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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.
* Provides a complete review of necessary probability theory.
* Covers the Society of Actuaries' syllabus on Actuarial Models.
* Orders the topics specifically to facilitate learning, beginning with the simplest case of the deterministic discrete model, and then moving to the more complicated stochastic, continuous models.
* Employs modern calculation and computing techniques, such as spreadsheets.
* Contains a variety of exercises, both computational and theoretical.
* Supported by a website featuring exercises and further examples.
* Written by a highly respected academic with over 35 years teaching experience.
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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S. David Promislow, Professor Emeritus, Department of Mathematics and Statistics, York University, Toronto, CanadaReview:
"...the author deserves credit for the consistent content, simplicity, and clear presentation." (Technometrics, August 2007)
"...a useful alternative to the existing textbooks of actuarial mathematics..." (Mathematical Reviews, 2007d)
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