LEADER 05309nam 2200661 450 001 9910459987903321 005 20200520144314.0 010 $a1-118-78252-6 010 $a1-118-78249-6 035 $a(CKB)3710000000270391 035 $a(EBL)1826894 035 $a(SSID)ssj0001411201 035 $a(PQKBManifestationID)11829119 035 $a(PQKBTitleCode)TC0001411201 035 $a(PQKBWorkID)11400701 035 $a(PQKB)11123312 035 $a(MiAaPQ)EBC1826894 035 $a(Au-PeEL)EBL1826894 035 $a(CaPaEBR)ebr10960904 035 $a(CaONFJC)MIL662094 035 $a(OCoLC)894171688 035 $a(EXLCZ)993710000000270391 100 $a20141107h20152015 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFundamentals of actuarial mathematics /$fS. David Promislow 205 $aThird edition. 210 1$aWest Sussex, England :$cJohn Wiley & Sons Ltd,$d2015. 210 4$dİ2015 215 $a1 online resource (554 p.) 300 $aDescription based upon print version of record. 311 $a1-322-30812-8 311 $a1-118-78246-1 320 $aIncludes bibliographical references and index. 327 $aFundamentals of Actuarial Mathematics; Contents; Preface; Acknowledgements; About the companion website; Part I THE DETERMINISTIC LIFE CONTINGENCIES MODEL; 1 Introduction and motivation; 1.1 Risk and insurance; 1.2 Deterministic versus stochastic models; 1.3 Finance and investments; 1.4 Adequacy and equity; 1.5 Reassessment; 1.6 Conclusion; 2 The basic deterministic model; 2.1 Cash flows; 2.2 An analogy with currencies; 2.3 Discount functions; 2.4 Calculating the discount function; 2.5 Interest and discount rates; 2.6 Constant interest; 2.7 Values and actuarial equivalence 327 $a2.8 Vector notation2.9 Regular pattern cash flows; 2.10 Balances and reserves; 2.10.1 Basic concepts; 2.10.2 Relation between balances and reserves; 2.10.3 Prospective versus retrospective methods; 2.10.4 Recursion formulas; 2.11 Time shifting and the splitting identity; *2.11 Change of discount function; 2.12 Internal rates of return; *2.13 Forward prices and term structure; 2.14 Standard notation and terminology; 2.14.1 Standard notation for cash flows discounted with interest; 2.14.2 New notation; 2.15 Spreadsheet calculations; Notes and references; Exercises; 3 The life table 327 $a3.1 Basic definitions3.2 Probabilities; 3.3 Constructing the life table from the values of qx; 3.4 Life expectancy; 3.5 Choice of life tables; 3.6 Standard notation and terminology; 3.7 A sample table; Notes and references; Exercises; 4 Life annuities; 4.1 Introduction; 4.2 Calculating annuity premiums; 4.3 The interest and survivorship discount function; 4.3.1 The basic definition; 4.3.2 Relations between yx for various values of x; 4.4 Guaranteed payments; 4.5 Deferred annuities with annual premiums; 4.6 Some practical considerations; 4.6.1 Gross premiums; 4.6.2 Gender aspects 327 $a4.7 Standard notation and terminology4.8 Spreadsheet calculations; Exercises; 5 Life insurance; 5.1 Introduction; 5.2 Calculating life insurance premiums; 5.3 Types of life insurance; 5.4 Combined insurance-annuity benefits; 5.5 Insurances viewed as annuities; 5.6 Summary of formulas; 5.7 A general insurance-annuity identity; 5.7.1 The general identity; 5.7.2 The endowment identity; 5.8 Standard notation and terminology; 5.8.1 Single-premium notation; 5.8.2 Annual-premium notation; 5.8.3 Identities; 5.9 Spreadsheet applications; Exercises; 6 Insurance and annuity reserves 327 $a6.1 Introduction to reserves6.2 The general pattern of reserves; 6.3 Recursion; 6.4 Detailed analysis of an insurance or annuity contract; 6.4.1 Gains and losses; 6.4.2 The risk-savings decomposition; 6.5 Bases for reserves; 6.6 Nonforfeiture values; 6.7 Policies involving a return of the reserve; 6.8 Premium difference and paid-up formulas; 6.8.1 Premium difference formulas; 6.8.2 Paid-up formulas; 6.8.3 Level endowment reserves; 6.9 Standard notation and terminology; 6.10 Spreadsheet applications; Exercises; 7 Fractional durations; 7.1 Introduction 327 $a7.2 Cash flows discounted with interest only 330 $aProvides a comprehensive coverage of both the deterministic and stochastic models of life contingencies, risk theory, credibility theory, multi-state models, and an introduction to modern mathematical finance.New edition restructures the material to fit into modern computational methods and provides several spreadsheet examples throughout.Covers the syllabus for the Institute of Actuaries subject CT5, ContingenciesIncludes new chapters covering stochastic investments returns, universal life insurance. Elements of option pricing and the Black-Scholes formula will be introduced. 606 $aInsurance$xMathematics 606 $aBusiness mathematics 608 $aElectronic books. 615 0$aInsurance$xMathematics. 615 0$aBusiness mathematics. 676 $a368/.01 700 $aPromislow$b S. David$0942924 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910459987903321 996 $aFundamentals of actuarial mathematics$92127828 997 $aUNINA