ISBN(s): 978-1-64756-323-3 | 978-1-64756-324-0 | 978-1-64756-322-6 | 979-8-89016-321-9
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Overview
This textbook is a reference and suggested reading for the SOA Exam P syllabus.
This textbook provides a first course in probability for students with a basic calculus background. It has been designed for students who are mostly interested in the applications of probability to risk management in vital modern areas such as insurance, finance, economics, and health sciences. The text has many features which are tailored for those students and has complete coverage of the SOA Exam P syllabus for those studying for this exam.
The purpose of modernizing this textbook and creating the 3rd edition was to bring it up-to-date while retaining the successful style of the past. In this update, the text was thoroughly revised. In particular, the following topics have been enhanced or added: bivariate normal distribution, probability generating functions, coefficient of variation, order statistics, and correlation coefficient. Examples and exercises have also been updated to help better prepare students planning on taking the P-exam.
A new author, Jelena Milovanovic, ACIA, AIAA, PHD at Arizona State University was brought in to update the text. Her teaching knowledge and fresh perspective to the material helped improve the student experience.
Highlights and Details
- Each chapter includes highlights of all critical formulas
- Definitions to enhance your understanding of the material
- Almost 300 examples and solutions so you can grasp the content and master the subject matter
- Nearly 400 end of chapter exercises organized by topic for additional practice so you can gain confidence
- Purchase of the textbook comes with Digital Solutions Manual
About the Authors
Matthew J. Hassett
Matthew J. Hassett is professor emeritus of mathematics at Arizona State University where he taught from 1966 to 1999. He worked in industry as a health actuary from 1999 to 2005, and then returned to Arizona State to continue working with actuarial students. He has published papers in mathematical logic, mathematics education, finance and actuarial science. Dr. Hassett has co-authored an introductory statistics textbook and the ACTEX study guide for Exam M of the Society of Actuaries. He has consulting experience in mathematical analysis of mortgage-backed securities and their derivatives. Dr. Hassett is an Associate of the Society of Actuaries.
Dr. Jelena Milovanovic
Prof. Milovanovic is a professor of practice at Arizona State University where she has been teaching since 2003. Originally from Sydney, Australia, she began a career as an actuarial analyst, but discovered early on that her true passion was in academia, thus she obtained a Ph.D. in statistics. Since then, she has been the actuarial science coordinator and one of the founders of the undergraduate and masters’ programs at Arizona State. As the faculty advisor for the Gamma Iota Sigma Kappa Chapter at Arizona State, she educates students seeking careers in the insurance industry and helps smooth their transition into the workforce.
Donald G. Stewart
Donald G. Stewart is professor emeritus of mathematics at Arizona State University, following a career of 34 years. His original research interests were in topology. Since 1994, Dr. Steward has worked with actuarial students at ASU. He also participated in the creation of the ASU televised course in Survival Models. Dr. Stewart has extensive experience in providing analysis for expert witnesses. Dr. Stewart has co-authored the ACTEX study manual for Exam M of the Society of Actuaries.
Testimonials
"Probability for Risk Management" is the most readable mathematics text on the market. The explanations and examples are clearly explained with supplementary problems at the end of each chapter to assist in learning the material. An excellent text for any interested student of mathematics and probability."
-- Andrew McKenna, Probability Student
"The book is well written and easily understandable."
-- Thomas S. Tredway, Associate Professor, Georgia State University
"Very clear and concise without compromising content."
-- Alan Chambless, Student
"I wanted to thank Dr. Hassett and everybody at ACTEX who helped me pass this exam. Dr. Hassett's textbook prepared me very well for the exam. In fact it was the only book I used. Considering the fact that I am coming back to mathematics after a hiatus of 13 years, I was really apprehensive about my preparation techniques and math acumen. Dr. Hassett's book came in very handy -- it is so well tailored to the Exam P syllabus that I did not have to look anywhere else for theory and introductory problems. I passed Exam P with a grade of 8."
-- S. Baskaran, Exam P Student
"Probability for Risk Management" is the most readable mathematics text on the market. The explanations and examples are clearly explained with supplementary problems at the end of each chapter to assist in learning the material. An excellent text for any interested student of mathematics and probability."
-- Andrew McKenna, Probability Student
"The book is well written and easily understandable."
-- Thomas S. Tredway, Associate Professor, Georgia State University
"Very clear and concise without compromising content."
-- Alan Chambless, Student