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Loss Models 4th edition

ISBN:1118315324

ISBN13:9781118315323

Publisher:Wiley

Authors:Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmot

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Loss Models Description

Praise for the Third Edition

"This book provides in-depth coverage of modelling techniquesused throughout many branches of actuarial science. . . . Theexceptional high standard of this book has made it a pleasure toread." —Annals of Actuarial Science

Newly organized to focus exclusively on material tested in theSociety of Actuaries' Exam C and the Casualty Actuarial Society'sExam 4, Loss Models: From Data to Decisions, Fourth Editioncontinues to supply actuaries with a practical approach to the keyconcepts and techniques needed on the job. With updated materialand extensive examples, the book successfully provides theessential methods for using available data to construct models forthe frequency and severity of future adverse outcomes.

The book continues to equip readers with the tools needed forthe construction and analysis of mathematical models that describethe process by which funds flow into and out of an insurancesystem. Focusing on the loss process, the authors explore keyquantitative techniques including random variables, basicdistributional quantities, and the recursive method, and discusstechniques for classifying and creating distributions. Parametric,non-parametric, and Bayesian estimation methods are thoroughlycovered along with advice for choosing an appropriate model.

New features of this Fourth Edition include:

  • Expanded discussion of working with large data sets, nowincluding more practical elements of constructing decrementtables
  • Added coverage of methods for simulating several specialsituations
  • An updated presentation of Bayesian estimation, outliningconjugate prior distributions and the linear exponential family aswell as related computational issues

Throughout the book, numerous examples showcase the real-worldapplications of the presented concepts, with an emphasis oncalculations and spreadsheet implementation. A wealth of newexercises taken from previous Exam C/4 exams allows readers to testtheir comprehension of the material, and a related FTP sitefeatures the book's data sets.

Loss Models, Fourth Edition is an indispensable resourcefor students and aspiring actuaries who are preparing to take theSOA and CAS examinations. The book is also a valuable reference forprofessional actuaries, actuarial students, and anyone who workswith loss and risk models.

To explore our additional offerings in actuarial exampreparation visit www.wiley.com/go/c4actuarial.

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