## Loss Models: From Data to DecisionsPraise for the
Newly organized to focus exclusively on material tested in the Society of Actuaries' Exam C and the Casualty Actuarial Society's Exam 4, 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. New features of this - Expanded discussion of working with large data sets, now including more practical elements of constructing decrement tables
- Added coverage of methods for simulating several special situations
- An updated presentation of Bayesian estimation, outlining conjugate prior distributions and the linear exponential family as well as related computational issues
Throughout the book, numerous examples showcase the real-world applications of the presented concepts, with an emphasis on calculations and spreadsheet implementation. A wealth of new exercises taken from previous Exam C/4 exams allows readers to test their comprehension of the material, and a related FTP site features the book's data sets.
To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/c4actuarial . |

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### Contents

Random Variables | |

Characteristics of Actuarial Models | |

ModelSelection | |

Continuous Models 5 1 Introduction | |

Advanced Discrete Distributions | |

Frequency and Severity with Coverage Modifications | |

Aggregate LossModels 9 1 Introduction | |

4Thea b1 class 14 5Compound | |

estimation | |

Introduction and Limited | |

Greatest Accuracy Credibility 18 1 introduction | |

Empirical Bayes Parameter | |

Discrete Distributions | |

An Inventory of Continuous | |

An InventoryofDiscrete | |

Part | |

Chapter | |

Estimation for Modified Data 12 1 Point estimation | |

Parametric Statistical | |

Frequentist Estimationfor Discrete | |

Basic Distributional Quantities | |

Frequency and Severity | |

Solution of Systems of Equations | |