In the years since the publication of the first edition of this best-selling text, the incorporation of ideas and theories from the rapidly growing field of financial economics has precipitated considerable development of thinking in the actuarial profession. Modern Actuarial Theory and Practice, Second Edition integrates those changes and presents an up-to-date, comprehensive overview of UK and international actuarial theory, practice and modeling. It describes all of the traditional areas of actuarial activity, but in a manner that highlights the fundamental principles of actuarial theory and practice as well as their economic, financial, and statistical foundations.
In the years since the publication of the first edition of this best-selling text, the incorporation of ideas and theories from the rapidly growing field of financial economics has precipitated considerable development of thinking in the actuarial profession. Modern Actuarial Theory and Practice, Second Edition integrates those changes and presents an up-to-date, comprehensive overview of UK and international actuarial theory, practice and modeling. It describes all of the traditional areas of actuarial activity, but in a manner that highlights the fundamental principles of actuarial theory and practice as well as their economic, financial, and statistical foundations.
INVESTMENT. The widening scope of actuarial theory and practice. Investments and valuation. General principles of asset allocation. Investment risk. Portfolio selection techniques and investment modeling. LIFE INSURANCE. Fundamental features of life insurance. Nonparticipating life insurance. Participating life insurance. The regulation of solvency and its effect on the emergence of profit. Life office risks and risk management. The actuarial role in life office management. GENERAL INSURANCE. Introduction to general insurance. General insurance accounts. Premium rating. Reinsurance. Reserving. PENSIONS. Types of pension plan. Actuarial modeling of defined-benefit plans. Investment strategies for defined-benefit plans. Individual pension choices. HEALTH INSURANCE. An introduction to health insurance. Income protection insurance. Critical illness. Long-term care. Private medical insurance.
"…The authors have updated the first edition of the book to reflect
developments in the actuarial profession since the publication of
the first edition in 1998, [and] to integrate theories and
applications in the rapidly growing field of financial economics …
. Another major development of the new edition is the introduction
of a new section on actuarial applications in health insurance. …
it can serve as important study material for actuarial students, as
well as a desk reference for actuarial professionals in respect to
practical actuarial issues."
-The Journal of Risk and Insurance
"The scope of this book is extensive, covering much of actuarial
practice. … It should probably be in the library of a university
with an extensive actuarial science program."
-MAA Review
"The publication of the first edition of Modern Actuarial Theory
and Practice in 1998 marked an important step in the emergence of
new actuarial textbooks in the English language … providing an
introduction to the practical applications of modern development in
actuarial science across a range of practice areas … The new
edition of Modern Actuarial Theory and Practice will offer valuable
additional study material to those preparing for the Core
Applications examination of the UK actuarial profession, and
similar-level studies in other countries, as well as being a
convenient general textbook for every qualified actuary to have on
their bookshelf. I congratulate the authors on bringing the
material together for this book and hope that it will be widely
used by students and by qualified actuaries around the world."
-From the Foreword by Chris Daykin, CB, MA, FIA, Chairman,
Education Committee of the Groupe Consultatif
|
Ask a Question About this Product More... |
|
