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When studying actuarial life contingencies at Melbourne University, I quickly discovered that there was a plethora of formulae all with different actuarial notations, derivations and special relationships. A few weeks into the capstone course, I found myself inundated with formulae to the extent it was insurmountable and I needed a way to organise all these results.
This set of 67 pages of notes provide a comprehensive, yet concise treatment of the key actuarial life contingency formulae. It has been structured from a ground up approach in a systematic fashion, first providing a description and definition of the actuarial payment type, followed by the random variable before moving onto the expectation/moments and variance and any key relationships with other actuarial formula. The notes provide a concise complete derivation of all formulae and in many cases, it provides a number of approaches in the derivation (both a stochastic and deterministic derivation) so the student becomes comfortable with the techniques employed and therefore can select the best method for examination purposes.
I have found this to be an indispensable tool when it came to revision after 12 weeks of being bombarded with formulae and felt confident stepping into the exam that I had full coverage of the actuarial formulae.
Key features in the notes:
1. A comprehensive coverage of the key life contingency formulae with complete derivation and explanation.
2. A systematic, organised approach in the presentation to ensure that it is not a bombardment of formulae but has a logical flow and structure to aid understanding and retention.
3. Summary tables of the key actuarial life contingencies formulae for revision purposes.
Although these notes were prepared for my revision at Melbourne University, other students of actuarial life contingency courses from different education providers will benefit as the purpose of the notes is to find a way of efficiently learning the formulae.
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