Fundamentals of Actuarial Mathematics
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.
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.
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The stochastic approach to insurance and annuities 205
Simpliﬁcations under level beneﬁt contracts 228
The minimum failure time 238
RISK THEORY 259
Risk Assessment 291
An introduction to stochastic processes 308
Poisson processes 324
Ruin models 332
Fractional durations 101
Continuous payments 115
Select mortality 136
Multiplelife contracts 143
Multipledecrement theory 164
THE STOCHASTIC MODEL 189