[Studyguide for Fundamentals of Actuarial Mathematics by Promislow, S. David, ISBN 9780470684115] (By: Cram101 Textbook Reviews) [published: August, 2012]

This book provides a comprehensive introduction to actuarial mathematics, covering both deterministic and stochastic models of life contingencies, as well as more advanced topics such as risk theory, credibility theory and multi-state models. This new edition includes additional material on credibility theory, continuous time multi-state models, more complex types of contingent insurances, flexible contracts such as universal life, the risk measures VaR and TVaR. Key Features: Covers much of the syllabus material on the modeling examinations of the Society of Actuaries, Canadian Institute of Actuaries and the Casualty Actuarial Society. (SOA-CIA exams MLC and C, CSA exams 3L and 4.) Extensively revised and updated with new material. Orders the topics specifically to facilitate learning. Provides a streamlined approach to actuarial notation. Employs modern computational methods. Contains a variety of exercises, both computational and theoretical, together with answers, enabling use for self-study. An ideal text for students planning for a professional career as actuaries, providing a solid preparation for the modeling examinations of the major North American actuarial associations. Furthermore, this book is highly suitable reference for those wanting a sound introduction to the subject, and for those working in insurance, annuities and pensions. The book is an introduction to actuarial mathematics and features new topics including an introduction to time diagrams and credibility theory, multi-state models and continuous time models. More complex types of contingent insurances will be featured and will include cases which involve durations or benefit amounts contingent on the time of the first death and will include applications on credit risk in life annuities. @* Covers all new syllabus material on the modeling examinations of the Society of Actuaries and the Casualty Actuarial Society (SOA exam M and CSA exam 3) @* Covers the two major topics of contingencies and risk theory @* Includes new state-of-the-art computational methods @* Includes exercises and solutions, enabling use for self-study or as a course text @* Features a companion website, updated with examples and exercises Introductory material focuses on flexible contracts such as universal life, and variable annuities and includes some discussion of the techniques of cash flow analysis and scenario testing. Percentile premiums are introduced and the general concepts of VAR and conditional tail expectation are discussed. Essential reading for: Senior undergraduates and graduate students of actuarial mathematics; self-study students for the professional examination of the Society of Actuaries and Casualty Actuarial Society; actuarial professionals working in the life insurance industry; pension plan valuation actuaries and applied econometricians This book provides a comprehensive introduction to actuarial mathematics, covering both deterministic and stochastic models of life contingencies, as well as more advanced topics such as risk theory, credibility theory and multi-state models. This new edition includes additional material on credibility theory, continuous time multi-state models, more complex types of contingent insurances, flexible contracts such as universal life, the risk measures VaR and TVaR. Covers much of the syllabus material on the modeling examinations of the Society of Actuaries, Canadian Institute of Actuaries and the Casualty Actuarial Society (SOA-CIA exams MLC and C, CSA exams 3L and 4). Contains a variety of exercises, both computational and theoretical, together with answers, enabling use for self-study. An ideal text for students planning for a professional career as actuaries, providing a solid preparation for the modeling examinations of the major North American actuarial associations. Furthermore, this book is a suitable reference for those wanting a sound introduction to the subject, and for those working in insurance, annuities and pensions "Actuarial work is the application of mathematics and statistics to the analysis of financial problems in life insurance, pensions, general insurance and investments. This unique introduction to the topic employs both a deterministic and stochastic treatment of the subject. It combines interest theory and life contingencies in a unified manner as well as covering basic risk theory. Fundamentals of Actuarial Mathematics presents the concepts in an original, accessible style, assuming a minimal formal background." This book will be invaluable to senior undergraduate and graduate students, as well as actuarial professionals working in the life insurance or pension fields. Applied mathematicians and economists will also benefit greatly from the clear presentation and numerous examples. Introduction and motivation The basic deterministic model The life table Life annuities Life insurance Insurance and annuity reserves Fractional durations Continuous payments Select mortality Multiple-life contracts Multiple-decrement theory Expenses Survival distributions and failure times The stochastic approach to insurance and annuities Simplifications under level benefit contracts The minimum failure time The collective risk model Risk assessment. Providing a basic introduction to actuarial mathematics, this work covers all the material on the modeling examinations of the Society of Actuaries and the Casualty Actuarial Society (SOA exam M and CSA exam 3)