Elements of Actuarial Science

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The book explains how actuarial science applies mathematical and statistical methods to assess risk in the insurance. Actuaries are created out of education but nurtured by practice and experience. The profession of actuary is a combination of a number of interrelating subjects such as probability, statistics, finance, economics, and now business strategy and information technology needed for model building. Actuaries deal with risk, return, inflation, and the relationships. More importantly, they highlight the concept of Modern Portfolio Theory and the role of Efficient Frontiers in portfolio selection. The actuarial professionals are empowered for making value judgments based on probabilistic input and output relations. Key Feature Developed to help students and insurance professionals to become self-reliant in undertaking research, problem solving, and problem formulation Will assist users to acquire expertise to determine their own priorities,to interpret and use insurance concepts effectively, and to monitor the training skills in their executives Case studies and illustrations weaved through out the series to give theoretical as well as practical insight into various aspects of insurance operations Table of Contents 1. Accumulated and Present Value of Lump Sum Investment 2. Compound Interest Rate Theory: Accumulated and Present Value of Annuity 3. Probability 4. Mortality 5. Pricing 6. Valuation of Life Insurance Policies 7. Surplus 8. Setting Assumptions, Product Design and Actuarial Profession