In the last two decades, there has been a significant shift in thinking and in the approach taken to actuarial practice: moving from deterministic methods (with implicit or explicit margins to protect against variability) to fully stochastic methods. Important international developments are currently being made in actuarial education, with radical changes being implemented in Australia and North America, and evolutionary changes planned in the UK. At the same time, the Consultative Group of Actuarial Associations within the EU and the International Forum of Actuarial Associations are both actively considering the international harmonization of professional qualifications. Modern Actuarial Theory and Practice matches the philosophy of those international developments, and the manner in which actuarial qualifications are changing and are likely to continue to change. It describes the traditional areas of actuarial activity with an emphasis on the fundamental principles, as well as the economic, financial, and statistical foundations of actuarial theory and practice. Information is presented in five interconnected sections: 
<li>Investment 
</li>
<li>Life Insurance 
</li>
<li>General Insurance 
</li>
<li>Pensions 
</li>
<li>Actuarial Models which can be read separately or taken as part of the integrated whole. This text will be an invaluable aid for final-year undergraduates, MSc students, research students preparing for an MPhil or Ph. D degree, and to student actuaries preparing for the professional actuarial examinations of a number of professional bodies. Practicing actuaries will also find this a useful guide to current methodologies and models.</li>

Modern Actuarial Theory and Practice

Business & Money

Booth, Philip

Cooper, Deborah

Chadburn, Robert

Haberman, Steven

James, Dewi

Finance

Chapman and Hall/CRC

In the years since the publication of the best-selling first edition, 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.

Khorasanee, Zaki

Rickayzen, Ben

Plumb, Robert

Economics

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