There are several areas of expanded content in the Sixth Edition, due to the revised format of SOA Exam MLC. The additional written-answer examples will better prepare students for this question format. Additional treatment of multi-state models, Thiele’s Equation, profit testing, and Universal Life Insurance has been added. This book is specifically focused on the North American market and actuarial profession. The notation and terminology fully conform to that being used on Exam MLC, thus offering a seamless transition from textbook study to exam day. The textbook presents a variety of stochastic models for the actuary to use in undertaking the analysis of risk. It is designed to be appropriate for use in a two or three semester university course in basic actuarial science. Specifically written with SOA Exam MLC and CAS Exam LC in mind, it is currently an approved reference for Exam LC. Models are evaluated in a generic form with life contingencies included as one of many applications of the science. Students will find this book to be a valuable reference due to its easy-to-understand explanations and end-of-chapter exercises.

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