Book Description
"For anyone who needs to understand different types of life insurance, as well as considerations for purchasing and managing policies, this book should be on your nearby reference shelf. If you’ve frequently found yourself fumbling around with terminology, such as the differences between variable, universal, and variable universal life (VUL) policies, you’ll finally see some light through the haze." - MorningstarAdvisor.com
Life insurance doesn't have to be complex or intimidating. Ben Baldwin's completely revised and updated guidebook makes it clear and logical, discussing how to analyze insurance products based on their investment merits and best overall financial returns. This clear, authoritative resource for consumer insurance information covers the pros and cons of Internet purchases, techniques to use capital within a policy, the fixed premium feature, insurance for different stages of life, and the new emergence of "immediate annuities."
Download Description
This clear, authoritative resource for consumer insurance information covers the pros and cons of Internet purchases, techniques to use capital within a policy, the fixed premium feature, insurance for different stages of life, and the new emergence of "immediate annuities."
Customer Reviews:
An excellent resource.......2007-06-27
This is the best source I have come across for dissecting and analyzing VUL. Most insurance professionals shy away from this product because of its risks. My feeling has been that this reaction is born out of a lack of understanding. This book is very clear about the risks and the rewards, teaching both with depth and candor. Knowledge is power and this book provides both.
good info, but too biased towards VUL.......2007-03-17
The book is very informative, entertaining, and instructive. It gives the benefits and drawbacks of each type of life insurance. It's a good reference book. It's easy to read and understand.
However, it is very biased towards variable universal life (VUL). In fact, the author states that this type of policy is the reason why the book exists. He even goes so far as to say that VUL is one of the best investment vehicles of the century! He's a good cheerleader for VUL and even though he is honest and does point out the pitfalls of VUL, he sort of skims over the probability of problems with these policies in later years.
This book inspired me to check VUL policies and get some illustrations. I was shocked at the high probability of lapse in these policies if the expected return in the investments was average, say expected 8% return. You really need to get over 10% annualized return in the policies to be assured that the policy will not lapse. Anything less than that and you are running a grave risk of having to fund the policy dramatically or see it lapse just at a time when you need it most, after age 70. The trick is to adequately fund the policy from the start, and the funding can be quite expensive. And even after all of that, the insurance company makes YOU assume the risk of generating enough return to keep the policy in force. Even if you don't take any loans, the policy can lapse if the returns are just a little bit less than expected. That's very high risk to me. There are no affordable guarantees of minimum death benefit or cash values in a VUL, regardless of loans or premiums paid on time. I was shocked to learn this in reality.
So don't fall for the hype in this book about VUL. The author greatly under-estimates the risk inherent in VUL policies.
Ultimately, I'd say there are better books on insurance if you just want to learn about the basics.
Excellent User's Guide in Clear Language.......2006-11-10
Ben Baldwin has always been one of the clearest writers about life insurance from a financial planning perspective. The explanations of what the insurance industry would call "Advanced Underwriting" uses of life insurance in this book are clear, concise and free of jargon. Although this is a consumer book, I would recommend it to financial planning professionals to enhance their own understanding and to see how to explain complex financial topics to clients.
Great way to learn about insurance.......2006-07-27
The author did a geat job in explaining life insurance products. Those that have panned the book have a built in bias against insurance companies and their salesmen/woman. Fine, but I am waiting for one to write a cogent critique of why the author is wrong in his analysis. Frankly, I haven't found one financial services professional that can, even those that don't sale insurance products. Bottom line, the strategy makes sense for a many if not most folks who are trying to accumulate retirement $$. And yes the insurance industry makes good fees selling their products just like the securities companies make great fees with their products whether they are indexed mutual funds or stocks and bonds. I simply consider this the cost of doing business and move on. So what if someone makes some money helping you have a more comfortable retirement. Read it, take the ideas seriously, and incorporate the ideas into your plan. I have.
So far, so good..........2005-10-20
I'm an avid reader and have ordered dozens of books through Amazon, but this is the first one I've taken the time to write a review for, because I believe this book can help others in the same situation I was.
I ordered this book when I was applying for Life Insurance, based on the investment strategy in Douglas Andrew's book, "Missed Fortune 101". I wanted to review another reference on life insurance to learn more about it, and to corroborate Andrews' strategy. This is the only other book I could find that discussed LI from a financial investment perspective. This is a very comprehensive book about LI. It's a large book, and so far I've only read portions, skipping around to the areas I needed to understand the type of policy I was applying for, and to justify in my mind that indeed it was the right one for me (I'm working with a financial planner who recommended a particular plan, and has largely focused his practice on Doug Andrews' strategy). This book gave me a lot of the information I needed to ask my agent questions about my policy. In fact, he was impressed with my questions and wanted the name of this book.
This is a very easy to read book, with plenty of *understandable* tables as examples. I have also found it to be very objective, discussing the tradeoffs of the different types of policies, and discussing in what personal situations a particular policy might be best. The intent of this book is clearly educational - there's no hidden agenda or bias that I can detect. The author has CFP, CLU, and CHFC credentials.
Finally, and very importantly, this author stresses the need to manage your life insurance policy over time, as you would any other investment - especially the flexible aspects of policies, and including, where necessary, 1035 transfers to a more appropriate policy.
Book Description
"One thing is for certain: Variable annuities have become a part of the investment landscape and show no signs of going away."--The Wall Street Journal. The investing public's love of variable annuities has soared so high that The Wall Street Journal started a weekly column on annuities, "Annuity Watch." The reason for the popularity is simple. Variable annuities give investors the opportunity to receive money every year of their life, no matter how long they live. Guaranteed Income for Life explains the benefits of variable annuities. this informative book: Shows specific ways that variable annuities can help investors achieve lifelong financial security; Proves how variable annuities are in many ways superior to more commonly understood mutual funds; Explains the different types of annuities, with tips on how investors can pick the best product for their unique situations.
Customer Reviews:
An excellent guide to investing and how the annuity fits in........1998-11-30
With all the controversies of variable annuities today, Michael does an excellent job of showing the appropriateness of the annuity. The book was written at the basic level for the investor, capturing an informative overview of the many different investment options such as stocks, bonds and mutual funds and how the annuity fits into the investor's overall investment strategy. I would highly recommend this book to all investors!
Excellent book..........1998-11-25
I've read many different points of view about the value of VAs -- this book explains them clearly. Lane's book shows how tax deferral wroks. He takes you step-by-step so you can see how all the parts relate and why. Read chapters 5 "Suitable Uses of VAs" and ch 18 "Analyzing the Payout" and you will know more than most advisors. Great book congrads.
A great guide for financial planners and end consumers........1998-11-25
Having been in this business for 5 years it's nice to find a refreshing look at the real uses of variable annuities and when they make the most sense. Michael is very enlightening in his approach to when a variable annuity makes sense and for whom. He also is very concise in his description of all the factors which contribute to determining the above. In an industry which is muddled with both the pros and cons of variable annuities this book is a straight shot to doing what is in the best interest of the client.
Great book for Annuity Buyers.......1998-11-25
I am a novice investor and had no idea what an annuity was. Lane's book gave me the basics of what stocks and bonds were all the way through how to buy and annuity and use it to create a income to last my lifetime. I highly recommend this book.
A must for those considering purchasing an annuity........1998-10-28
An excellent primer on annuities. Any investor should read this book before considering purchasing an annuity. As a financial advisor I found his explanations simple yet definitive. Written in manner that any investor will be able to benefit from Michael's sound advice. While I believe that in general annuities are the most oversold product in financial circles (not becuse they are great product but because sellers earn huge commissions), Michael clearly demonstrates that annuities are appropriate in certain situations and tells you how to avoid the annuities that were designed to be sold not bought. He shows you what to type of product to look for when annuities are appropriate. Highly recommended.
Book Description
The book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.
Customer Reviews:
living and dying is so complicated to model!.......2006-06-06
To many people, the book's topic is an inherently dreary and offputting one. How to estimate retirement income for a group of people, who typically are still in the workplace?
To do so, the book invokes such common ideas as numerical simulations. Here, of a general diffusion process, specialising to Brownian motion. Who could have imagined, decades ago, when such ideas were introduced in physics, that they would one day have use to actuaries and the like? A neat side note is that one of the book's problems involves using Excel's ability to simulate Brownian processes.
A key chapter compares defined benefit and defined contribution pensions. From the vantage of the pension provider. Who needs to understand as accurately as possible the ultimate costs of both, in order to determine what to offer employees.
Where is the additional material?.......2006-05-08
I purchased this book over a month ago. I expected to receive additional supporting materials which would greatly aid my understanding of the various formulas used throughout the book. The additional supporting material has yet to be posted. As such, currently, i feel i have been overpromised and underdelivered.
Book Description
A comprehensive, convenient overview for investors.
The only authoritative, concise guide to investing in annuities, this completely up-to-date book includes detailed information on every kind of annuity instrument available to the general investor, including extensive information on the hottest, most controversial category—variable annuities. Written in clear, accessible language, this is the ideal reference guide to this growing investment option.
• Written by an expert in the field of personal investment and a seasoned writer/journalist on the subject
• Includes a variety of actuary and investment tables to help you understand how your investments in annuities will perform
Customer Reviews:
Good but basic.......2007-04-08
I was a little disappointed in this book. It is quite well written but most of the information in it is available free through internet searches.
I was looking for detailed information on the tax impact of inherited annuities, and it is not here. This book is a very basic consumer guide, not really a thorough guide for investors.
Average customer rating:
- Packed with problems and solutions
- VERY GOOD BOOK ALSO FOR BUSINESS PEOPLE
- Effective refresher ... Efficient reference
- A Good Reference and a Self-Study Guide
- Excellent Value
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Schaum's Outline of Mathematics of Finance
Zima
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Schaum's Outline of Statistics and Econometrics
ASIN: 0070082030 |
Book Description
Now updated to reflect the changing environment of business finance, this book includes new material on life insurance, life annuities and more. Students learn how to master effective problem-solving techniques with 1,224 practice problems and questions. The large number and variety of practical applications offer a feel for how to conduct business and financial transactions in the real world. Finally, review problems offer the opportunity for more study or self-testing.
Customer Reviews:
Packed with problems and solutions.......2007-05-24
This is an updated version of a previous Mathematics of Finance text from Schaums which I used heavily in a finance course. It is very useful to students of actuarial science and finance. For aspiring actuaries I also recommend "Mathematics of Interest Rates, Insurance, Social Security, and Pensions" by Robert Muksian and "Mathematics of Finance" by Cissell. All three of these books are better for self-study than "Theory of Interest" by Kellison.
VERY GOOD BOOK ALSO FOR BUSINESS PEOPLE.......2007-02-03
I am a manager, and sometimes I listen to financial managers without being deeply involved in their technical language. After reading and practicing this book , I am able to use my skills more proactively working with them.
Pasquale D'Ippolito
Effective refresher ... Efficient reference.......2007-01-07
I recommend this text to financial professionals I teach ... VERY helpful to clear the cobwebs several years after college!
A Good Reference and a Self-Study Guide.......2006-07-11
As with most of the books from the Schaum's Outline collection, this book comprises the fundamentals so it can be used as a supplement to standard textbooks in class, as a stand-alone study aid, or as a reference for the professional practitioner.
My academic background is in Electronics Engineering, so I really didn't take any courses on finances back in College. When my work forced me to gain knowledge in the area of Financial Math I turned to this book as a self study guide. The text is clear, has a lot of worked problems and examples, and it did its job: Gave me the knowledge I needed.
No wonder that this is actually the Very best-selling book of the whole Schaum's Outline collection.
Excellent Value.......2002-10-18
The target audience of this book is people who want to know how to estimate annuities, life insuarance premiums etc. If you are sitting the actuarial exam(SOA) 2 this is what you need for the Theory of Interest part. It also covers parts of exam 3. The book is affordable and way better than any other else. The methodology is crystal clear.
Book Description
This text focuses on the relationships among the various types of values that are associated with individual life and annuity contracts.
For the experienced actuary or someone switching careers into the individual life business, this text provides a comprehensive summary of current actuarial practice in the design, pricing and daily maintenance of individual products.
For the student, it illustrates the dependencies that exist among premiums, cash values, reserves, dividends and other non-guaranteed elements when designing individual products. It also demonstrates how all aspects of actuarial practice are linked together in a product management cycle.
This book has been adopted as a reference for the new Fundamentals of Actuarial Practice Course offered by the Society of Actuaries.
It is a valuable supplemental reference for SOA Course 8-Individual Insurance.
Average customer rating:
- An acceptable primer on annuities
- Well informed discussing the pros and cons of annuities
- getting started in annuities
- A little helpful, but very poorly written
- Incorrect Information - PLEASE NOTE
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Getting Started in Annuities (Getting Started In.....)
Gordon K. Williamson
Manufacturer: Wiley
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ASIN: 0471283037 |
Book Description
Getting Started in annuities
One of the most popular retirement investment options, annuities are also among the most difficult to comprehend. This handy volume provides an in-depth, easy-to-understand look at these complex instruments, revealing exactly what they are, how they work, and what advantages they have over other investment vehicles. Along with performance tables, sample portfolios, and a helpful Q & A section, you'll find up-to-date details on tax law changes, as well as complete information on:
Customer Reviews:
An acceptable primer on annuities.......2007-04-29
I wanted to do some research on variable annuities, and I was surprised to find very few books on the subject.
I found Williamson's writing style acceptable, but not really enjoyable to read.
I found this book informative, with some attention to the pros and cons of annuities, but with some major issues.
When I first read the author's example of two investors (one invests $1M in a variable annuity and the other invests $1M in a regular stock mutual fund), my gut said something was wrong with his math. On page 65, he runs through these 2 cases and pronounces the variable annuity man the big winner over the regular mutual fund investor....$11M to $6.829 after 24 years.
The author mentions a 15% pretax rate of return and an average 12% return. From what I can tell he didn't use either number in his calculations.
My analysis of his example goes like this....
For the ordinary mutual fund investor to end up with $6.829M after taxes in 24 years, this gives an after tax return of 8.334% (using compound interest formula of FV = PV x (1+i)^n). This 8.334% after tax return equates to a pre-tax return of 12.5% if the investor is in the 33% marginal tax bracket. Note that my calculated return of 12.5% doesn't match the author's 12% or 15% numbers at all.
The variable annuity man invests $1M at a pre-tax rate of 12.5% for 24 years which gives $16.891M. The variable annuity man nets $11.26M after being taxed at a 33% marginal tax rate.
My first complaint is that the author used the wrong inputs for his model. My second complaint is that this example portrays an inaccurate picture of variable annuities. The author assumes 0% expense ratios for both the annuity investor and regular mutual fund investor. He points out correctly elsewhere in his book the average expense ratio of variable annuities is about 2.0%, yet he chose 0% expense rate for variable annuities. The average mutual fund expense ratio is about 1.38% with index funds from Vanguard at only 0.18% expense ratio. My third complaint is the author correctly applied an ordinary income tax rate of 33% to the variable annuity, but incorrectly applied the same 33% to the mutual fund investor. In 2007, the long term capital gains rate is only 15% and not 33%.
If we redo the author's example using a 2% expense ratio for the variable annuity man, a 0% expense ratio for the mutual fund investor (he uses Vanguard's stock index fund with 0.18% expense ratio), and a 15% capital gains rate to the regular mutual fund investor.....then the story reverses. The regular mutual fund man wins with $11.28M after taxes compared to the variable annuity man's 7.32M!
I was also very disappointed to see the author did not promote single payment immediate annuities as important tools in retirement portfolios. Many studies have been done which show that immediate annuities are advantageous to investors because they help prevent investors from outliving their money. The reason for missing this advantage of immediate annuities may be the book publication date of 1999. A lot of the key research papers on using immediate annuities in retirement portfolios did not start until around 2001 (Milevsky's papers).
I did know that most states guarantee annuities in the event the insurance company declares bankruptcy. I thought the limit was $100,000 per insurance company, but the author says 80% or $100,000....whatever is less......of the annuity is paid by the state. This state insurance guarantee only applies to fixed annuities because your money is mixed with other people's money. In variable annuities, your money is kept separate and you own the underlying investments within the annuity.
I found some of the author's logic a little ironic, or perverse, depending on how you look at it. Many studies (e.g. Dalbar) have found that investors only achieve a fraction of the stock markets return.......due to switching mutual funds in an attempt to chase the winners. The author contends that an investor would be better off in a variable annuity indexed to the S&P 500 or Wilshire 5000 because they will be assured of getting at least the general stock market return. I found this an odd way to promote the use of stock index funds.
One thing you realize reading this book is how complex variable annuities are. They are also laden with fees of all types. Uneducated investors have no chance of ever understanding or being capable of comparing variable annuities.
The general idea of variable annuities is that their tax free compounding advantage out-weighs their disadvantages of lower returns (2.0% compared to 1.38% expense ratios) and lower after-tax returns (33% marginal rate for annuities, 15% long term capital gains) when compared to taxable mutual funds.
In today's relatively low tax world, with high variable annuity expense ratios, I'm hard pressed to see where variable annuities make economic sense compared to conventional stock and bond mutual funds.
Over-all an acceptable primer on annuities.
I would suggest companion books to supplement this book including:
Should Immediate Annuities be a Tool in Your Retirement Planning Toolbox?
Who Wins the Variable Annuity Versus Mutual Fund Battle?
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads' Guide to Investing.
Well informed discussing the pros and cons of annuities.......2007-01-02
This was a very well written book covering everything a novice would want to know about investing in annuities. However, I would have liked to see a direct comparison of an employer sponsored 401k to a variable annuity. Overall, I would not invest in an annuity due to the complex rules and regulations coupled with their ongoing high fees. I would rather put my money into a Roth IRA, Traditional IRA and/or 401K.
getting started in annuities.......2005-10-10
I was looking more for a annuity selling system. Please refer books in this area. Thank you.
Frank X. Netter
A little helpful, but very poorly written.......2005-08-26
If what the author says is true, I despair of ever really learning about annuities. He claims that, as of the writing of this book, there have been four books on annuities, and he's written three of them. Ugh.
First, the positive, because there's almost always something positive. The green ink they used for the print is very easy on the eyes. And I did manage to learn a little about the very confusing world of annuities.
But that's about it for the positive. The book was not very clearly written or organized. Some sections didn't seem to pertain to the chapter title. The examples were mostly un-helpful. So to make up for his lack of clarity, the author resorted to repetition, which only made matters worse.
The other thing that bothered me was how gung-ho the author was about annuities. I almost felt like I was reading a sales pitch rather than an educational book.
Maybe annuities really are so confusing that no one can make them clear. If that's the case, then maybe this author shouldn't have even bothered. (He probably shouldn't have bothered regardless, because he's hopeless as a writer.) You might get something from this book, but I'd advise against actually buying it.
Incorrect Information - PLEASE NOTE.......2000-02-19
Gordon Williamson states that you can receive a FREE copy of Lipper Inc.'s Variable Insurance Products Performance Analysis Survey. That is not accurate. As this guide is expensive to produce and Lipper distibutes it on a paid subscription basis, it is impossible to make free copies available to readers of this book.
Average customer rating:
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Tax Facts on Insurance & Employee Benefits 2007: Life and Health Insurance, Annuities, Employee Plans, Estates Planning & Trusts, Business Continuation (Tax Facts on Insurance & Employee Beneftis)
Manufacturer: Natl Underwriter Co
ProductGroup: Book
Binding: Paperback
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ASIN: 0872189007 |
Book Description
The book is a thorough treatment of the mathematical theory and practical applications of compound interest, or mathematics of finance.
Customer Reviews:
The very best there is for Exam FM.......2006-06-29
A number of aspiring actuaries who attempt to pass the second exam (Exam FM: Financial Math) attempt to side step the reading of this over priced textbook and substitute it with study aides and other cram books. I would recommend that they refrain from doing so as this text is lucid, the exercises are quite comprehensive, and above all, the occasional examples are rather identical to the problems one can anticipate on the test. I took Exam FM recently and this is the only text i refered to, and i felt that my preparation was rather complete thanks to a reading of the syllabus material. The book flows like water, though chapter 4 (section 4.4) and chapter 5 might be a bit tedious to read because of the complication in the material presented, thankfully that second rarely contributes substantially to the test. in fact, after chapter 3, chapter 4 (sections 4.1-4.3), it is best to jump to chapter 5, 6, 7, and then 9. Once this study is complete, the material presented in section 4.4 and chapter 5 and sections 8.7, 8.8, 8.10 must be examined to maintain fluidity of the material.
the only reason i give the book 4 stars instead of 5 is due to its price which is rather high.
There are better options........2006-06-01
In order to save the reader some time I have condensed the information contained in the twenty previous reviews to the bare essentials. For those of you who are taking the SOA/CAS Exam F/2, there are some things you should be aware of before you dedicate yourself to studying from this book.
1. The book is poorly written. Almost everyone, including me, agrees. The author does not have a way with words, he does not know how to motivate the material and he often chooses the most confusing and roundabout way of explaining the concepts (if he explains them at all). Furthermore, the notation can be quite confusing. He is not consistent with his variables.
2. The book focuses on theory. Expect to spend your time following proofs and derivations of formulas. The problem sets in the book focus on proofs and derivations. Have a firm grasp on Calc 1, Calc 2 and all the algebra that is entialed because Kellison will not spend the time to spell out his proofs and derivations step by step.
3. You need a supplement for working example problems. There are not enough computational problems in this book. Get a good manual that will prepare you specifically for the exams you are taking. Manuals will give you pointers about managing your time and can help you avoid common traps and pitfalls that arise during computations. I recommend getting an Atex or ASM manual. For instance, Harold Cherry's ASM Manual covers all of the topics found in Kellison, at greater depth, in the same order, and in plain english.
4. Many people have passed the exams using only manuals. Other's have passed using manuals and other texts such as "Schaum's Outline of Mathematics for Finance" or "Mathematics of Finance" by Cissell. Very few people pass without doing lots of practice problems
5. Others have passed the exam by using only this book. So it seems that this book is sufficient, but not necessary for preparing for the exam. Ultimately, you must be the judge. WHile it is certainly true that if you master this book you will be rewarded by a rich understanding of the theory of interest my personal recommendation for those studying for the exams is to devote most of your time and energy to practice problems. I would recommend using this book to flesh out your understanding as you go.
Good book, BUT..........2006-03-25
Yes, I gave the book a five star rating but only b/c it's one of the very few actual textbooks out there devoted to this subject alone.
Like a reviewer(s) already said, there aren't nearly enough examples in this book that match the type of questions that are on the actuarial exam... BUT, this book is great if you can use it in addition to OTHER practice problem sets that you find on your own. It's very interesting and it's kind of cool to read from the perspective that it's not common to have a calculator that handles some of the calculations that are required for this book's teachings.
I had a math elective that was basically geared for exam 2. Our teacher was nice enough to provide us with tons of practice sets. He also assigned lots of problems from the book, but the practice sets he gave were pretty much the foundation for the exams he gave (and identical to the actuarial exam 2).
If you are self-studying, you will definitely need to get outside practice sets otherwise you will be hung up on a lot of this book's mathematical theory questions (mainly resulting in your kicking yourself for looking for a needle in a haystack when the answer of the problem actually only required you to look for hay in the haystack... yes, I have the problem of trying to think over a problem... I'M WORKING ON IT!!!)
Great book.......2005-11-07
Despite the complete lack of nudity or violence, kept my attention for 7 straight hours. I recommand reading it on the beach, perhaps in the 7 hours directly preceeding your exam 2.
Got me through exam 2, but book is not user-friendly.......2005-09-22
Background: As I was studying for exam 2, I was at the same time completing my master's in math. I say this not because the math in Kellison is difficult at all -- it's not -- but I am very accustomed to reading textbooks on my own and digesting them.
This book, the sample test on the website, and my BA II Plus calculator got me through (the new) exam 2 with a 9. If that's what you want to do, then this book will help you do it. The material is there. I just worked through all of the exercises in the book for the sections that were in the exam syllabus. If I couldn't get through an exercise, I circled it and came back later. Sometimes I could do the exercise the second time through. Sometimes I just gave up. Close to exam time, I put Kellison aside and worked through the sample exam on the SOA website over and over until I had the problems almost memorized.
You definitely need the sample exam, or sample problems, or something besides just this book though. This book has the material in it, but the feel for the problems and test-taking strategies have got to come from somewhere else. The problems in Kellison are relatively tough and theoretical compared to the exam. When you do problems from Kellison, you won't have time pressure, whereas on the test you will. Also, the sample exam helps you learn how to eliminate wrong answers, which is a very useful skill but something you can't find in Kellison at all.
While Kellison can present the material to do well on the exam, he is not really so good at helping you understand it. For example, the concept of discount is still something of a mystery to me on a gut level. I eventually decided to learn it purely as a function of interest, a concept I grasp very well, but some friendly hints from Kellison would have been helpful. In fact a more friendly, warm tone from Kellison in general would have been helpful. It is not user-friendly.
The advanced stuff in chapter 9 is pretty much a waste, especially immunization. I still don't understand it. Fortunately, if I remember correctly, it didn't show up much on the exam, except maybe duration, which is easy to memorize. I would suggest ignoring chapter 9 totally, except for what you need to do the sample exam, and just make sure you really understand the other stuff.
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