The information contained in an actuarial report is complex and can be difficult to understand for those who are not accustomed to working with this kind of information. For this reason, simply providing a copy of the actuarial report to decision makers does not ensure that everyone has a full understanding of its short-term and long-term implications. In most governments, the finance officer is in the best position to communicate the contents of the actuarial report, as the finance officer is familiar with the nuances of the actuarial report and is also intimately familiar with the organizations financial situation. Accordingly, the first step toward using an actuarial report to make appropriate decisions is for the finance officer to communicate the information the report contains to decision makers and the general public in a clear and understandable manner. Effective communication is especially important when changes to benefits are being considered.
This book provides an interesting overview of how one can apply actuarial theories to the real world. Thus, it best suits actuarial science, finance, mathematical economics, and risk management, students.
Understanding Actuarial Management Pdfrar
This book is quite different from most intermediate probability books as it focuses on applying the theories in insurance, finance, and economics. In addition, the actuarial examination questions from the past are provided at the end of each chapter. It will also help you cement your understanding of the related topics. This book is recommended for the course of reading for Exam 1 of the Casualty Actuarial Society (CAS) and Exam P of the Society of Actuaries (SOA). It is also useful for more advanced probability material covered in Exams 3L and 4 of the CAS, Exams MLC and C of the SOA, and the EA-1 Exam of the Joint Board for the Enrollment of Actuaries (Joint Board).
In this book, several prominent actuaries have provided refreshing insights about applying actuarial theory to real-world issues. It lucidly explains how actuarial science is an amalgamation of skills from statistics, mathematics, finance, and economics, used to foretell future financial outcomes. It also describes the journey of an actuary from traditional life insurance and retirement savings to other products, such as general insurance, health financing, investment management, banking, etc. Finally, it also tells you how actuaries manage the uncertainty of future events in dynamic social and economic systems. Hence, this book is a must-read for anyone who is an aspiring actuarial candidate or a currently practicing actuarial professional.
As the name suggests, this book covers various topics in actuarial pension mathematics, such as interest and mortality, cost methods, amortization and contributions, and durationDurationDuration is a risk measure used by market participants to measure the interest rate sensitivity of a debt instrument, e.g. a Bond. It tells how sensitive is a bond with respect to the change in interest rates. This measure can be used for comparing the sensitivities of bonds with different maturities. There are three different ways to arrive duration measures, viz. Macaulay Duration, Modified Duration, and Effective Duration.read more & convexityConvexityConvexity of a bond is a measure that shows the relationship between bond price and yield, and it helps risk management tools to measure and manage a portfolio's exposure to interest rate risk and loss of expectation.read more.
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