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Home > Business and Economics > Finance and accounting > Finance and the finance industry > Insurance and actuarial studies > Actuarial Mathematics for Life Contingent Risks: (International Series on Actuarial Science)
Actuarial Mathematics for Life Contingent Risks: (International Series on Actuarial Science)

Actuarial Mathematics for Life Contingent Risks: (International Series on Actuarial Science)


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About the Book

How can actuaries best 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 rigour with intuition, and emphasising 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.

Table of Contents:
Preface; 1. Introduction to life 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. 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; C. Simulation; References; Index.

About the Author :
David C. M. Dickson is Professor of Actuarial Studies in the Department of Economics at the University of Melbourne. He has twice been awarded the H. M. Jackson Prize of the Institute of Actuaries of Australia, most recently for his book Insurance Risk and Ruin (Cambridge University Press, 2005). Mary R. Hardy holds the CIBC Chair in Financial Risk Management at the University of Waterloo, Ontario. She is a Fellow of the UK Institute of Actuaries and of the Society of Actuaries, and has won awards and commendations for her research from the International Actuarial Association, the Institute of Actuaries and the Society of Actuaries. Howard Waters is Professor in the Department of Actuarial Mathematics and Statistics at Heriot-Watt University, Edinburgh. He is a Fellow of the Faculty of Actuaries and the Institute of Actuaries, by whom he was awarded the Finlaison Medal for 'Services to the Actuarial Profession' in 2006.

Review :
Endorsement Official reading for SOA Exam MLC in 2012: download free supplementary notes from the Resources tab below


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Product Details
  • ISBN-13: 9780521118255
  • Publisher: Cambridge University Press
  • Publisher Imprint: Cambridge University Press
  • Height: 234 mm
  • No of Pages: 508
  • Returnable: N
  • Series Title: International Series on Actuarial Science
  • Weight: 920 gr
  • ISBN-10: 0521118255
  • Publisher Date: 24 Sep 2009
  • Binding: Hardback
  • Language: English
  • Returnable: N
  • Returnable: N
  • Spine Width: 27 mm
  • Width: 160 mm


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Actuarial Mathematics for Life Contingent Risks: (International Series on Actuarial Science)
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Actuarial Mathematics for Life Contingent Risks: (International Series on Actuarial Science)
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