Actuarial
Mathematics
Ocay,
what is an Actuarial Mathematics ?
Actually,
Actuarial Mathematics is an FORMULA to create an insurance product. Actuarial
Mathematics is actually built from the combination or uniting of Financial
Mathematics and Survival Model.
So
from combination of Financial Mathematics and Survival Model, after calculation
has been done, the Actuarial Mathematics will exist.
Actually
also, the Actuarial Mathematics is a Model or formula to create the insurance
product.
Through
Actuarial Mathematics formula, we can create insurance products and also can
determine the Reservation of money that Insurance Company should have at the
time.
For
example, at 10,000 of policy holders as customer, in this year of August for
example, how much should Insurance Company have money in order to cover of all
policy holders if something bad happened like death, or attack by any disease
that covered by Insurance Company.
In
short note, through Actuarial Mathematics, we also can determine how much
should Insurance have money at certain time, that is called as Reservation.
Creating
of Insurance Products using Actuarial Mathematics is actually creating with the
price. So that, through Actuarial Mathematics, we can determine all of
Insurance Product Price.
That`s
all about subject we should know in order to create insurance products (
Calculus, Statistic, Financial Mathematics, Survival Model and Actuarial
Mathematics).
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