| Description |
xiii, 716 pages : illustrations ; 25 cm |
| Contents |
Pt. 1. Investment. 1. Investments and valuation. 2. General principles of asset allocation. 3. Asset allocation for institutional investors. 4. The selection of investment portfolios: mathematical techniques. 5. Stochastic investment modelling and investment risk management -- Pt. 2. Life Insurance. 6. Fundamental features of long-term insurance. 7. Non-participating life insurance. 8. Participating life insurance. 9. The regulation of solvency and its effect on the emergence of profit. 10. Life office risks and risk management. 11. The actuarial role in the management of life office risk -- Pt. 3. General Insurance. 12. Introduction to general insurance. 13. General insurance accounts. 14. Premium rating. 15. Reinsurance. 16. Reserving -- Pt. 4. Pensions. 17. Pension scheme benefits. 18. Investment policy. 19. Actuarial basis. 20. Meeting the cost. 21. Actuarial investigations -- Pt. 5. Actuarial Models. 22. Actuarial models: an introduction |
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23. Time delays and the underwriting cycle. 24. Stochastic approach to life insurance mathematics. 25. Pension funding models and feedback. 26. Multiple state models and disability insurance |
| Summary |
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 |
| Notes |
Includes index |
| Bibliography |
Includes bibliographical references and index |
| Subject |
Insurance -- Mathematics.
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| Author |
Booth, Peter J.
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| LC no. |
98046642 |
| ISBN |
0849303885 (alk. paper) |
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