Practical Lessons in Actuarial Science: An Elementary Text-Book, Containing, Also, All Mortality Tables That Have Ever Been Standard Anywhere, With Corresponding Commutation Columns (Classic Reprint) - Hardcover

Miles Menander Dawson

Hardcover

ISBN 10: 0331612755 ISBN 13: 9780331612752

Publisher: Forgotten Books, 2018

Synopsis

This book delves into the fascinating realm of actuarial science, exploring the application of probability principles to insurance. It provides a comprehensive understanding of insurance as a concept, highlighting its role as a hedge against life's uncertainties. The author delves into the historical development of mortality tables, tracing their evolution from early rudimentary forms based on parish registers to more sophisticated constructions using census data and observations of insured lives. The book meticulously examines the intricacies of calculating probabilities of death and survival, emphasizing the importance of age as a crucial factor. It delves into the complexities of annual life contingencies and the methods employed to determine accurate probabilities for insurance purposes. With a focus on practical applications, the book covers various insurance types, including life, fire, and credit insurance, discussing rate-making, surplus distribution, and reserve computation. Thematic depth is added by exploring the ethical considerations of using actuarial skills, drawing parallels between insurance and lotteries. The author emphasizes the actuary's responsibility to ensure fairness and equity in risk assessment and premium calculations. The book concludes by underscoring the significance of actuarial science in promoting financial stability and mitigating the impact of unforeseen events on individuals and society as a whole.

Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• Language: English
• ISBN 10: 0331612755
• ISBN 13: 9780331612752
• Binding: Hardcover
• Number of pages: 508