An Introduction to Actuarial Studies

by Atkinson, M. E.; Dickson, David C. M.

• ISBN13: 9781840644463
• ISBN10: 184064446X
• Format: Hardcover
• Copyright: 2000-09-01
• Publisher: Edward Elgar Pub

Author Biography

D. C. M. Dickson is Professor of Actuarial Studies at the University of Melbourne, Australia.

Table of Contents

List of Figures and Tables	ix
About the Authors	xi
Preface	xiii
Introduction	1	(4)
Valuation of Financial Transactions	5	(44)
Simple Interest	5	(3)
Compound Interest	8	(20)
Valuation of single payments	8	(10)
Valuation of a series of payments	18	(8)
The equation of value	26	(2)
Common Compound Interest Transactions	28	(17)
Fixed interest bonds	28	(7)
Housing loans	35	(10)
Exercises	45	(4)
Demography	49	(54)
Introduction	49	(1)
Characteristics of a Population	50	(15)
Sources of information	50	(2)
Classification of data	52	(1)
Summary statistics	52	(6)
Rates of change: the population growth rate	58	(1)
Demographic transition	59	(3)
Development of world demographics	62	(3)
Individual Characteristics: Mortality	65	(19)
The survival function	65	(6)
The life table	71	(8)
Characteristics, causes and trends of mortality experience	79	(4)
Mathematical models of mortality	83	(1)
Individual Characteristics: Fertility	84	(8)
Definition of fertility	84	(1)
Measures of fertility	85	(4)
Factors affecting fertility	89	(1)
Modern trends in family formation	90	(1)
Trends in fertility rates, and consequences	91	(1)
Population Projections	92	(6)
Context	92	(1)
Projection models	93	(5)
Exercises	98	(5)
Actuarial Practice	103	(30)
Introduction	103	(1)
Principles of Insurance	103	(1)
Life Insurance	104	(14)
Whole life assurance policy	104	(1)
Temporary assurance policy	105	(1)
Endowment assurance policy	106	(1)
Unitised assurances	107	(3)
Trauma insurance	110	(1)
Disability insurance	111	(2)
The role of the actuary in life insurance	113	(5)
Private Health Insurance	118	(2)
Superannuation	120	(6)
Defined benefit schemes	121	(3)
Defined contribution schemes	124	(1)
The role of the actuary in superannuation	125	(1)
General Insurance	126	(5)
The role of the actuary in general insurance	130	(1)
National Insurance	131	(2)
Valuation of Contingent Payments	133	(24)
Introduction	133	(1)
Discrete Random Variables	134	(1)
Valuation of a Single Contingent Payment	135	(5)
Valuation of a Series of Contingent Payments	140	(4)
Premium Calculation	144	(10)
Whole life assurance	144	(4)
Endowment assurance	148	(6)
Exercises	154	(3)
Further Reading and Acknowledgements	157	(2)
References	159	(2)
Solutions to Exercises	161	(2)
Appendix 1 Male Mortality Table	163	(4)
Appendix 2 Female Mortality Table	167	(4)
Index	171