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The book presents core actuarial topics with clearly segmented theory sections and extensive practice problems, covering insurance and reinsurance coverages, severity/frequency/aggregate loss models, risk measures, and maximum likelihood estimation. 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No part of this publication may be reproduced in any form or by any means without express permission of the copyright owner.  \nContents  \nPreface xiii  \nP.1 About Exam FAM .................................... xiii  \nP.2 About this Study Manual ................................ xix  \nI FAM-S 1  \n1 Insurance and Reinsurance Coverages 3  \n1.1 Coverage Modifications .................................. 4  \nModification 1: Policy Limits .............................. 5  \nModification 2 (a): Ordinary Deductibles ........................ 13  \nModification 2 (b): Franchise Deductibles ........................ 27  \nModification 3: Coinsurance ............................... 29  \nCombinations of Several Coverage Modifications .................... 31  \nPractice Problems for Section 1.1 ............................ 39  \nPolicy Limits ................................... 39  \nOrdinary Deductibles: Cost per Loss ...................... 46  \nOrdinary Deductibles: Loss Elimination Ratios ................ 59  \nOrdinary Deductibles: Mean Excess Loss .................... 68  \nFranchise Deductibles ............................... 79  \nMultiple Coverage Modifications ......................... 84  \nVariance of Cost per Loss ............................ 95  \n1.2 Reinsurance Coverages .................................. 100  \n1.2.1 Basics of Reinsurance ............................... 100  \n1.2.2 Reinsurance Pricing and Reserving ....................... 103  \nPractice Problems for Section 1.2 ............................ 109  \nBasics ....................................... 109  \nPricing and Reserving .............................. 112  \n2 Severity, Frequency, and Aggregate Models 119  \n2.1 Severity Models ...................................... 120  \n2.1.1 Moments ...................................... 120  \n2.1.2 Tails of Distributions ............................... 126  \n2.1.3 Classes of Distributions .............................. 128  \n2.1.4 Mixture Distributions .............................. 135  \nPractice Problems for Section 2.1 ............................ 146  \nMoments ...................................... 146  \nTails of Distributions ............................... 154  \nClasses of Distributions .............................. 156  \nMixture Distributions: General Cases ...................... 163  \nMixture Distributions: Case Studies ....................... 177  \n2.2 Frequency Models ..................................... 188  \n2.2.1 Poisson, Negative Binomial, and Binomial Distributions ............ 188  \n2.2.2 The (a, b, 0) Class of Distributions ........................ 198  \n2.2.3 The (a, b, 1) Class of Distributions ........................ 205  \nPractice Problems for Section 2.2 ............................ 219  \nPoisson ...................................... 219  \nNegative Binomial ................................ 228  \nBinomial ...................................... 234  \nThe (a, b, 0) Class of Distributions ........................ 238  \nThe (a, b, 1) Class of Distributions ........................ 245  \n2.3 Aggregate Loss Models .................................. 255  \n2.3.1 The Collective Risk Model ............................ 255  \n2.3.2 The Individual Risk Model ............................ 277  \nPractice Problems for Section 2.3 ............................ 280  \nConvolutions ................................... 280  \nCollective Risk Model: Exact Calculations ................... 283  \nCollective Risk Model: Moments of S ...................... 292  \nCollective Risk Model: Moments of S with Per-loss Coverage Modifications . 304  \nCollective Risk Model: Approximations ..................... 308  \nNet Stop-loss Premiums: Direct Calculations .................. 323  \nNet Stop-loss Premiums: Recursive Calculations ................ 333  \nIndividual Risk Model ..","cbCaieOwsx7gHG4v","https://ap.wps.com/l/cbCaieOwsx7gHG4v","pdf",1187236,68,"English","# Preface\n## About Exam FAM\n## About this Study Manual\n# Insurance and Reinsurance Coverages\n## Coverage Modifications\n## Reinsurance Coverages\n# Severity, Frequency, and Aggregate Models\n## Severity Models\n## Frequency Models\n## Aggregate Loss Models\n## Risk Measures\n# Maximum Likelihood Estimation\n## Basics of MLE\n## Computational Shortcuts and Case Studies","[{\"question\":\"What exam does this study manual prepare for?\",\"answer\":\"It prepares readers for SOA Exam FAM, covering Fundamentals of Actuarial Mathematics.\"},{\"question\":\"Which major topics are included in the study guide?\",\"answer\":\"It covers insurance and reinsurance coverages, severity/frequency/aggregate loss models, risk measures such as VaR and TVaR, and maximum likelihood estimation.\"},{\"question\":\"How is practice integrated into the book’s learning flow?\",\"answer\":\"Each major section includes dedicated practice problems aligned with the theory subsections, helping reinforce concepts like coverage modifications, distribution models, and MLE cases.\"}]","Ambrose Lo’s Study Manual for SOA Exam FAM - Fundamentals of Actuarial Mathematics - 2nd Edition | PDF",1790280007,171]