There exists a need for texts as well as for mathematicians in the actuarial field. This book is intended as a textbook in life insurance mathematics, and pre-supposes no mathematical preparation beyond the high-school level though a good background at that level is required.
It is not aimed at any one of the eight actuarial examinations, and its material would not be covered before the fourth of those examinations. It is interesting to note that the second and third examinations do require college mathematics and, in general, the examinations must be taken in order. Hence, the actuarial student doesn't usually encounter this material until his second or third year in college.
The text uses new approved actuarial notation; its examples are based on up-to-date mortality tables; and a new treatment is given of the subjects of valuation and nonforfeiture benefits based on recently adopted State laws.
The book starts with a discussion of the Mortality Table . The second chapter on Interest and Annuities Certain is followed by ones on Life Annuities, Life Insurance, and Net Level Reserves. The chapter on Advanced Topics treats annuities certain payable fractionally, life annuities payable fractionally, increasing life annuities, and increasing insurance• The methods of modified reserves treated include the full preliminary term, commissioners reserve valuation, the Ohio, Canadian, Illinois, New Jersey and the Select and Ultimate Method.