In my program on Financial mathematics we studied such topics as pricing, portfolio management, risk theory (probability of ruin of an insurance company) etc. However, now I often see a line between "financial mathematics" and "risk theory", with latter being also related to "actuarial science". I have a question thus, is there indeed such a distinction in the terminology, or that's just my impression, and if there is such a distinction in the terminology - why did it appear, that is what is the crucial difference between those concepts. Methods used are very similar - stochastic modeling and stochastic analysis.
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