Abstract: Actuaries apply scientific principles and techniques from a range of other disciplines to problems involving risk, uncertainty and finance. In this chapter we set the context for the mathematics of later chapters, by describing some of the background to modern actuarial practice in life insurance, followed by a brief description of the major types of life insurance products that are sold in developed insurance markets. Because pension liabilities are similar in many ways to life insurance liabilities, we also describe some common pension benefits. We give examples of the actuarial questions arising from the risk management of these contracts. How to answer such questions, and solve the resulting problems, is the subject of the following chapters.
Publication Year: 2009
Publication Date: 2009-09-24
Language: en
Type: book-chapter
Indexed In: ['crossref']
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