Actuarial science is a discipline that uses mathematics and statistics to assess risk. The mathematics involved in actuarial science includes probability, statistics, finance, life insurance mathematics, and more.

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Which model to use ? (probability problem)

The following was the problem that I was working on. As a part of the underwriting process for insurance, each prospective policyholder is tested for high blood pressure. Let X represent the ...
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Probability of remaining lifetime using force of mortality

I've been stuck on this question for the past half hour and still have no idea how to solve it... I don't think it's supposed to be very difficult but I'm struggling: There are two independent live ...
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Interest Rate Tree in Matlab

I would like to calibrate a interest rate tree using the optimization tool in matlab. Need some guidance on doing it. The interest rate tree looks like this: How it works: 3.73% = 2.5%*exp(2*0.2) ...
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When does variance fail to meet its purpose in mathematical statistics? [closed]

It have shown in a lot of both math and statistics book, however, When the books define the variance, it doesn't give much attention to math based theoretical background, i wonder if some formula that ...