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Fundamentals of Actuarial Mathematics / Edition 2

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"Actuarial work is the application of mathematics and statistics to the analysis of financial problems in life insurance, pensions, general insurance and investments. This unique introduction to the topic employs both a deterministic and stochastic treatment of the subject. It combines interest theory and life contingencies in a unified manner as well as covering basic risk theory. Fundamentals of Actuarial Mathematics presents the concepts in an original, accessible style, assuming a minimal formal background." This book will be invaluable to senior undergraduate and graduate students, as well as actuarial professionals working in the life insurance or pension fields. Applied mathematicians and economists will also benefit greatly from the clear presentation and numerous examples.
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Editorial Reviews

From the Publisher
"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." (Mathematical Reviews, 2011)

"This second edition adds several chapters, including coverage of credibility theory, risk assessment, and multi-state models." (Book News, 1 March 2011)

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Product Details

  • ISBN-13: 9780470684115
  • Publisher: Wiley
  • Publication date: 2/22/2011
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 476
  • Sales rank: 643,417
  • Product dimensions: 6.80 (w) x 9.90 (h) x 1.20 (d)

Meet the Author

S. David Promislow, Professor Emeritus, Department of Mathematics and Statistics, York University, Toronto, Canada

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Table of Contents

1 Introduction and motivation 3
2 The basic deterministic model 7
3 The life table 37
4 Life annuities 45
5 Life insurance 59
6 Insurance and annuity reserves 75
7 Fractional durations 95
8 Continuous payments 109
9 Select mortality 129
10 Multiple-life contracts 135
11 Multiple-decrement theory 151
12 Expenses 165
13 Survival distributions and failure times 173
14 The stochastic approach to insurance and annuities 187
15 Simplifications under constant benefit contracts 207
16 The minimum failure time 217
17 Compound distributions 245
18 An introduction to stochastic processes 275
19 Poisson processes 295
20 Ruin models 305
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