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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]
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.
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 ...
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 output of a cat model is an estimate of the losses that the model predicts would be associated with a particular event or set of events. When running a probabilistic model , the output is either a probabilistic loss distribution or a set of events that could be used to create a loss distribution; probable maximum losses ("PMLs") and average ...
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 [14] The FAP modules superseded the former Course 5 (Application of Basic Actuarial Principles) and Course 7 (Applied Modeling).
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.
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 ]