Exam FAM – Fundamentals of Actuarial Mathematics
9个单元 · 50个章节
免费的Exam FAM – Fundamentals of Actuarial Mathematics学习笔记，专为SOA (Society of Actuaries)学生准备。下列每个章节都涵盖一个重点主题，附有例题与练习提示，可在 thinka 应用中延伸练习。
Short-Term Insurance and Reinsurance Coverages
Types of coverage modifications for short-term insurance
Calculating the impact of coverage modifications
Loss elimination ratio and the effect of inflation on losses
Proportional and excess of loss reinsurance
Allocation of claim amounts between insurer and reinsurer
Severity and Frequency Models
Severity model moments and percentiles
Scale and shape parameters in continuous severity models
Classes of severity distributions and their relationships
Characterizing distributions by existence of moments
Parameters of the (a,b,0) and (a,b,1) frequency classes
Recognizing the (a,b,0) and (a,b,1) classes and their relationships
Calculations for the (a,b,0) and (a,b,1) classes
Selecting appropriate frequency distributions
Aggregate Models and Risk Measures
Collective and individual risk models
Normal and log-normal approximation of aggregate losses
Convolution method and stop-loss insurance expected payment
Value at Risk, Tail Value at Risk, and risk measure properties
Parametric Estimation and Credibility
Maximum likelihood estimation for severity and frequency distributions
MLE with complete, individual data
MLE with complete, grouped data
MLE with truncated or censored data
The concept of credibility
Limited fluctuation (classical) credibility
Pricing and Reserving for Short-Term Insurance Coverages
Estimating outstanding claims: Expected Loss Ratio, Chain-Ladder, and Bornhuetter-Ferguson
Objectives of ratemaking and ratemaking data
Adjustments to ratemaking data: development, trend, and premium on-leveling
Expenses and the profit and contingencies loading in ratemaking
Overall average rates and rate changes: loss cost and loss ratio methods
Option Pricing Fundamentals
Cash flows and characteristics of puts and calls
The binomial option pricing model
The Black-Scholes formula and delta hedging
Put-call parity
Long-Term Coverages, Retirement Programs and Mortality Models
Insurable interest and long-term life and health coverages
Annuities
Defined benefit and defined contribution pension plans
Parametric survival models and life tables
Survival and mortality probabilities from a parametric survival model
Standard actuarial notation for future lifetime distributions
Survival and mortality probabilities from a life table with fractional age assumptions
Select life tables
Present Value Random Variables for Long-Term Insurance Coverages
Present value random variables for life insurance, endowment, and annuities
Probabilities, means, variances, and covariances of the present value random variables
Relationships between insurance, endowment, and annuity present value random variables
Effect of changes in mortality and interest assumptions
Standard actuarial notation for expected values
Premium and Policy Value Calculation for Long-Term Insurance Coverages
Future loss random variables for life insurance and annuities
Premiums by the equivalence principle, portfolio percentile principle, and expected present value of profit
Gross, net, and modified net premium policy values
Effect of changes in mortality and interest assumptions
Modelling extra risk: age rating and adjustments to mortality
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