An Introduction to Actuarial Studies
An Introduction to Actuarial Studies provides a contemporary guide to actuarial technique and practice. It covers a broad range of topics representing the basic areas of actuarial science including compound interest calculations, demographic theory and techniques, and the pricing and operation of simple life assurance contracts. Numerous worked examples illustrate the principles and techniques described in the text. In addition, the authors provide exercises with solutions to allow the reader to establish confidence in using these techniques.The text assumes no prior knowledge of actuarial work but requires mathematical knowledge at first year university level and an ability for problem solving. It is designed both for those beginning a career in actuarial work, as well as those interested in learning about basic actuarial tools and the main areas of actuarial practice.
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accumulated value actuarial age group age range age specific amount annual premium annuity Australia bond calculate capital cell claim compound interest consider contract countries coupon death benefit Definition demographic demographic transition denote dependency ratio describe disability discrete random variable earned effective annual rate effective rate equation of value evaluate example expected present value expression fertility rates force of interest force of mortality fund given gives income increase individual infant mortality insurance company insurance policy interest rate investment loan outstanding long term lump sum monthly mortality experience mortality rates newborn nominal rate number of deaths p.a. effective paid pension period policyholder policyholder's Population pyramid probability Raintown random variable rate of interest repayment reproduction rate retirement risk series of payments simple interest Solution sum assured survival function survive to age term assurance unit payments University of Melbourne whole life assurance