Download PDF by D C M Dickson; Mary Hardy; H R Waters: Actuarial mathematics for life contingent risks

By D C M Dickson; Mary Hardy; H R Waters

ISBN-10: 0511632436

ISBN-13: 9780511632433

ISBN-10: 0511633637

ISBN-13: 9780511633638

ISBN-10: 0511651694

ISBN-13: 9780511651694

ISBN-10: 0521118255

ISBN-13: 9780521118255

Balancing rigour and instinct, and emphasizing purposes, this contemporary textual content is perfect for collage classes and actuarial examination preparation.

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The problems are rather more complex if the insurance also covers morbidity risk, or involves several lives. All of these topics are covered in the following chapters. The actuary may also be involved in decisions about how the premiums are invested. It is vitally important that the insurer remains solvent, as the contracts are very long-term and insurers are responsible for protecting the financial security of the general public. The way the underlying investments are selected can increase or mitigate the risk of insolvency.

Reversionary annuity A reversionary annuity is contingent on two lives, usually a couple. One is designated as the annuitant, and one the insured. No annuity benefit is paid while the insured life survives. On the death of the insured life, if the annuitant is still alive, the annuitant receives an annuity for the remainder of his or her life. 4 Other insurance contracts The insurance and annuity contracts described above are all contingent on death or survival. There are other life contingent risks, in particular involving shortterm or long-term disability.

26) This is very similar to Gompertz’law, but adds a fixed term that is not age related, that allows better for accidental deaths. The extra term tends to improve the fit of the model to mortality data at younger ages. In recent times, the Gompertz–Makeham approach has been generalized further to give the GM(r, s) (Gompertz–Makeham) formula, µx = h1r (x) + exp{h2s (x)}, where h1r and h2s are polynomials in x of degree r and s respectively. Adiscussion of this formula can be found in Forfar et al.

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Actuarial mathematics for life contingent risks by D C M Dickson; Mary Hardy; H R Waters


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