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Actuaries must pass exams, but more than that: they must put knowledge into practice. This coherent book supports the Society of Actuaries' short-term actuarial mathematics syllabus while emphasizing the concepts and practical application of nonlife actuarial models. A class-tested textbook for undergraduate courses in actuarial science, it is also ideal for those approaching their professional exams. Key topics covered include loss modelling, risk and ruin theory, credibility theory and applications, and empirical implementation of loss models. Revised and updated to…
Supports students sitting exams with the Society of Actuaries (Short Term Actuarial Mathematics – STAM, FAM and ASTAM), the Casualty Actuarial Society (MAS-I and MAS-II) and the Institute and Faculty of Actuaries (for some topics in CS1, CS2 and SP7)
Assumes only an introductory undergraduate level understanding of statistical inference and probability
Contains numerous illustrative examples to enhance understanding and facilitate self-study
Features over 300 exercises, including some adapted from past exam questions
Teaching slides and all the R code examples are available online, as are the Excel computation notes featured in the first edition. A solutions manual is available to instructors on request
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Author
Yiu-Kuen Tse,Singapore Management University
Yiu-Kuen Tse is an Emeritus Professor with the Singapore Management University. He has been a Fellow of the Society of Actuaries since 1993. He has published extensively in the areas of financial data analysis and financial risk management, including the book Financial Mathematics for Actuaries (third edition, 2021) which he co-authored with Wai-Sum Chan.