Author Description

Actuaries Must Pass Exams, But More Than That: They Must Put Knowledge Into Practice. This Coherent Book Supports The Society Of Actuaries' Short-term Actuarial Mathematics Syllabus While Emphasizing The Concepts And Practical Application Of Nonlife Actuarial Models. A Class-tested Textbook For Undergraduate Courses In Actuarial Science, It Is Also Ideal For Those Approaching Their Professional Exams. Key Topics Covered Include Loss Modelling, Risk And Ruin Theory, Credibility Theory And Applications, And Empirical Implementation Of Loss Models. Revised And Updated To Reflect Curriculum Changes, This Second Edition Includes Two Brand New Chapters On Loss Reserving And Ratemaking. R Replaces Excel As The Computation Tool Used Throughout - The Featured R Code Is Available On The Book's Webpage, As Are Lecture Slides. Numerous Examples And Exercises Are Provided, With Many Questions Adapted From Past Society Of Actuaries Exams. Cover -- Half-title Page -- Series Page -- Title Page -- Copyright Page -- Contents -- Preface To The Second Edition -- Preface To The First Edition -- Notation And Convention -- Computation Notes -- Part I Loss Models -- 1 Claim-frequency Distribution -- 1.1 Claim Frequency, Claim Severity And Aggregate Claim -- 1.2 Review Of Statistics -- 1.3 Some Discrete Distributions For Claim Frequency -- 1.4 The (a, B, 0) Class Of Distributions -- 1.5 Some Methods For Creating New Distributions -- 1.6 R Laboratory -- 1.7 Summary And Conclusions -- 2 Claim-severity Distribution -- 2.1 Review Of Statistics -- 2.2 Some Continuous Distributions For Claim Severity -- 2.3 Some Methods For Creating New Distributions -- 2.4 Tail Properties Of Claim Severity -- 2.5 Effects Of Coverage Modifications -- 2.6 R Laboratory -- 2.7 Summary And Conclusions -- 3 Aggregate-loss Models -- 3.1 Individual Risk And Collective Risk Models -- 3.2 Individual Risk Model -- 3.3 Collective Risk Model -- 3.4 Coverage Modifications And Stop-loss Reinsurance -- 3.5 R Laboratory -- 3.6 S