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 functions, this contemporary textual content is perfect for collage classes and actuarial examination preparation.

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Extra resources for Actuarial mathematics for life contingent risks

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They usually cease at retirement age. Critical illness insurance Some serious illnesses can cause significant expense at the onset of the illness. The patient may have to leave employment, or alter their home, or incur severe medical expenses. Critical illness insurance pays a benefit on diagnosis of one of a number of severe conditions, such as certain cancers or heart disease. The benefit is usually in the form of a lump sum. Long-term care insurance This is purchased to cover the costs of care in old age, when the insured life is unable to continue living independently.

We consider the effect of ‘selection’ of lives for insurance policies, for example through medical underwriting. We define a select survival model and we derive some formulae for such a model. 2 Life tables Given a survival model, with survival probabilities t px , we can construct the life table for the model from some initial age x0 to a maximum age ω. We define a function {lx } for x0 ≤ x ≤ ω as follows. Let lx0 be an arbitrary positive number (called the radix of the table) and, for 0 ≤ t ≤ ω − x0 , define lx0 +t = lx0 t px0 .

This book also provides both historical and more contemporary contexts for life contingencies. The original papers of Graunt and Halley are available online (and any search engine will find them). Anyone interested in the history of probability and actuarial science will find these interesting, and remarkably modern. 1 Why do insurers generally require evidence of health from a person applying for life insurance but not for an annuity? 2 Explain why an insurer might demand more rigorous evidence of a prospective policyholder’s health status for a term insurance than for a whole life insurance.

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


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