Book Description
Actuarial work is the application of mathematics and statistics to the analysis of financial problems in life insurance, pensions, general insurance and investments. This unique introduction to the topic employs both a deterministic and stochastic treatment of the subject. It combines interest theory and life contingencies in a unified manner as well as covering basic risk theory. Fundamentals of Actuarial Mathematics presents the concepts in an original, accessible style, assuming a minimal formal background.
* Provides a complete review of necessary probability theory.
* Covers the Society of Actuaries' syllabus on Actuarial Models.
* Orders the topics specifically to facilitate learning, beginning with the simplest case of the deterministic discrete model, and then moving to the more complicated stochastic, continuous models.
* Employs modern calculation and computing techniques, such as spreadsheets.
* Contains a variety of exercises, both computational and theoretical.
* Supported by a website featuring exercises and further examples.
* Written by a highly respected academic with over 35 years teaching experience.
This book will be invaluable to senior undergraduate and graduate students, as well as actuarial professionals working in the life insurance or pension fields. Applied mathematicians and economists will also benefit greatly from the clear presentation and numerous examples.
Book Description
Risk Analysis and the Security Survey, Second Edition provides an understanding of the principles of risk analysis to security students and professionals, which will help them produce more effective, results-oriented security surveys geared to the ever-changing needs of the organization. This new edition provides the readers, professional and practitioners alike with new information essential to meeting their professional obligations with regard to crisis management planning, business continuity planning, disaster response and recovery as well as many other issues facing the security industry today. This book is a "must have" for all security professionals studying risk analysis and loss control.
The most fundamental philosophy of risk control, design and implementation is to make the security program as self-sufficient as possible in all matters pertaining to security. This includes the two-sided coin of risk control: (1) the protection of assets by identifying, analyzing and prioritizing the risk, and (2) contingency and disaster recovery planning.
Business Impact Analysis (BIA) which covers Project Planning, Data Collection, Data Analysis and Report of Findings,Prediction of Criminal Behavior
Updated statistical information and practical case examples
Geared to help professionals and students produce more effective results-oriented security surveys
Customer Reviews:
Review after using Risk Analysis and the Security Survey.......2003-04-25
I bought the book to use as a reference while doing my very first risk analysis. It helped me a lot with my project. I found it easy to read and use as a reference. I used the format in the book as a guide when writing up the risk analysis I did.
If you haven't done one before and are looking for a good reference guide, this is a great resource.
clear direction on putting together a security survey.......2002-08-14
I have prepared several security surveys throughout the last couple of years and have always found that they were missing something. Once I started looking through this book I was given clear direction on the useful information required when conducting a security survey.
This book describes all the main sections required for a security review: Scoop of the project, organization assesment and requirements, physical security, internal controls, data system and records, emergency planning, and proprietary information, business impact analysis, survey questionary, etc.
This book goes into details on planning and analysis but does not give detailed techniques on aquireing information or what an effective security system looks like. It assumes the reader has a strong security background and is able to handle the details of investigation, interviewing, testing and evaluation. This book only touches on these topics.
Book Description
In the years since the publication of the first edition of this best-selling text, the incorporation of ideas and theories from the rapidly growing field of financial economics has precipitated considerable development of thinking in the actuarial profession. Modern Actuarial Theory and Practice, Second Edition integrates those changes and presents an up-to-date, comprehensive overview of UK and international actuarial theory, practice and modeling. It describes all of the traditional areas of actuarial activity, but in a manner that highlights the fundamental principles of actuarial theory and practice as well as their economic, financial, and statistical foundations.
Customer Reviews:
Useful and Relevant for Institute 300 series.......1999-02-04
A very clear book covering the Exams in the 300 series for the institute of Actuaries. Topics include Pensions, investment, asset modeling and Life.
Book Description
This unique book is a guide for students and graduates of mathematics, statistics, economics, finance, and other number-based disciplines contemplating a career in actuarial science. Given the comprehensive range of the cases that are analyzed in the book, the
Actuaries' Survival Guide can serve as a companion to existing study material for all courses designed to prepare students for actuarial examinations.
* Based on the curricula and examinations of the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS)
* Presents an overview of career options and details on employment in different industries
* Provides a link between theory and practice; helps readers gain the qualitative and quantitative skills and knowledge required to succeed in actuarial exams
* Includes insights from over 50 actuaries and actuarial students
* Written by Fred Szabo, who has directed the actuarial co-op program at Concordia University for over ten years
Customer Reviews:
I haven't read the book, but.............2007-06-26
Sorry to mislead. I haven't read the book, but having recently left the actuarial profession after 15 years, I can probably save you buying the book and tell you how to succeed in the profession:
Pass Exams!
No one cares about your personality, leadership skills, or anything else, when it comes down to it. It doesn't matter how good you are at your work related activities. In this profession, he/she who has the credentials is king/queen, and will get all opportunities for advancement. If you don't have the credentials, you can be the greatest business person and personality on earth, and you will not be recognized for it (not in this profession, anyway). I speak from 15 years experience. If you are getting in this profession, don't let anything get in the way of exam progress. You should know, to succeed, you should be willing to sacrifice possibly a decade of your life sitting in a dark corner studying advanced mathematics. I kid you not. I left the profession, because in my opinion, the payoff was not worth the sacrifice. That is, there are people making more money, that didn't have to go through the exam hell actuaries go through.
Only worth buying if you dont have web access.......2006-02-25
This is a compilation of mainly everything you can read at the CAS and SOA websites. It's a colletions for FAQs that actuaries in the industry answered and some of the questions weren't answered well. The second half of the book discusses the examinations which is a little helpful but again you can go to the websites for that. This book was not worth the price I paid.
Strong in a few areas, but some serious gaps..........2006-02-04
As someone interested in making a possible career change into the actuarial profession, I purchased this book hoping to get a feel for the day-to-day job experience of an actuary, as well as get some basic information about career paths and professional organizations. A large portion of the book consists of responses a survey the author undertook; daily tasks, salaries, opportunities and such. These are very useful and are presented without "analysis" by the author, leaving the reader to draw their own conclusions. However, the book really has very little background information - differences (textbook at least) between different business areas actuaries are employed, or information about what distinquishes an associate from a fellow, etc.
Upon further research I also discovered that some of the information has become out of date, as the professional organizations have recently added some additional requirements for advancement.
Overall I did find this book of some use in understanding more about the "daily life" of an actuary, but with the lack of background info and some information becoming outdated I cannot recommend it at the $40 price tag it currently carries.
This is wonderful book!.......2004-09-14
I have been searching with my students for a good book explaining challenges of the actuaries' job and the way to it. I could not find anything that would guide my students and help them in making an informed decision. Finally, I got Actuaries ' Survival Guide by Fred Szabo. I wish to share some of my thoughts with potential readers.
The book should be considered as good guide for people who want to pursue their career as actuaries. It shows step by step challenges as well as opportunities of this job. Most of my students after reading this book were able to say if this is really the job they want or not. For all of them it was quite clear what are the demands and if they are able to fulfill them.
Let me comment on the selection of topics. The content of the book is organized in a very logical way. It is as complete as it could be possible. We learn what is the actuarial job, what skills we need for it, types of accreditation, what education we must go through, how to start and continue an actuarial professional career.
It would be important to mention the style of the book. At first sight it is very unusual. Large parts of the book are written in Q&A style. I have been thinking a while why Fred Szabo decided to choose just this style instead of something more conventional. Finally, I understood that this book written in traditional style of narration could be very difficult to read. Writing it in the form of questions and answers Fred is taking away this difficulty and forces his readers to concentrate on one topic at a time. There is another advantage to this approach. I guess, some of my students could never even think about problems that are mentioned in Fred's questions. For most of them reading these questions was quite a good lesson.
Finally, we should look into answers. Who replied to these questions and how? It is evident that most of the answers were given by experienced actuaries. This book is not the knowledge of a single person; it is the wisdom of many top level professionals. As a scientist and author I admire the amount of work done in researching and writing this book. I admire the professionalism of Fred Szabo.
In conclusion I would like to say that this is a wonderful book written in a professional way for the people who wish to be professionals in one of the most difficult professions.
Best Author, Great Book!.......2004-09-06
Contrary to the last reviewer, I found Fred Szabo to be a very good author. Starting with the structure of the book and ending with the chosen style, I rate it as an A plus written book. I strongly believe Fred Szabo to be very skillful in giving both a clear and concise presentation of new and complex material. Immediately from the table of contents one can follow the logical consequence of problems and questions a person would encounter if he or she wanted to become an actuary. Short and full answers can be easily found in this well organized text.
Recently, actuarial jobs have become more and more popular. Good salaries, promising careers attract a lot of youngsters. Not to waste your time and dedicate yourself to a wrong career is very important in everybody's life. This book opens the door to what an actuarial career looks like, answers all standard questions, starting with typical responsibilities and ending with attainable salaries; it also guides the reader towards the right educational choice and explains what makes one a successful actuary. To spend time reading this book is a privileged shortcut to making the right career choice.
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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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
All property and casualty insurers are required to carry out loss reserving as a statutory accounting function. Thus, loss reserving is an essential sphere of activity, and one with its own specialized body of knowledge. While few books have been devoted to the topic, the amount of published research literature on loss reserving has almost doubled in size during the last fifteen years.
Greg Taylor's book aims to provide a comprehensive, state-of-the-art treatment of loss reserving that reflects contemporary research advances to date. Divided into two parts, the book covers both the conventional techniques widely used in practice, and more specialized loss reserving techniques employing stochastic models. Part I, Deterministic Models, covers very practical issues through the abundant use of numerical examples that fully develop the techniques under consideration. Part II, Stochastic Models, begins with a chapter that sets up the additional theoretical material needed to illustrate stochastic modeling. The remaining chapters in Part II are self-contained, and thus can be approached independently of each other. A special feature of the book is the use throughout of a single real life data set to illustrate the numerical examples and new techniques presented. The data set illustrates most of the difficult situations presented in actuarial practice. This book will meet the needs for a reference work as well as for a textbook on loss reserving.
Book Description
Based on a loss function approach, this comprehensive reference reviews the most recent advances in financial and actuarial modeling, providing a strong statistical background for advanced methods in pension plan structuring, risk estimation, and modeling of investment and options pricing. An authoritative tool supplying every conceptual model and technique required by the modern financial investigator, Financial and Actuarial Statistics offers an analysis of American options models, mortality adjustment factors for increased risk individuals, time trend regression adjustments for mortality tables, and simulation approaches for stochastic models.
Book Description
A modern practical guide to building and using actuarial models.
Loss Models: From Data to Decisions is organized around the principle that actuaries build models in order to analyze risks and make decisions about managing the risks based on conclusions drawn from the analysis. In practice, one begins with data and ends with a business decision. The book flows logically from this principle. It begins with a framework for model building and a description of frequency and severity loss data typically available to actuaries. Parametric models are emphasized throughout.
The frequency and severity models are used in building aggregate loss models, in credibility-based pricing models, and in loss analysis over multiple time periods.
Designed as both an educational text as well as a professional reference, Loss Models:
- Assumes little prior knowledge of insurance systems
- Features many fascinating examples taken from insurance files
- Contains a major instructive case study continued through each chapter
- Covers the classical areas of risk theory and loss distributions
- Gives a practical but rigorous treatment of modern credibility theory
- Uses standard statistical concepts, methods, and notation
- Provides modern computational algorithms for implementing methods
- Includes free companion software available from an FTP site
- Deals with many topics on CAS 4B and SOA 151 and 152 actuarial exams
- Includes many exercises based on past CAS and SOA exams.
Customer Reviews:
Good one but for advance users.......2007-03-01
Nothing else to say. The best book for actuarial mathematics. Also good for risk managers, in particular for operational risk. It does not introduce many concepts but rather take to advance level. Excellent concepts that can be applicable in any topic or situation. A must buy in you want to have your grips on acturial mathematics and concepts
Best Actuarial Book.......2007-02-22
Nothing else to say. The best book for actuarial mathematics. Also good for risk managers, in particular for operational risk.
great introduction to models needed in insurance.......2000-08-09
When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs (say in the range of $1000 to $50,000). However occasionally there are a few cases of severe injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.
The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).
great introduction to models needed in insurance.......2000-08-09
When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs... . However occasionally there are a few cases of sever injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.
The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).
Book Description
Based on the author's experience of teaching final-year actuarial students in Britain and Australia, and suitable for a first course in insurance risk theory, this book focuses on the two major areas of risk theory - aggregate claims distributions and ruin theory. For aggregate claims distributions, detailed descriptions are given of recursive techniques that can be used in the individual and collective risk models. For the collective model, different classes of counting distribution are discussed, and recursion schemes for probability functions and moments presented. For the individual model, the three most commonly applied techniques are discussed and illustrated. Care has been taken to make the book accessible to readers who have a solid understanding of the basic tools of probability theory. Numerous worked examples are included in the text and each chapter concludes with exercises, which have answers in the book and full solutions available for instructors from www.cambridge.org.
Book Description
Statistical and Probabilistic Methods in Actuarial Science covers many of the diverse methods in applied probability and statistics for students aspiring to careers in insurance, actuarial science, and finance. The book builds on students' existing knowledge of probability and statistics by establishing a solid and thorough understanding of these methods. It also emphasizes the wide variety of practical situations in insurance and actuarial science where these techniques may be used. Although some chapters are linked, several can be studied independently from the others. The first chapter introduces claims reserving via the deterministic chain ladder technique. The next few chapters survey loss distributions, risk models in a fixed period of time, and surplus processes, followed by an examination of credibility theory in which collateral and sample information are brought together to provide reasonable methods of estimation. In the subsequent chapter, experience rating via no claim discount schemes for motor insurance provides an interesting application of Markov chain methods. The final chapters discuss generalized linear models and decision and game theory. Developed by an author with many years of teaching experience, this text presents an accessible, sound foundation in both the theory and applications of actuarial science. It encourages students to use the statistical software package R to check examples and solve problems.
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