Life & Health Insurance Mathematics: Mortality Models, Premiums, and Reserves

The field of actuarial science is vast and dynamic, and one of its most critical applications lies in the realm of life and health insurance. This fifth book in the Actuarial Mastery Series-Life & Health Insurance Mathematics: Mortality Models, Premiums, and Reserves-is designed to provide a structured, practical, and foundational understanding of the mathematical principles that drive life and health insurance products.
Actuaries play a central role in evaluating and managing risk in insurance contexts. Whether pricing a whole life insurance policy, calculating reserves for term insurance, or modeling future claims under a health plan, actuaries rely on a core toolkit of mathematical models and financial principles. This book aims to equip readers with a working knowledge of that toolkit, particularly as it pertains to:

• Mortality models and life tables
• Life insurance product types
• Net and gross premium calculations
• Present value of benefits and premiums
• Reserves and their valuation over time

Each chapter builds conceptually from the basics to more advanced applications, with clear explanations, worked examples, and practice problems to reinforce understanding. Whether you are preparing for actuarial exams such as SOA's LTAM (Long-Term Actuarial Mathematics) or simply seeking to deepen your grasp of insurance mathematics, this book is structured to support both your learning and your professional growth.
This volume assumes a foundation in interest theory and probability, as covered in earlier books in the Actuarial Mastery Series. While some theoretical depth is explored, the focus remains on practical problem-solving, professional applications, and insight into the structure of real-world insurance contracts.
I would like to thank students, educators, and practicing actuaries who continue to inspire the development of this series. Your feedback and curiosity keep this journey vibrant and relevant.
Here's to another step forward in your actuarial mastery.
Oluchi Ike
Author
2025