<ul><li>Provides a comprehensive coverage of both the deterministic and stochastic models of life contingencies, risk theory, credibility theory, multi-state models, and an introduction to modern mathematical ?nance.</li></ul><ul><li>New edition restructures the material to ?t into modern computational methods and provides several spreadsheet examples throughout.</li></ul><ul><li>Covers the syllabus for the Institute of Actuaries subject CT5, Contingencies</li></ul><ul><li>Includes new chapters covering stochastic investments returns, universal life insurance. Elements of option pricing and the Black-Scholes formula will be introduced.</li></ul>