This new edition has been thoroughly revised and updated to include new material related to Exam C (old Exam 4) of the Society of Actuaries' accreditation program. Terms are defined when they are first introduced, and a solid background in mathematical sciences (including calculus) is recommended. Companion software, datasets, and over 400 sample test exercises, with worked-out solutions, are available in various online products. The content of the book is organized around the principle that actuaries build models in order to analyze risks. It begins with a framework for model building and a description of frequency and severity loss data and moves forward with a thorough emphasis onparamtric models throughout the book. Frequency, severity, and risk models are extensively developed through aggregate loss models, in credibility-based pricing models, and in loss analysis over multiple time periods. This book is a must-have for all aspiring and practicing actuaries.