Pension Mathematics for Actuaries
Author: Arthur W. Anderson
Publisher: ACTEX Publications
Published: 2006
Total Pages: 305
ISBN-13: 1566985595
DOWNLOAD EBOOK →Lanterna Rally
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Pension Mathematics with Numerical Illustrations
Author: Howard E. Winklevoss
Publisher: University of Pennsylvania Press
Published: 1993-03-29
Total Pages: 342
ISBN-13: 9780812231960
DOWNLOAD EBOOK →A text that quantifies and provides new or improved actuarial notation for long recognized pension cost concepts and procedures and, in certain areas, develops new insights and techniques. With the exception of the first few chapters, the text is a virtual rewrite of the first edition of 1977. Among the major additions are chapters on statutory funding requirements, pension accounting, funding policy analysis, asset allocation, and retiree health benefits.
Actuarial Mathematics for Pensions - Basics and Concepts applied to Business
Author: Dominique Beckers
Publisher: Wolters Kluwer Belgium
Published: 2017
Total Pages: 176
ISBN-13: 9046597407
DOWNLOAD EBOOK →Solutions Manual for Actuarial Mathematics for Life Contingent Risks
Author: David C. M. Dickson
Publisher: Cambridge University Press
Published: 2012-03-26
Total Pages: 180
ISBN-13: 1107608449
DOWNLOAD EBOOK →"This manual presents solutions to all exercises from Actuarial Mathematics for Life Contingent Risks (AMLCR) by David C.M. Dickson, Mary R. Hardy, Howard Waters; Cambridge University Press, 2009. ISBN 9780521118255"--Pref.
Pension Actuarial Mathematics
Author: Philip Martin McCaulay
Publisher: CreateSpace
Published: 2014-04-23
Total Pages: 40
ISBN-13: 9781499247169
DOWNLOAD EBOOK →This 40-page publication on pension actuarial mathematics covers topics such as (I) interest and mortality, (II) cost methods, (III) amortization and contributions, and (IV) Duration and Convexity. Part I on interest and mortality includes mortality rates and survival functions, the theory of interest, commutation functions, and life annuity factors. Part II on cost methods includes the Unit Credit (UC) Cost Method, the Projected Unit Credit (PUC) Cost Method, the Entry Age Normal (EAN) Cost Method, and the Aggregate Cost Method. Part III on amortization and contributions includes calculating amortization periods, formulas for amortization factors, and contribution requirements. Part IV has formulas and examples for Duration and Convexity. Each of the four parts has an exercise set with an answer key and explanations.
Actuarial Mathematics of Social Security Pensions
Author: Subramaniam Iyer
Publisher: International Labour Organization
Published: 1999
Total Pages: 152
ISBN-13: 9789221108665
DOWNLOAD EBOOK →Describes the application of actuarial principles and techniques to public social insurance pension schemes. Aims to establish a link between public social security and occupational pension scheme methods. Part one discusses actuarial theory. Part two deals with two techniques: the projection technique, and the present value technique. There is also a brief description of actuarial mathematics.
Fundamentals of Actuarial Mathematics
Author: S. David Promislow
Publisher: John Wiley & Sons
Published: 2011-01-06
Total Pages: 390
ISBN-13: 0470978074
DOWNLOAD EBOOK →This book provides a comprehensive introduction to actuarial mathematics, covering both deterministic and stochastic models of life contingencies, as well as more advanced topics such as risk theory, credibility theory and multi-state models. This new edition includes additional material on credibility theory, continuous time multi-state models, more complex types of contingent insurances, flexible contracts such as universal life, the risk measures VaR and TVaR. Key Features: Covers much of the syllabus material on the modeling examinations of the Society of Actuaries, Canadian Institute of Actuaries and the Casualty Actuarial Society. (SOA-CIA exams MLC and C, CSA exams 3L and 4.) Extensively revised and updated with new material. Orders the topics specifically to facilitate learning. Provides a streamlined approach to actuarial notation. Employs modern computational methods. Contains a variety of exercises, both computational and theoretical, together with answers, enabling use for self-study. An ideal text for students planning for a professional career as actuaries, providing a solid preparation for the modeling examinations of the major North American actuarial associations. Furthermore, this book is highly suitable reference for those wanting a sound introduction to the subject, and for those working in insurance, annuities and pensions.
Essential Pension Actuarial Mathematics
Author: Philip Martin McCaulay
Publisher: Independently Published
Published: 2024-01-03
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOK →"Essential Pension Actuarial Mathematics" is a comprehensive and invaluable resource for pension actuaries and actuarial students seeking a deep understanding of the mathematical principles and techniques essential in the field of pension actuarial science. Authored by experts in the field, this book covers a wide range of topics relevant to pension actuarial practice. Part I - Interest and Mortality: Mortality Rates and Survival Functions: This section introduces the fundamental concepts of mortality rates and survival functions, which are essential for assessing life expectancies and mortality risks in pension calculations. The Theory of Interest: Explore the theory of interest, including accumulation factors, compound interest accumulation functions, and interest discount factors. Gain insights into the mathematical foundation of interest rate calculations critical for pension actuaries. Commutation Functions and Life Annuity Factors: Delve into commutation functions and life annuity factors, which are vital tools for estimating pension payouts and assessing actuarial liabilities. Part II - Cost Methods: 4. Unit Credit (UC) Cost Method: Understand the Unit Credit cost method, one of the essential techniques for calculating pension costs and liabilities, especially in defined benefit pension plans. Projected Unit Credit (PUC) Cost Method: Explore the Projected Unit Credit cost method, which provides a more sophisticated approach to estimating pension obligations based on projected salaries and service. Entry Age Normal (EAN) Cost Method: Learn about the Entry Age Normal cost method, an individualized approach to determining pension costs and liabilities, considering participants' entry ages. Aggregate Cost Method: Discover the Aggregate Cost method, which helps assess pension costs as a percentage of payroll, providing insights into group-based pension plans. Part III - Amortization and Contributions: 8. Calculating Amortization Periods: Gain insights into calculating amortization periods, a crucial step in managing unfunded pension liabilities and contributions. Formulas for Amortization Factors: Explore the formulas for amortization factors, which facilitate the determination of contributions needed to fund pension plan deficits. Part IV - Duration and Convexity: 10. Duration: Understand the concept of duration, a critical measure for assessing the sensitivity of pension liabilities to changes in interest rates. Convexity: Explore convexity, which provides a deeper understanding of how pension liabilities respond to interest rate movements, including the concept of negative convexity. Negative Convexity: Learn about negative convexity and its implications for pension actuaries, especially in cases where certain pension securities exhibit non-linear price responses to interest rate changes. Exercise Sets: Each part includes exercise sets designed to reinforce the understanding of the presented concepts and allow readers to apply their knowledge. Comprehensive Coverage: "Essential Pension Actuarial Mathematics" provides a comprehensive and in-depth exploration of essential topics in pension actuarial mathematics, making it an invaluable reference for both experienced pension actuaries and actuarial students. Practical Application: The book not only explains theoretical concepts but also focuses on their practical application in pension actuarial practice, helping readers bridge the gap between theory and real-world scenarios.
An Introduction to Actuarial Mathematics
Author: Arjun K. Gupta
Publisher: Springer Science & Business Media
Published: 2013-04-17
Total Pages: 359
ISBN-13: 9401707111
DOWNLOAD EBOOK →to Actuarial Mathematics by A. K. Gupta Bowling Green State University, Bowling Green, Ohio, U. S. A. and T. Varga National Pension Insurance Fund. Budapest, Hungary SPRINGER-SCIENCE+BUSINESS MEDIA, B. V. A C. I. P. Catalogue record for this book is available from the Library of Congress. ISBN 978-90-481-5949-9 ISBN 978-94-017-0711-4 (eBook) DOI 10. 1007/978-94-017-0711-4 Printed on acid-free paper All Rights Reserved © 2002 Springer Science+Business Media Dordrecht Originally published by Kluwer Academic Publishers in 2002 No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the copyright owner. To Alka, Mita, and Nisha AKG To Terezia and Julianna TV TABLE OF CONTENTS PREFACE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix CHAPTER 1. FINANCIAL MATHEMATICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1. 1. Compound Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1. 2. Present Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 1. 3. Annuities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 CHAPTER 2. MORTALITy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 2. 1 Survival Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 2. 2. Actuarial Functions of Mortality. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 2. 3. Mortality Tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 CHAPTER 3. LIFE INSURANCES AND ANNUITIES . . . . . . . . . . . . . . . . . . . . . 112 3. 1. Stochastic Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 3. 2. Pure Endowments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 3. 3. Life Insurances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 3. 4. Endowments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 3. 5. Life Annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 CHAPTER 4. PREMIUMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 4. 1. Net Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 4. 2. Gross Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 Vll CHAPTER 5. RESERVES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 5. 1. Net Premium Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 5. 2. Mortality Profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272 5. 3. Modified Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 ANSWERS TO ODD-NuMBERED PROBLEMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Modelling Longevity Dynamics for Pensions and Annuity Business
Author: Ermanno Pitacco
Publisher: OUP Oxford
Published: 2009-01-29
Total Pages: 416
ISBN-13: 0191609420
DOWNLOAD EBOOK →Mortality improvements, uncertainty in future mortality trends and the relevant impact on life annuities and pension plans constitute important topics in the field of actuarial mathematics and life insurance techniques. In particular, actuarial calculations concerning pensions, life annuities and other living benefits (provided, for example, by long-term care insurance products and whole life sickness covers) are based on survival probabilities which necessarily extend over a long time horizon. In order to avoid underestimation of the related liabilities, the insurance company (or the pension plan) must adopt an appropriate forecast of future mortality. Great attention is currently being devoted to the management of life annuity portfolios, both from a theoretical and a practical point of view, because of the growing importance of annuity benefits paid by private pension schemes. In particular, the progressive shift from defined benefit to defined contribution pension schemes has increased the interest in life annuities with a guaranteed annual amount. This book provides a comprehensive and detailed description of methods for projecting mortality, and an extensive introduction to some important issues concerning longevity risk in the area of life annuities and pension benefits. It relies on research work carried out by the authors, as well as on a wide teaching experience and in CPD (Continuing Professional Development) initiatives. The following topics are dealt with: life annuities in the framework of post-retirement income strategies; the basic mortality model; recent mortality trends that have been experienced; general features of projection models; discussion of stochastic projection models, with numerical illustrations; measuring and managing longevity risk.
