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actuarial statistics an introduction using r
Actuarial science is an interdisciplinary science comprising four subjects mathematics, statistics, economics and finance. Statistics plays a key role in laying the foundation of actuarial calculations in the presence of uncertainty in the mortality pattern of society and under varying economical conditions. Actuarial calculations mainly involve determination of premium rates and computation of reserves. This book discusses the application of various basic concepts and statistical techniques in the determination of premiums and reserves for a variety of standard insurance and annuity products, under a variety of conditions. Topics dealt with include application of utility theory to establish the feasibility of the insurance business, short-term risk models, distribution theory related to the future life time random variable, construction of aggregate and select life table, important concepts of financial mathematics, annuities certain, terms, endowment and whole life insurance products, monthly, quarterly, semi-annual and annual life annuities. The numerous algebraic and numerical examples dispersed throughout the book and the variety of problems at the end of each chapter illustrates the concepts effectively. The main feature of the book is the use of R software to compute various monetary functions involved in the insurance business. R commands are given for all the computations and they are also explained, so that a reader, not familiar with R can use it. The command-driven R software brings out very clearly the successive stages in statistical computations.
This book is a beginner’s guide to learn Actuarial Statistics, which is a very important subject in the fields of Maths, Statistics, Economics and Finance. The application of various basic concepts and statistical techniques in the determination of premium rates and calculation of reserves for a variety of standard insurance and annuity products is discussed in detail. This book can be used by students pursuing a course in actuarial science/ statistics/ applied mathematics/ economics/ finance or by any professional looking forward to make a career in Insurance or Investment Company.
This book introduces the reader to the world of actuarial calculations in simple, non-technical language. The author uses step by step numerical examples to illustrate concepts, and then builds these into more complex problems involving multiple products. These are then put together to address more realistic situations. Throughout, emphasis is placed upon the application of basic concepts in statistical techniques through actuarial problems under varying economic conditions to indicate the need for caution when analyzing actuarial calculations used in real life insurance companies.
This book is aimed at producing an introductory level understanding of the fundamentals of actuarial science. The focus of this book is on fundamental techniques for computation of reserves using statistical methods. It recognizes the fact that actuarial science has its theoretical foundations in statistics, economics, and finance. There are many books written on theoretical aspects of actuarial science. Many of them consider mathematical models that are beyond the applicability limit of actuarial practice, while others emphasize the techniques without giving much attention to their contexts in real life situations. On the other hand, there are relatively few texts available to discuss statistical techniques in appropriate depth for laymen who don’t have prior background in statistics.
This book is an introduction about the application of statistical techniques in areas such as data analysis, hypothesis testing, random sampling and probability distributions. The examples and case studies that are used in the book are mainly based on life insurance, medical sciences and economics and finance. The book contains many different types of interesting exercises and examples based on real-life data.
This book makes actuarial concepts easy to understand. The irrefutable pedagogy of the book is simplified with the use of simple formulas to calculate various insurance premiums, reserves and their economic values. It’s intended for students interested in actuarial statistics, students in statistics faculties wanting to learn more about the mathematics in the world surrounding them, and anybody in industry in any way interested in risk or financial management.
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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.