equity-linked insurance
13. Option pricing
14. Embedded options
A. Probability theory
B. Numerical techniques
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