Intended for students preparing for level 300 actuarial exams in the US, this book provides comprehensive information that makes it useful as a reference for actuaries and researchers. It contains topics such as modern utility theory, martingales, accuracy of distributions, models with payments of dividends, reinsurance models, and more.

Ideal for students preparing for level 300 actuarial exams in the US, "Actuarial Models: The Mathematics of Insurance" provides comprehensive yet concise information that makes it useful as a reference for actuaries and researchers. It contains standard as well as advanced topics such as modern utility theory, martingales, accuracy of distributions, models with payments of dividends, reinsurance models, and classification of distributions. It covers preliminary examination material for the Society of Actuaries and the Casualty Actuarial Society (CAS). This text includes numerous examples, practice problems, and exercises on numerical calculations using Excel as well as real problems from past CAS exams.

Some Preliminary Notions and Facts from Probability Theory, the Theory of Interest, and Calculus. Comparison of Random Variables. Preferences of Individuals. Conditional Expectations. A Collective Risk Model for a Short Period. Random Processes. I. Counting and Compound Processes. Markov Chains. Modeling Claim and Cash Flows. Random Processes. II. Brownian motion and Martingales. Hitting Times. Global Characteristics of the Surplus Process. Ruin Models. Models with Paying Dividends. Survival Distributions. Life Insurance Models. Annuity Models. Premiums and Reserves. Risk Exchange. Reinsurance and Coinsurance. Tables. References. Subject Index.