Actuarial mathematics for life contingent risks. 2nd ed. (English) Zbl 1271.91001

International Series on Actuarial Science. Cambridge: Cambridge University Press (ISBN 978-1-107-04407-4/hbk). 632 p. (2013).
Publisher’s description: How can actuaries best equip themselves for the products and risk structures of the future? In this groundbreaking textbook, the authors give a modern perspective on life contingencies. The book begins with actuarial models and theory, emphasizing practical applications using computational techniques. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. This expanded edition contains more examples and exercises, and new material on discrete-time Markov processes, on models involving joint lives, and on universal life insurance and participating traditional insurance. Balancing rigour with intuition, and emphasising applications, this textbook is ideal for university courses, for qualified actuaries wishing to update their skills, and for individuals preparing for professional actuarial examinations. The book covers the entire Society of Actuaries MLC syllabus and will be especially valuable for students preparing for the new, long answer style exam questions.
– Practical textbook incorporating the latest developments in actuarial science;
– Covers the entire syllabus for the Society of Actuaries Exam MLC in 2014;
– Second edition includes brand new material and contains more examples and exercises.
See the review of the first edition in [Zbl 1180.91001]. For the solutions manual see [Zbl 1271.91002; Zbl 1250.91003].


91-01 Introductory exposition (textbooks, tutorial papers, etc.) pertaining to game theory, economics, and finance
00A06 Mathematics for nonmathematicians (engineering, social sciences, etc.)
91B30 Risk theory, insurance (MSC2010)
91G20 Derivative securities (option pricing, hedging, etc.)
91G50 Corporate finance (dividends, real options, etc.)
91D20 Mathematical geography and demography
97M30 Financial and insurance mathematics (aspects of mathematics education)