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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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5092 . Since we know under this model that all lives will die before age 120, it makes sense that the uncertainty in the future lifetime should be greater for younger lives than for older lives. 6 is that we can obtain formulae for ◦ quantities of interest such as ex , but for many models this is not possible. For example, when we model mortality using Gompertz’ law, there is no explicit ◦ formula for ex and we must use numerical integration to calculate moments of Tx . In Appendix B we describe in detail how to do this.

The insurer is owned by the with-profit policyholders. All profits are distributed to the with-profit policyholders through dividends or bonuses. A proprietary insurance company has shareholders, and usually has withprofit policyholders as well. The participating policyholders are not owners, but have a specified right to some of the profits. Thus, in a proprietary insurer, the profits must be shared in some predetermined proportion, between the shareholders and the with-profit policyholders. Many early life insurance companies were formed as mutual companies.

E. membership of the pension plan), and with pensionable salary averaging S in, say, the final three years of employment. A typical final salary plan might offer an annual pension at retirement of B = Snα, where α is called the accrual rate, and is usually around 1%–2%. The formula may be interpreted as a pension benefit of, say, 2% of the final average salary for each year of service. The defined benefit is funded by contributions paid by the employer and (usually) the employee over the working lifetime of the employee.

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

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