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Modern Actuarial Theory and Practice

Edition: 
2
Publisher: 
Chapman&Hall/CRC
Number of Pages: 
799
Price: 
99.95
ISBN: 
1-58488-368-5

This 2nd Edition of the 1998 Survey of Actuarial Theory and Practice is written for advanced undergraduate and graduate students of actuarial science as well as for practicing actuaries. The book has a strong application orientation emphasizing practice rather than underlying theory or mathematics. The authors are British, but attempt a generic approach in order to have an international appeal.

The scope of the book is extensive, covering much of actuarial practice. Thus, they discuss investments, life insurance, general (property and casualty) insurance, pensions, and health insurance. Most of the presentation is descriptive rather than analytical. It is a business text not a math text.

The book is unlikely to be used in the US as a course text in an actuarial course in a math department. It might be useful background reading for someone teaching advanced actuarial courses (C or M or higher), or for a person looking to get a serious look into actuarial practice. The book appears to be readable at an impressionistic/survey level, but would also provide a good workout for someone more knowledgeable.

The spirit of this text seems to be more like the Casualty Actuarial Society text Fundamentals of Casualty Actuarial Science than like the more mathematical Society of Actuaries text, Actuarial Mathematics. It should probably be in the library of a university with an extensive actuarial science program, but would not be on my short list of actuarial texts that should be available to undergraduate mathematics students.


Bryan V. Hearsey is Professor of Mathematical Sciences and Coordinator of the Actuarial Science Program at Lebanon Valley College in Annville, PA.

Date Received: 
Saturday, January 1, 2005
Reviewable: 
Yes
Include In BLL Rating: 
No
Philip Booth, Robert Chadburn, Steven Haberman, Dewi James, Zaki Khorasanee, Robert H. Plumb and Ben Rickayzen
Publication Date: 
2004
Format: 
Hardcover
Category: 
Anthology
Bryan Hearsey
03/5/2005
INVESTMENT
The Widening Scope of Actuarial Theory and Practice
Investments and Valuation
General Principles of Asset Allocation
Investment Risk
Portfolio Selection Techniques and Investment Modeling

LIFE INSURANCE
Fundamental Features of Life Insurance
Nonparticipating Life Insurance
Participating Life Insurance
The Regulation of Solvency and its Effect on the Emergence
of Profit
Life Office Risks and Risk Management
The Actuarial Role in Life Office Management

GENERAL INSURANCE
Introduction to General Insurance
General Insurance Accounts
Premium Rating
Reinsurance
Reserving

PENSIONS
Types of Pension Plan
Actuarial Modeling of Defined-Benefit Plans
Investment Strategies for Defined-Benefit Plans
Individual Pension Choices

HEALTH INSURANCE
An Introduction to Health Insurance
Income Protection Insurance
Critical Illness
Long-Term Care
Private Medical Insurance


Publish Book: 
Modify Date: 
Saturday, August 29, 2009

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