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Actuarial Models: 2005: Course 3 2006: Exams MFE and MLC 1: Mathematical Foundations of Actuarial Science: 2000: Education system redesign 2005: Exam P and VEE 2: Interest Theory, Economics and Finance: 2000: Education system redesign 2005: Exam FM and VEE 3: Actuarial Models: 2000: Education system redesign 2005: Exam M 4: Actuarial Modeling ...
Another example is the use of actuarial models to assess the risk of sex offense recidivism. Actuarial models and associated tables, such as the MnSOST-R, Static-99, and SORAG, have been used since the late 1990s to determine the likelihood that a sex offender will re-offend and thus whether he or she should be institutionalized or set free. [9]
David X. Li (Chinese: 李祥林; pinyin: Lǐ Xiánglín [1] born Nanjing, China in the 1960s) is a Chinese-born Canadian quantitative analyst and actuary who pioneered the use of Gaussian copula models for the pricing of collateralized debt obligations (CDOs) in the early 2000s.
Computers further revolutionized the actuarial profession. From pencil-and-paper to punchcards to microcomputers, the modeling and forecasting ability of the actuary has grown vastly. [46] Another modern development is the convergence of modern finance theory with actuarial science. [47]
In 2007, the Fundamentals of Actuarial Practice (FAP) were introduced to cover real-world topics such as insurance and professionalism with readings, case studies, and projects. [14] The FAP modules superseded the former Course 5 (Application of Basic Actuarial Principles) and Course 7 (Applied Modeling).
In actuarial science and applied probability, ruin theory (sometimes risk theory [1] or collective risk theory) uses mathematical models to describe an insurer's vulnerability to insolvency/ruin. In such models key quantities of interest are the probability of ruin, distribution of surplus immediately prior to ruin and deficit at time of ruin.
In credibility theory, a branch of study in actuarial science, the Bühlmann model is a random effects model (or "variance components model" or hierarchical linear model) used to determine the appropriate premium for a group of insurance contracts. The model is named after Hans Bühlmann who first published a description in 1967.
Models can be composed of different units (models at finer granularity) linked to achieving a specific goal; for this reason they can be also called modeling solutions. More generally, modeling and simulation is a key enabler for systems engineering activities as the system representation in a computer readable (and possibly executable) model ...