by Yiu Kuen Tse; Wai-Sum Chan
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| List Price: | $38.00 |
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Product Description
This is an introductory textbook covering the mathematics of interest rates, life contingencies and loss models. It can be adopted as (1) the main text of a one-semester first course in the mathematics of interest rates and actuarial mathematics, using selected chapters and sections, (2) as the main text of a one-semester first course in the mathematics of interest rates and investments, using all chapters in Part I, or (3) as a supplementary text of a one-semester first course in actuarial mathematics, using all chapters in Part II.
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Average Customer Review:
2 of 2 people found the following review helpful:
Not enough actuarial mathematics, 2008-09-29
"Financial and Actuarial Mathematics" is essentially an introductory text in financial mathematics, with a section on life insurance mathematics added at the end, presumably to broaden the marketing appeal of this text (less than 100 of this book's 335 pages are on actuarial mathematics). The financial mathematics section of this book, is actually pretty good. It covers a broad range of financial math topics (including the time value of money, annuities, bonds and even stochastic interest rates) at a depth which is appropriate for students who intend to study this material further in later years of their university degree, but which does not assume any prior knowledge. My problem with the actuarial mathematics section is that it doesn't cover enough material. All it really covers is basic life insurance calculations (mortality probabilities and premium calculations using commutation functions). General insurance (aka. non-life insurance or property and casualty insurance) calculations are completely ignored, even though (in Australia, at least), more actuaries work in General Insurance than in Life Insurance.
The book is well presented, with summaries given at the end of each chapter; important concepts given in bold; worked examples given throughout and a reasonable number of exercises given at the end of each chapter (the solutions to the majority of these problems are given at the back of the book). However, I would have preferred it if it had included an accompanying CD or webpage to integrate computer work into the text. Computers are such an important part of actuarial work that to only gloss-over computer calculations (some of the exercises involve the use of Microsoft Excel) makes this book less relevant than it should be.
I am a lecturer in Actuarial Studies who is involved in the teaching of an introductory actuarial studies course. As an educator, I would not set this text for my class. I do not consider that it covers enough actuarial material to meet the requirements for the course that I teach, nor does it have a great enough computer component for my needs. For a first-year student seeking additional material to assist them in a class such as this, however, I would recommend this book. I think it would make a good supplementary reference. Note that, I would only recommend this book for a first-year student. I would not recommend it for later-year students, as there are more detailed books available on these topics for such students.
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