ABSTRACT
To learn how to do pricing, actuaries need have a good working knowledge of the products that they’ll have to price. There are several aspects to this: one aspect is the knowledge of the risk underlying a product. For example, household insurance is an insurance product, and to price household insurance, one needs to know that it protects against perils such as fire, flood or theft, and needs to know what the factors are that make one house riskier than another.
