Life insurance actuarial science

Author: Wang Xiaojun
Publisher:
Publish Date: 2005-04-01
Features: Actuarial science of life insurance primarily studies the occurrence patterns of risks covered by life insurance, the actuarial present value of benefits or indemnities promised by life insurance products, net premiums for lump-sum and installment payments, the accumulation of reserves, cash value, and selections, including two scenarios: single insured individuals and joint insurance for multiple insured individuals. Traditional actuarial science of life insurance is usually expressed mathematically, generally starting from the basic principles of probability and statistics to study the probabilities and probability distributions of risk events, claims, losses, etc. On this basis, it examines the calculation of premiums and reserves and their mathematical significance. Practically, actuarial science of life insurance is a highly practical discipline, directly applied to the development, pricing, liability assessment, asset assessment, asset and liability management, solvency evaluation, and profit analysis of life insurance products. Therefore, only by closely combining the theoretical and practical foundations of actuarial science of life insurance can one truly grasp the essential content of the discipline. Otherwise, actuarial science of life insurance would merely become abstract mathematics, making it difficult to understand its practical significance behind the mathematics and challenging to apply it in practice to solve real-world problems. This book breaks the traditional of studying actuarial science of life insurance from a purely mathematical perspective, striving to combine the mathematical theory of actuarial science with insurance practice. It includes both the fundamental theories of actuarial science of life insurance and specific applications and special treatments in life insurance practice. In the theoretical section, it emphasizes the mathematical nature of actuarial science while also paying attention to the practical significance behind the mathematics, striving to explain various mathematical relationships in terms of practical meaning. In the practical section, it emphasizes the mathematical background under the premise of practical application, integrating theory and practice organically.