Loss Models: From Data to Decisions, 5e Student Solutions Manual: (Wiley Series in Probability and Statistics)

Loss Models: From Data to Decisions, Fifth Edition continues to supply actuaries with a practical approach to the key concepts and techniques needed on the job. With updated material and extensive examples, the book successfully provides the essential methods for using available data to construct models for the frequency and severity of future adverse outcomes. The book continues to equip readers with the tools needed for the construction and analysis of mathematical models that describe the process by which funds flow into and out of an insurance system. Focusing on the loss process, the authors explore key quantitative techniques including random variables, basic distributional quantities, and the recursive method, and discuss techniques for classifying and creating distributions. Parametric, non-parametric, and Bayesian estimation methods are thoroughly covered along with advice for choosing an appropriate model. Throughout the book, numerous examples showcase the real-world applications of the presented concepts, with an emphasis on calculations and spreadsheet implementation. Loss Models: From Data to Decisions, Fifth Edition is an indispensable resource for students and aspiring actuaries who are preparing to take the SOA and CAS examinations. The book is also a valuable reference for professional actuaries, actuarial students, and anyone who works with loss and risk models.

Table of Contents:
1 Introduction 1 2 Chapter 2 Solutions 3 Section 2.2 3 3 Chapter 3 Solutions 9 Section 3.1 9 Section 3.2 14 Section 3.3 15 Section 3.4 15 Section 3.5 19 4 Chapter 4 Solutions 23 Section 4.2 23 5 Chapter 5 Solutions 29 Section 5.2 29 Section 5.3 39 Section 5.4 40 6 Chapter 6 Solutions 43 Section 6.1 43 Section 6.5 43 Section 6.6 44 7 Chapter 7 Solutions 47 Section 7.1 47 Section 7.2 48 Section 7.3 50 Section 7.5 54 8 Chapter 8 Solutions 59 Section 8.2 59 Section 8.3 61 Section 8.4 63 Section 8.5 63 Section 8.6 67 9 Chapter 9 Solutions 71 Section 9.1 71 Section 9.2 71 Section 9.3 72 Section 9.4 81 Section 9.6 82 Section 9.7 87 Section 9.8 89 10 Chapter 10 Solutions 95 Section 10.2 95 Section 10.3 99 Section 10.4 99 Section 10.5 103 11 Chapter 11 Solutions 105 Section 11.2 105 Section 11.3 110 Section 11.4 110 Section 11.5 114 Section 11.6 119 Section 11.7 121 12 Chapter 12 Solutions 123 Section 12.7 123 13 Chapter 13 Solutions 129 Section 13.2 129 Section 13.3 138 14 Chapter 14 Solutions 141 Section 14.2 141 Section 14.3 144 Section 14.4 149 Section 14.5 151 Section 14.6 155 Section 14.7 157 Section 14.8 158 15 Chapter 15 Solutions 161 Section 15.3 161 Section 15.4 164 Section 15.5 170 16 Chapter 16 Solutions 177 Section 16.7 177 17 Chapter 17 Solutions 181 Section 17.9 181 18 Chapter 18 Solutions 211 Section 18.5 211 19 Chapter 19 Solutions 219 Section 19.1 219 Section 19.2 220 Section 19.4 221 Section 19.4 221