Actuarial mathematics for life contingent risks /

The mathematics of life contingencies forms the primary tool in the practice of actuarial science and is the subject of the Society of Actuaries Exam MLC. In comparison to the standard work on the topic, Actuarial Mathematics, by N. L. Bowers et al. (2nd ed., 1997), Actuarial Mathematics for Life Contingent Risks is a thoroughly modern, concise, and exhilarating treatment of the subject matter. The first seven chapters cover traditional topics such as life tables, insurance product features, and premium pricing. Thereafter, the book grafts the concerns of asset management to actuarial mathematics, exploring the methodologies for cash flow matching and options pricing. Dickson (Univ. of Melbourne, Australia), Hardy (Univ. of Waterloo, Canada), and Waters (Heriot-Watt Univ., UK) should be commended for presenting spreadsheet examples without requiring programming skills. Because of the work's international treatment, a few terminology differences may be unfamiliar to American actuarial students. Though it is unlikely that this book will become part of the required curriculum for the Society of Actuaries, it will be a valuable resource for students and professionals taking actuarial exams. Summing Up: Highly recommended. Upper-division undergraduates, graduate students, and professionals. W. Van Arsdale Wayne State College