Modern Actuarial Theory and Practice / Edition 1

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In the last two decades, there has been a significant shift in thinking and in the approach taken to actuarial practice: moving from deterministic methods (with implicit or explicit margins to protect against variability) to fully stochastic methods. Important international developments are currently being made in actuarial education, with radical changes being implemented in Australia and North America, and evolutionary changes planned in the UK. At the same time, the Consultative Group of Actuarial Associations within the EU and the International Forum of Actuarial Associations are both actively considering the international harmonization of professional qualifications. Modern Actuarial Theory & Practice matches the philosophy of those international developments, and the manner in which actuarial qualifications are changing and are likely to continue to change. It describes the traditional areas of actuarial activity with an emphasis on the fundamental principles, as well as the economic, financial, and statistical foundations of actuarial theory and practice. This text will be an aid for final-year undergraduates, MSc students, research students preparing for an MPhil or Ph.D degree, and to student actuaries preparing for the professional actuarial examinations of a number of professional bodies. Practicing actuaries will also find this a useful guide to current methodologies and models.
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Editorial Reviews

A textbook aimed at final year undergraduate students and graduate students preparing for actuarial examinations. The text covers traditional areas of actuarial activity in a manner which highlights the fundamental principles and the economic, statistical, and financial foundations of actuarial theory and practice. Coverage includes investment, life insurance, general insurance, pensions, and actuarial models. Although all five authors are UK-based, various illustrative examples have been taken from the US as well as the UK. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780849303883
  • Publisher: CRC Press
  • Publication date: 10/1/1998
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 736

Table of Contents

Pt. 1 Investment 1
1 Investments and valuation 3
2 General principles of asset allocation 32
3 Asset allocation for institutional investors 58
4 The selection of investment portfolios: mathematical techniques 86
5 Stochastic investment modelling and investment risk management 104
Pt. 2 Life Insurance 127
6 Fundamental features of long-term insurance 129
7 Non-participating life insurance 147
8 Participating life insurance 175
9 The regulation of solvency and its effect on the emergence of profit 201
10 Life office risks and risk management 218
11 The actuarial role in the management of life office risk 248
Pt. 3 General Insurance 273
12 Introduction to general insurance 275
13 General insurance accounts 294
14 Premium rating 307
15 Reinsurance 352
16 Reserving 389
Pt. 4 Pensions 455
17 Pension scheme benefits 457
18 Investment policy 488
19 Actuarial basis 502
20 Meeting the cost 525
21 Actuarial investigations 549
Pt. 5 Actuarial Models 591
22 Actuarial models: an introduction 593
23 Time delays and the underwriting cycle 599
24 Stochastic approach to life insurance mathematics 614
25 Pension funding models and feedback 649
26 Multiple state models and disability insurance 673
Index 699
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