Actuarial Statistics Books

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about actuarial statistics

A general term for the data used by actuaries in evaluating the risks of morbidity and mortality in particular groups, and projecting future financial liabilities of insurance policies and pensions.

Actuarial statistics is a general term for the data used by actuaries in evaluating the risks of morbidity and mortality in particular groups, and projecting future financial liabilities of insurance policies and pensions. The primary metric used by actuaries to measure risk is the expectations concept. Essentially, mortality can be measured by looking at life expectancy tables (life expectancy at birth, at age x, etc.). They are not telling you that all individuals will die. They are simply saying that if this group of people were insured (or had life insurance), say 1 million policies, what is the likelihood that this group of people will surrender their policies within any given period time (benefits paid off).

In insurance, statistics about morbidity and mortality are referred to as actuarial statistics. These may be used for a variety of purposes, such as determining premiums payable, anticipating the number of persons who will claim benefits under a policy, and computing the value of a policy. In addition, actuarial statistics constitute a substantial portion of a life insurance company’s income from premiums.

A trip out to the library earlier this week gave me a chance to make use of my new library card. Libraries provide an incredible wealth of resources, and although most of what you find may not be immediately relevant to your work, there’s almost always something that will prove useful in the long run (even if you don’t discover its utility until after you’ve returned it). I spent a couple hours digging through books on finance and economics, and one book in particular provided some really great information;

Actuarial statistics is used for assessing the risks of morbidity and mortality in particular groups, and projecting future financial liabilities of insurance policies and pensions. The word “statistics” in this context does not refer to common forms of descriptive statistics used in leisurely research projects. This sense of statistics is more appropriate to the rigorous position on probability theory, on which insurance depends.

The basic aim of insurance is to transfer the risk of a hazard from the party most able to bear it to one less able or willing, and to mitigate the high costs of direct transfers by means of a spread of risk over a large number of persons. The information upon which such a system can be made to work with an acceptable degree of confidence rests mainly on the experience which has been gained from the studies of mortality, morbidity and other characteristics of large numbers of people.

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Actuarial Statistics is a core textbook for an array of actuarial exams, including the basic Qualifying Examination (QE), as well as the more advanced Associate of the Society of Actuaries (ASA), Fellow of the Society of Actuaries (FSA), and Society of Actuaries’ Designation of Chartered Enterprise Risk Analyst (CERA). The Fourth Edition has been thoroughly revised and reconsidered from top to bottom.

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