Encyclopedia of Actuarial Science, 3 Volume Set

Jozef L. Teugels was born in Londerzeel (Belgium) on February 20, 1939. After obtaining the licence degree in Mathematics at the Katholieke Universiteit Leuven in 1963, he received both his M.Sc. (1966) and his Ph.D. (1967) at Purdue University, USA. He then joined the KULeuven as Assistant Professor in 1967 and Full Professor in 1973. He has held visiting positions at different universities in particular at Cambridge (UK), University of British Columbia (Canada), University of North-Carolina (USA), University of California at Santa Barbara (USA), Australian National University, and Keio University (Japan). He taught probability, statistics and stochastic modeling to majors in mathematics, physics, chemistry, agriculture, social sciences and actuarial science.He coauthored four books and some 100 papers in the statistical literature. His main research areas started with queueing theory and analytic probability to move gradually to stochastic and statistical issues in insurance, extreme value analysis and environmetrics. He acts as associate editor of Insurance: Mathematics and Economics, the Journals of Applied Probability, the Wiley Series in Probability and Mathematical Statistics, Extremes, Environmetrics. He is now editor-in-chief of Applied Stochastic Models in Business and Industry. He has been section editor of the Encyclopedia of Environmetrics, Wiley.During the period 1975-85 he was Scientific Secretary of the Bernoulli Society of which he became the President in 1995-97. He has been on a variety of scientific and organizing committees. He is a member of the Belgian Mathematical Society, the Belgian Statistical Association, the London Mathematical Society and he became fellow of the Institute of Mathematical Statistics in 1985. Being also a member of the International Statistical Institute, he acted as its Vice-president in 2001-2003.Bjørn Sundt has a cand.real. in statistics from the University of Oslo and a dr.sc.math. from the Swiss Federal Institute of Technology, Zurich. He has had positions in actuarial science at various universities and worked as actuary in Oslo in insurance supervision, non-life insurance, reinsurance, life assurance, and consulting (mainly as appointed actuary for smaller non-life insurance companies). Since 1999, he works as actuary on group pension schemes for the Norwegian life assurance company Vital Forsikring ASA. His main research areas are credibility theory and recursive methods for aggregate claims distributions. He has written a text-book An Introduction to Non-Life Insurance Mathematics.

• Absolute-pollution Exclusion. Abuse.Accident Insurance.Accounting.Accrual Rate.Accrued Benefits Funding Methods.Accumulation Units.Actuarial Control Cycle.Actuarial Estimate.Actuarial Funding.Actuarial Institute of the Republic of China.Actuarial Liability.Actuarial Research Clearing House (ARCH).Actuarial Society of America.Actuarial Society of Ghana.Actuarial Society of Hong Kong.Actuarial Surplus/Deficiency.Actuary.Adjusting and Other Expense.Adjustment Coefficient.Adult Polycystic Kidney Disease.Adverse Selection.Affine Models of the Term Structure of Interest Rates.AFIR.Agents Balances.Age-to-age Factors.Aggregate Limit.Aggregate Loss Modeling.Aggregate Method.Aircraft Products Liability.Aktuarvereinigung Österreichs (Austrian Actuarial Association).ALAE.Allele.Allocation Rate.Alternative Risk Transfer.American Academy of Actuaries.American Risk and Insurance Association (ARIA).American Society of Pension Actuaries.Ammeter Process.Ammeter, Hans (1912--1986).Analysis of Surplus.Annual Aggregate Deductible.Annual Aggregate Limit.Annual Statements.Annuities.Annuity Certain.Annuity Due.Antiselection, Life Insurance.Antiselection, Non-life.Appointed Actuary.Apportionable Premium.Approximating the Aggregate Claims Distribution.Aquaculture Insurance.AR, ARMA Process.Arbitrage Pricing Model.Arbitrage.ARCH Model.Argentina, Actuarial Associations.Arrow--Pratt Index.Asociación Mexicana de Actuarios Consultores.Asociación Mexicana de Actuarios.Assessmentism.Asset Allocation.Asset Management.Asset Shares.Asset--Liability Modeling.Assets in Pension Funds.Association of Actuaries and Financial Analysts.Association Royale des Actuaires Belges.ASTIN.Attachment Point.Attained Age Method.Audit.Automobile Insurance, Commercial.Automobile Insurance, Private.Avalanche.Aviation Insurance.Bühlmann--Straub Model.Background Risk.Bailey, Arthur L. (1905--1954).Bailey--Simon Method.Balance Sheet.Balducci Assumption.Bankruptcy.Bayesian Claims Reserving.Bayesian Statistics.Beard, Robert Eric (1911--1983).Beekman's Convolution Formula.Benktander Distribution.Bernoulli Distribution.Bernoulli Family.Berry--Esséen Inequality.Beta Distribution.Beta Function.Beveridge System.Bias.Bid Bond.Bid--Ask Spread.Bid--offer Spread.Binomial Distribution.Binomial Model.Bismarck System.Black--Scholes Model.Blue Water Hull.Bonus Hunger.Bonus in Life and Pension Insurance.Bonus Reserve Valuation.Bonus Smoothing Account.Bonus--Malus Systems.Borch, Karl Henrik (1919--1986).Borch's Theorem.Bordereaux.Borel--Cantelli Lemma.Bornhuetter--Ferguson Method.Bowers' Gamma Approximation.Brace--Gatarek--Musiela Approximation.Brazilian Institute of Actuaries (IBA).Break-even Point.Breslau Table.British Actuarial Journal.Brownian Motion.Budget Ultimate Losses.Bundling.Burglary Insurance.Burning Cost.Burr Distribution.Business Interruption Insurance.Buy-up Policy.C1--C4 Risks.Cafeteria Plans.Canadian Institute of Actuaries.Cape Cod Method.Capital Allocation for P&C Insurers: A Survey of Methods.Capital Asset Pricing Models.Capital in Life Assurance.Capital Units.Captives.Cargo Insurance.Case Reserve.Cash Balance Plans.Cash Flow Statement.Casualty Actuarial Society.Casualty Insurance.Catastrophe Derivatives.Catastrophe Excess of Loss.Catastrophe Models and Catastrophe Loads.Caveat Emptor.CBNI Reserve.CBNS Reserve.Cede.Ceiling.Censored Distributions.Censoring.Census Method.Central Limit Theorem.Central Mortality Rate.\v{C}eská Spole\v{c}nost Aktuár\ucirc{u}.Chain-Ladder Method.Change of Measure.Characteristic Function.China, Development of Actuarial Science.Chromosome.Churning.Claim Expense Liabilities.Claim Frequency.Claim Number Processes.Claim Size Processes.Claims Inflation.Claims Reserve.Claims Reserving in Non-Life Insurance.Claims Reserving using Credibility Methods.Claims-made Basis in Reinsurance.Claims-made Policy in Direct Insurance.Clash Layer.Closed Claim.Clustering.Coastal Hull.Coefficient of Variation.Cohort.Coinsurance.Col•legi d'Actuaris de Catalunya.Colegio Nacional de Actuarios.Collective Investment (Pooling).Collective Risk Models.Collective Risk Theory.Combinatorics.Combined Ratio.Comité Permanent des Congrés d'Actuaires.Commercial Bond.Commercial Multi-peril Insurance.Commission Liabilities.Commutation Functions.Comonotonicity.Competing Risks.Competing Risks.Complete Markets.Compound Distributions.Compound Interest.Compound Poisson Frequency Models.Compound Process.Concave.Conditional Probability/Expectation.Conference of Consulting Actuaries.Conjugate Prior.Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires.Consequential Damage.Contingent Capital.Contingent Insurance.Continuous Multivariate Distributions.Continuous Parametric Distributions.Continuous Period.Contract Bond.Contributed Surplus.Contribution Plan.Control Period.Convexity.Convolutions of Distributions.Cooperative Game Theory.Copulas.Co-reinsurance.Coronary Heart Disease.Correlation Coefficient.Counting Processes.Coupling.Covariate.Cover Note.Coverage.Cox Process.Cox--Ingersoll--Ross Model.Cramér Condition.Cramér, Harald (1893--1985).Cramér--Lundberg Asymptotics.Cramér--Lundberg Condition and Estimate.Credibility Theory.Credit Insurance.Credit Risk.Credit Scoring.Croatian Actuarial Association.Crop Insurance.Cumulant.Current Unit Method.Curtate Future Lifetime.Cyprus Association of Actuaries (CAA).Damageability Function.Data Analysis.Data Mining.De Finetti, Bruno (1906--1985).De Moivre, Abraham (1667--1754).De Pril Recursions and Approximations.De Pril Transform.De Pril's Approximation.De Witt, Johan (1625--1672).Decision Theory.Decrement Analysis.Deductible.Defense and Cost Containment.Deferral/Matching.Deferred Acquisition Costs.Deferred Period.Defined Accrued Benefit Method.Defined Benefits.Defined Contributions.Delaporte Distribution.Demography.Demutualization.Den Danske Aktuarforening.Den Norske Aktuarforening (The Norwegian Society of Actuaries).Dependent Risks.Deregulation of Commercial Insurance.Derivative Pricing, Numerical Methods.Derivative Securities.Design Matrix.Deutsche Aktuarvereinigung e. V. (DAV).Development Year.DFA---Dynamic Financial Analysis.Dhaene--Vandebroek's Recursion.Diffusion Approximations.Diffusion Processes.Direct Costs.Direct Insurance.Directionally Convex Functions.Directors and Officers Insurance.Dirichlet Processes.Disability Income Insurance.Disability Insurance, Numerical Methods.Disability Insurance.Discount Factor.Discounted Cash Flow Model.Discounting.Discrete Multivariate Distributions.Discrete Parametric Distributions.Discretization of Distributions.Discriminant Analysis.Dismemberment.Distorted Probability.Distribution System.Diversification.Dividend Discount Model.Dividends.Dividing Societies.DNA.Dodson, James (1710--1757).Drought.Duration.Dynamic Financial Modeling of an Insurance Enterprise.Early Mortality Tables.Early Retirement Factor.Early Warning Systems.Early-onset Alzheimer's Disease.Earthquake Insurance.ECOMOR Reinsurance.Economic Capital.Edgeworth Approximation.Edgeworth Expansion.Efficient Markets Hypothesis.Elasticity.Elimination Period.EM-algorithm.Embedded Value.Empirical Bayes Theory.Empirical Distribution.Employer's Liability Insurance.Employment Practices Liability Insurance.Endowment.Energy Insurance.Entity-specific Value.Entry Age Method.Equalization Reserve.Equilibrium Distribution.Equilibrium Theory.Equitas.Equity Indexed Annuity.Equivalence Principle.Equivalent Martingale Measure.Erlang Distribution.Esscher Approximation.Esscher Transform.Estate.Estimated Maximum Loss.Estimation.Estonian Actuarial Society.Euler--Maclaurin Expansion and Woolhouse's Formula.Exceedance Probability Curves.Excess Losses.Excess of Loss Reinsurance.Exclusions in Direct Insurance.Exclusions in Reinsurance.Expectation of Life.Expected Shortfall.Expense Inflation.Expense Ratios.Expenses in Life Insurance.Experience Basis.Experience Rating.Exponential Dispersion Family.Exponential Distribution.Exponential Tilting.Exposed to Risk.Exposure Rating.Extreme Value Distributions.Extreme Value Theory.Extremes.Factor Analysis.Facultative Reinsurance.Faculty of Actuaries.Failure Rate.Fair Value.Familial Breast Cancer.Fertility.Fidelity and Surety.Fidelity Bond.Filtration.Finance.Financial Economics.Financial Engineering.Financial Insurance.Financial Intermediaries: the Relationship Between their Economic Functions and Actuarial Risks.Financial Markets.Financial Pricing of Insurance.Financial Reinsurance.Finite Risk Reinsurance.Fire Insurance.First Order Basis.First Party Coverage.Fisher's Scoring Technique.Fixed-income Security.Flesacker--Hughston Framework.Flood Risk.Fluctuation Reserves.Force of Mortality.Foreign Exchange Risk in Insurance.Forfeiture.Forwards.Fourier Transform.Frailty.Franchise.Franckx, Edouard (1907--1988).Fraud in Insurance.Free Riding.Freight, Demurrage and Defence Cover.Friendly Societies.Frontier Between Public and Private Insurance Schemes.Full Value Insurance.Fully Indexed Clause.Fund Charge.Fund Management Charge.Funding Ratio.Future Service Reserve.Futures.Fuzzy Set Theory.GAAP.Gamma Distribution.Gamma Function.GARCH Model.Gaussian Processes.General Insurance.Generalized Discrete Distributions.Generalized Linear Models.Genetics and Insurance.Geneva Association.Geneva Papers on Risk and Insurance.Genotype.Geometric Distribution.Gibbs Sampling.Girsanov's Theorem.Going Concern.Gompertz, Benjamin (1779--1865).Good Faith.Graduation.Graphical Methods.Graunt, John (1620--1674).Greeks.Gross Net Premium Income.Gross Premium Valuation.Group Life Insurance.Group Personal Pensions.Groupe Consultatif Actuariel Européen.Guaranteed Annuity Option.Hachemeister's Regression Model.Hail Insurance.Haldane Approximation.Halley, Edmond (1656--1742).Hattendorff's Theorem.Hazard Rate.Health Insurance.Heath--Jarrow--Morton Framework.Heavy-tailed.Heckman--Meyers Algorithm.Hedging and Risk Management.Helix.Hellenic Actuarial Society.Het Actuarieel Genootschap (The Dutch Actuarial Society).Heterogeneity in Life Insurance.Hidden Markov Models.Hipp's Approximation.Historical Cost.History of Actuarial Education.History of Actuarial Profession.History of Actuarial Science.History of Insurance.Ho--Lee Models.Homeowners Insurance.Hours Clause.Household Insurance.Hull and Machinery Insurance.Hull--White Model.Hungarian Actuarial Society.Huntington's Disease.Hurricane.Huygens, Christiaan and Lodewijck.Hypergeometric Distribution.IASB.IBNR Reserve.IBNS Reserve.Immunization.Impairment.Inception Annuity.Income Protection Insurance.Income Statement.Incomplete Markets.Indemnity.Index Clause.Indexed Deductible.Indexing.Index-linked Security.Individual Retirement Account.Individual Risk Model.Industrial Special Risks Cover.Infinite Divisibility.Inflation Impact on Aggregate Claims.Inflation: A Case Study.Information Criteria.Initial Units.Insolvency.Installment Premium.Institut des Actuaires.Institute of Actuaries of Australia.Institute of Actuaries of Japan.Institute of Actuaries.Instituto Actuarial Argentino.Insurability.Insurable Interest.Insurance Capital Asset Pricing Model.Insurance Company.Insurance Derivatives.Insurance Expense Liabilities.Insurance Forms.Insurance Regulation and Supervision.Insurance Securitization.Insurance: Mathematics and Economics.Insuratization.Integrated Products.Integrated Tail Distribution.Interest Rate Risk and Immunization.Interest-rate Modeling.Internal Rate-of-return Model.International Accounting Standards.International Actuarial Association.International Actuarial Notation.International Association for the Study of Insurance Economics---`The Geneva Association'.International Association of Consulting Actuaries.Inverse Gaussian Distribution.Investment Growth Rate.Israel Association of Actuaries.Issued Capital.Istituto Italiano degli Attuari.Itô Calculus.Jackknifing.Jensen's Inequality.Journal of Actuarial Practice.Journal of Risk and Insurance.Kalman Filter, Reserving Methods.Kalman Filter.Kaplan--Meier Estimator.Kendall's τ.Keogh Plan.Kernel Methods.Kolmogorov Backward Equations.Kornya's Approximation.Lévy Processes.Ladder Height.LAE.Landslide.Landslip.Laplace Transform.Laplace, Pierre Simon.Lapse.Lapses.Large Deviations.Largest Claims and ECOMOR Reinsurance.Latent Claim.Latvian Actuarial Association.Law of Large Numbers.Layer.Lee--Carter Model.Leverage.Lexis Diagram.Liability Insurance.Liability Management.Licence Bond.Lidstone, George James (1870--1952).Lidstone's Theorem.Life Insurance Mathematics.Life Insurance.Life Reinsurance.Life Table Data, Combining.Life Table.Link Function.Link Ratio Method.Linton, Morris Albert (1887--1966).Liquidation.Living Benefit Guarantee.Lloyd's.Loan-to-value Ratio.Locus.Logarithmic Distribution.Log-gamma Distribution.Logistic Regression Model.Log-normal Distribution.Long Range Dependence.Longevity.Longstaff--Schwartz Model.Long-tail Business.Long-term Care Insurance.Long-term Health Insurance.Long-term Sickness Insurance.Loss of Hire Insurance.Loss Ratio Method.Loss Ratio.Loss Reserve.Losses-occurring Basis.Loss-of-income Insurance.Loss-of-Profits Insurance.Loss-of-time Insurance.Lotteries.Lundberg Approximations, Generalized.Lundberg Inequality for Ruin Probability.Lundberg, Filip (1876--1965).Lutine Bell.Maclaurin, Colin.Macro Pricing.Malus.Manchester Unity.Marginal Pricing.Marginal Totals.Marine Insurance.Market Equilibrium.Market Models.Market Value Adjustment.Markov Chain Monte Carlo Methods.Markov Chains and Markov Processes.Markov Models in Actuarial Science.Martingales.Mass Tort Liabilities.Matching.Material Facts.Maturity Guarantees Working Party.Maturity Guarantees.Maximum Benefit Period.Maximum Likelihood.Maximum Limit.McClintock, Emory (1840--1916).Mean Residual Lifetime.Mean--variance Criterion.Medical Underwriting.Mendel's Laws.Merit Rating.Meteors.Mexico, Actuarial Associations.Meyers--Read Approach.Migration.Minimum Variance Principle.Mixed Poisson Distributions.Mixture of Distributions.Mixtures of Exponential Distributions.Model Office.Moment Generating Function.Monte Carlo Methods in Life Insurance.Montreal 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Time.Operations Research.Optimal Risk Sharing.Optimization (Stochastic).Options and Guarantees in Life Insurance.Options.Ordering of Risks.Ornstein--Uhlenbeck Process.Orphan Assets.Outlier Detection.Overdispersion.Overheads.P&I Clubs.Package Mod.Paid-up Policy.Paid-up Sum Assured.Pakistan Society of Actuaries.Panjer Recursion.Parameter and Model Uncertainty.Pareto Distribution.Pareto Optimality.Pareto Rating.Participating Business.Past Service Reserve.Pay As You Go.Payback Period.Payment Bond.Pearson Correlation.Penetrance.Pension Fund Mathematics.Pension Fund.Pensions, Individual.Pensions: Finance, Risk and Accounting.Pensions.Performance Bond.Peril of the Sea.Peril.Permanent Assurance.Permanent Health Insurance.Permanent Sickness Insurance.Permit Bond.Persatuan Aktuari Malaysia.Phase Method.Phase-type Distributions.Phenotype.PML.Point Processes.Poisson Distribution.Poisson Processes.Policy Liabilities.Policy Limit.Policy.Policyholder Dividends.Polskie Stowarzyszenie Aktuariuszy.Pooling Equilibria.Pooling in Insurance.Pooling of Employee Benefits.Population Dynamics.Population Projection.Portfolio Theory.Portfolio Transfer.Portuguese Institute of Actuaries.Posterior Distribution.Postselection.Prediction.Premium Balances.Premium Principles.Premium Tax Liabilities.Premium.Premiums Receivable.Present Values and Accumulations.Price, Richard (1726--1791).Primary Insurance.Principal Component Analysis.Principle of Equivalent Utility.Prior Distribution.Pro Rata Temporis.Probability Generating Function.Probability Theory.Probable Maximum Loss.Probationary Period.Professionalism.Profit Testing.Projected Unit Method.Projection of Future Mortality.Property and Casualty Insurance.Property Insurance---Personal.Property-liability Insurance.Proportional Reinsurance.Prospective Benefits Funding Methods.Prospective Reserve.Protected Cell.Protection and Indemnity Clubs.Public Official Bond.PUP.Qualification Period.Quantile Measure.Queueing Theory.Quota-share 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Practical Aspects.Risk Classification, Pricing Aspects.Risk Discount Rate.Risk Loading.Risk Management and Insurance Review.Risk Management, Integrated.Risk Management: An Interdisciplinary Framework.Risk Measures.Risk Minimization.Risk Neutral.Risk Premium.Risk Process.Risk Rate.Risk Statistics.Risk Utility Ranking.Risk-adjusted Rate.Risk-attaching Basis.Risk-based Capital Requirements.Risk-free Rate.Risk-neutral Pricing.Robustness.Rubinow, Isaac Max (1875--1936).Ruin Theory.Run-off Triangle.Satellite Insurance.Savings Premium.Scale Distribution.Scandinavian Actuarial Journal.Schedule Ultimate Losses.Schedules.Screening Methods.Seasonality.Second Order Basis.Segerdahl, Carl--Otto (1912--1972).Segregated Fund Insurance.Select Mortality.Selection.Self-insurance.Self-investment.Sensitivity Analysis.Sensitivity Testing.Separation Method.Seriatim Approach.Service Table.Severe Inflation Clause.Severity of Ruin.Shot-noise Processes.Sickness Insurance.Sigma-algebra.Simulation Methods for Stochastic Differential Equations.Simulation of Risk Processes.Simulation of Stochastic Processes.Singapore Actuarial Society.Skandinavisk Aktuarietidskrift.Skewness.Sleep-easy Cover.Sliding Scale.Slovak Society of Actuaries.Slovensko Aktuarsko Dru\v{s}tvo. Slovenian Association of Actuaries (SAA).Slowly Varying Function.Social Insurance.Social Security.Society of Actuaries.Solvency.Sparre Andersen Process.Spearman's ρ.Spectral Density/Distribution.Splines.Stability.Stable Distributions.Stable Population Model.Stakeholder Pension.Standard Contribution Rate.Stationary Processes.Statistical Terminology.Statutory Capital.Stevin, Simon.Stochastic Calculus.Stochastic Control Theory.Stochastic Differential Equation.Stochastic Dominance.Stochastic Integral.Stochastic Investment Models.Stochastic Optimization.Stochastic Orderings.Stochastic Processes.Stochastic Simulation.Stop-loss Premium.Stop-loss Reinsurance.Stop-loss Ordering.Stop-loss Transform.Stopping Time.Storm Surge.Stress Testing.Structural Distribution.Subexponential Distributions.Subject Premium.Subsidence.Sufficient Statistics.Sum at Risk.Sum Insured.Sundt and Jewell Class of Distributions.Sundt's Classes of Distributions.Suomen Aktuaariyhdistys---The Actuarial Society of Finland.Superannuation.Superhedging.Superimposed Inflation.Surety Bond.Surplus in Life and Pension Insurance.Surplus Process.Surplus Treaty.Surrenders and Alterations.Survival Analysis.Survival Function.Svenska Aktuarieföreningen, Swedish Society of Actuaries.Sverdrup, Erling (1917--1994).Swaps.Swaption.Swiss Association of Actuaries.Syndicate.Tail Value-at-risk.Technical Bases in Life Insurance.Term Insurance.Term Structure of Interest Rates.Thiele, Thorvald Nicolai (1838--1910).Thiele's Differential Equation.Thinned Distributions.Third Party Coverage.Time of Ruin.Time Series.Tontine.Total Loss.Total Service Reserve.Transaction Costs.Transforms.Travel Insurance.Treaty Reinsurance.Truncated Distributions.Tsunami.Uberrima Fides.Ukrainian Actuarial Society.ULAE.Umbrella Cover.Under and Over Dispersion.Underwriting Cycle.Underwriting Expenses.Underwriting Income.Underwriting.Unearned Premium Reserve (Liability).Unemployment Insurance.Unexpired Risk Reserve.Uniform Distribution of Deaths.Uniform Distribution.Unit Costs.Unitised With-profits Business.Unitised With-profits Policy.Unit-linked Business.Universal Life.Utility Maximization.Utility Theory.Valuation Basis.Valuation of Life Insurance Liabilities.Value-at-risk.Variable Annuity Guaranteed Living Benefits.Variable Annuity Insurance.Vasicek Model.Volatility.Vulcanism.Waiting Period.Wallace, Robert.Waring's Theorem.Warsaw Convention.Webster, Alexander.Weibull Distribution.Whittaker, E.T..Wiener Process.Wiener--Hopf Factorization.Wilkie Investment Model.Wilson--Hilferty Approximation.With-profits Business.Withdrawal.Without-profits Business.Woolhouse's Formula.Workers' Compensation Insurance.Working Covers.Wright, Elizur (1804--1885).xs.XSE.XSI.Yield Curve.Zero-modified Frequency Distributions.Zillmerisation.

"...another stunning effort on part of this centuries-old publisher...a timeless resource...although we are recommending it for library consideration, professional actuaries and accountants...will be well served to reference this material in the daily course of their work." (Electric Review, June/July 2005) "...an authoritative resource for the actuarial profession..." (Financial Advisor, 27 May 2004)"...a timely and comprehensive body of knowledge designed to serve as an essential reference for the actuarial profession and in all related business and financial activities." (Zeitschrift fur die Gesamte Versicherungswissenschaft, No.4, 2004)"...the profession should surely congratulate and thank the many contributors to the encyclopaedia, as well as its editors-in-chief..." (Actuary, 1st January 2006)