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Probability for Risk Management, 2nd Edition
Author: Hassett et al.
Availability: In-Stock
Publisher: ACTEX
ISBN: 978-156698-548-2
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Included in the Course of Reading for SOA Exam P -- A great book for an undergraduate probability course and to prepare for Exam P.

This intermediate probability text focuses directly on applications in financial risk management, such as insurance, economics and finance. Past actuarial exam questions at the end of each chapter help to make it especially appropriate for students interested in actuarial science. Nevertheless, it was designed for a broad audience including students of mathematical economics, finance and risk management, and could be used for a general undergraduate probability course.

This book assumes two previous semesters of calculus, but it is not abstract or proof-oriented, focusing on real-world problems. In addition to helping prepare for exam P, this is an excellent background text for the material included on Exams MLC of the SOA and the EA-1 Exam.

"Probability for Risk Management" is the most readable mathematics text on the market. The explanations and examples are clearly explained with supplementary problems at the end of each chapter to assist in learning the material. An excellent text for any interested student of mathematics and probability."
-- Andrew McKenna, Probability Student

A separate solutions manual for the text is also available.

"The book is well written and easily understandable."
-- Thomas S. Tredway, Associate Professor, Georgia State University

"Very clear and concise without compromising content."
-- Alan Chambless, Student

"I wanted to thank Dr. Hassett and everybody at ACTEX who helped me pass this exam. Dr. Hassett's textbook prepared me very well for the exam. In fact it was the only book I used. Considering the fact that I am coming back to mathematics after a hiatus of 13 years, I was really apprehensive about my preparation techniques and math acumen. Dr. Hassett's book came in very handy -- it is so well tailored to the Exam P syllabus that I did not have to look anywhere else for theory and introductory problems. I passed Exam P with a grade of 8."
-- S. Baskaran, Exam P Student


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Chapter 1: Probability: A Tool for Risk Management

Chapter 2: Counting for Probability

Chapter 3: Elements of Probability

Chapter 4: Discrete Random Variables

Chapter 5: Commonly Used Discrete Distributions

Chapter 6: Applications for Discrete Random Variables

Chapter 7: Continuous Random Variables

Chapter 8: Commonly Used Continuous Distributions

Chapter 9: Applications for Continuous Random Variables

Chapter 10: Multivariate Distributions

Chapter 11: Applying Multivariate Distributions

Chapter 12: Stochastic Processes

Appendix A Standard Normal Cumulative Distribution Values

Appendix B Discrete Distributions

Answers to Text Exercises