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Actuarial Mathematics for Life Contingent Risks
How can actuaries best equip themselves for the products and risk structures of the future? In this new textbook, three leaders in actuarial science give a modern perspective on life contingencies. The book begins traditionally, covering actuarial models and theory, and emphasizing practical applications using computational techniques. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. Using spreadsheet-style software, the book presents large-scale, realistic examples. Over 150 exercises and solutions teach skills in simulation and projection through computational practice. Balancing rigour with intuition, and emphasizing applications, this textbook is ideal not only for university courses, but also for individuals preparing for professional actuarial examinations and qualified actuaries wishing to renew and update their skills.
International Series on Actuarial Science
Christopher Daykin, Independent Consultant and Actuary Angus Macdonald, Heriot-Watt University The International Series on Actuarial Science, published by Cambridge University Press in conjunction with the Institute of Actuaries and the Faculty of Actuaries, contains textbooks for students taking courses in or related to actuarial science, as well as more advanced works designed for continuing professional development or for describing and synthesizing research. The series is a vehicle for publishing books that reflect changes and developments in the curriculum, that encourage the introduction of courses on actuarial science in universities, and that show how actuarial science can be used in all areas where there is long-term financial risk.
ACTUARIAL MATHEMATICS FOR LIFE CONTINGENT RISKS
D AV I D C . M . D I C K S O N
University of Melbourne
M A RY R . H A R D Y
University of Waterloo, Ontario
H O WA R D R . WAT E R
Actuarial Mathematics for Life Contingent Risks
How can actuaries best equip themselves for the products and risk structures of the future? In this new textbook, three leaders in actuarial science give a modern perspective on life contingencies. The book begins traditionally, covering actuarial models and theory, and emphasizing practical applications using computational techniques. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. Using spreadsheet-style software, the book presents large-scale, realistic examples. Over 150 exercises and solutions teach skills in simulation and projection through computational practice. Balancing rigour with intuition, and emphasizing applications, this textbook is ideal not only for university courses, but also for individuals preparing for professional actuarial examinations and qualified actuaries wishing to renew and update their skills.
International Series on Actuarial Science
Christopher Daykin, Independent Consultant and Actuary Angus Macdonald, Heriot-Watt University The International Series on Actuarial Science, published by Cambridge University Press in conjunction with the Institute of Actuaries and the Faculty of Actuaries, contains textbooks for students taking courses in or related to actuarial science, as well as more advanced works designed for continuing professional development or for describing and synthesizing research. The series is a vehicle for publishing books that reflect changes and developments in the curriculum, that encourage the introduction of courses on actuarial science in universities, and that show how actuarial science can be used in all areas where there is long-term financial risk.
ACTUARIAL MATHEMATICS FOR LIFE CONTINGENT RISKS
D AV I D C . M . D I C K S O N
University of Melbourne
M A RY R . H A R D Y
University of Waterloo, Ontario
H O WA R D R . WAT E R