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Full Description
The substantially updated third edition of the popular Actuarial Mathematics for Life Contingent Risks is suitable for advanced undergraduate and graduate students of actuarial science, for trainee actuaries preparing for professional actuarial examinations, and for life insurance practitioners who wish to increase or update their technical knowledge. The authors provide intuitive explanations alongside mathematical theory, equipping readers to understand the material in sufficient depth to apply it in real-world situations and to adapt their results in a changing insurance environment. Topics include modern actuarial paradigms, such as multiple state models, cash-flow projection methods and option theory, all of which are required for managing the increasingly complex range of contemporary long-term insurance products. Numerous exam-style questions allow readers to prepare for traditional professional actuarial exams, and extensive use of Excel ensures that readers are ready for modern, Excel-based exams and for the actuarial work environment. The Solutions Manual (ISBN 9781108747615), available for separate purchase, provides detailed solutions to the text's exercises.
Contents
Preface to the third edition; 1. Introduction to life and long term health insurance; 2. Survival models; 3. Life tables and selection; 4. Insurance benefits; 5. Annuities; 6. Premium calculation; 7. Policy values; 8. Multiple state models; 9. Multiple decrement models; 10. Joint life and last survivor benefits; 11. Pension mathematics; 12. Yield curves and non-diversifiable risk; 13. Emerging costs for traditional life insurance; 14. Universal life insurance; 15. Emerging costs for equity-linked insurance; 16. Option pricing; 17. Embedded options; 18. Estimating survival models; 19. Stochastic longevity models; Appendix A. Probability and statistics; Appendix B. Numerical techniques; Appendix C. Monte Carlo simulation; Appendix D. Tables; References; Index.
