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Exam ASTAM – Advanced Short-Term Actuarial Mathematics
6 sections available · 25 chapters available
Free Exam ASTAM – Advanced Short-Term Actuarial Mathematics study notes for SOA (Society of Actuaries) students. Each chapter covers a key topic with examples and practice prompts you can continue inside the thinka app.
Severity Models
Effects of parameters on distributions
Creating new distributions: multiplication, powers, exponentiation, mixing, and splicing
Characteristics of severity distributions
Comparing distribution tails
Generalized Extreme Value and Generalized Pareto distributions
Applying GEV and GPD to tail risk estimation
Aggregate Models
Convolution and recursive formulas for aggregate claims
Discretizing continuous distributions: rounding and local moment matching
Sums of compound Poisson models
Coverage Modifications
Effects of coverage modifications: deductibles, limits, coinsurance, and stop loss
Loss elimination ratios, increased limits factors, and deductible factors
Effects of inflation on losses
Construction and Selection of Parametric Models
Maximum likelihood estimation for frequency and severity distributions
Variance of estimators and confidence intervals
The delta method
Bayesian estimation
Model selection: graphical procedures, hypothesis tests, and score-based criteria
Credibility
Bayesian (greatest accuracy) credibility
Bühlmann and Bühlmann-Straub models
Empirical Bayesian estimation: nonparametric and semiparametric cases
Reserving and Pricing for Short-Term Insurance Coverages
Estimating outstanding claims: Expected Loss Ratio, Chain-Ladder, Bornhuetter-Ferguson, Bayesian, and Frequency-Severity
Statistical reserving models: Mack's, Poisson, and Overdispersed Poisson
Projected losses using trend analysis
Overall average rates and rate changes: loss cost and loss ratio methods
Risk classification differential changes, including balancing back
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