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However, these models have been open to criticism as providing justification for discrimination against specific ethnic groups by law enforcement personnel. Whether this is statistically correct or a self-fulfilling correlation remains under debate. [8] Another example is the use of actuarial models to assess the risk of sex offense recidivism.
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.
The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.
Actuarial credibility describes an approach used by actuaries to improve statistical estimates. Although the approach can be formulated in either a frequentist or Bayesian statistical setting, the latter is often preferred because of the ease of recognizing more than one source of randomness through both "sampling" and "prior" information.
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.
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 [14] The FAP modules superseded the former Course 5 (Application of Basic Actuarial Principles) and Course 7 (Applied Modeling).
Actuarial science is the discipline of assessing risk in insurance, finance, and other industries and professions ... Esscher principle; ... Financial models with ...
The actuarial control cycle is a specific business activity which involves the application of actuarial science to real world business problems. The actuarial control cycle requires a professional within that field (i.e., an actuary ) to specify a problem, develop a solution, monitor the consequences thereof, and repeat the process. [ 1 ]