INDICE: Preface. Acknowledgements. Notation index. Part I THE DETERMINISTICMODEL. 1 Introduction and motivation. 1.1 Risk and insurance. 1.2 Deterministic versus stochastic models. 1.3 Finance and investments. 1.4 Adequacy and equity. 1.5 Reassessment. 1.6 Conclusion. 2 The basic deterministic model. 2.1 Cashflows. 2.2 An analogy with currencies. 2.3 Discount functions. 2.4 Calculating the discount function. 2.5 Interest and discount rates. 2.6 Constant interest. 2.7 Values and actuarial equivalence. 2.8 Regular pattern cashflows. 2.9 Balances and reserves. 2.10 Time shifting and the splitting identity. *2.11 Change of discount function. *2.12 Internal rates of return. *2.13 Forward pricesand term structure. 2.14 Standard notation and terminology. 2.15 Spreadsheet calculations. 2.16 Notes and references. 2.17 Exercises. 3 The life table. 3.1Basic definitions. 3.2 Probabilities. 3.3 Constructing the life table from the values of qx. 3.4 Life expectancy. 3.5 Choice of life tables. 3.6 Standard notation and terminology. 3.7 A sample table. 3.8 Notes and references. 3.9 Exercises. 4 Life annuities. 4.1 Introduction. 4.2 Calculating annuity premiums. 4.3 The interest and survivorship discount function. 4.4 Guaranteed payments. 4.5 Deferred annuities with annual premiums. 4.6 Some practical considerations. 4.7 Standard notation and terminology. 4.8 Spreadsheet calculations. 4.9 Exercises. 5 Life insurance. 5.1 Introduction. 5.2 Calculating life insurance premiums. 5.3 Types of life insurance. 5.4 Combined insuranceannuity benefits. 5.5 Insurances viewed as annuities. 5.6 Summary of formulas. 5.7 A general insuranceannuity identity. 5.8 Standard notation and terminology. 5.9 Spreadsheet applications. 5.10 Exercises. 6 Insurance and annuity reserves. 6.1 Introduction to reserves. 6.2 The general pattern of reserves. 6.3 Recursion. 6.4 Detailed analysis of an insurance or annuity contract. 6.5 Interest and mortality bases for reserves. 6.6 Nonforfeiture values. 6.7 Policies involving a 'return ofthe reserve'. 6.8 Premium difference and paid-up formulas. *6.9 Universal life and variable annuities. 6.10 Standard notation and terminology. 6.11 Spreadsheet applications. 6.12 Exercises. 7 Fractional durations. 7.1 Introduction. 7.2 Cashflows discounted with interest only. 7.3 Life annuities paid mthly. 7.4Immediate annuities. 7.5 Approximation and computation. *7.6 Fractional period premiums and reserves. 7.7 Reserves at fractional durations. 7.8 Notes and references. 7.9 Exercises. 8 Continuous payments. 8.1 Introduction to continuous annuities. 8.2 The force of discount. 8.3 The constant interest case. 8.4 Continuous life annuities. 8.5 The force of mortality. 8.6 Insurances payable atthe moment of death. 8.7 Premiums and reserves. 8.8 The general insuranceannuity identity in the c
- ISBN: 978-0-470-68411-5
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 480
- Fecha Publicación: 17/12/2010
- Nº Volúmenes: 1
- Idioma: Inglés