In recent years, Applied Actuarial Science [AAS] is being widely used for decision making in the field of Insurance sectors. As with most tools, however, AAS is useless the user understands its application and purpose. The user has to ensure the actuarial science input accurately reflects the real-life problems to be solved and that the results are correctly applied to solve them. With this in mind, this text emphasizes its applications. This book deals with two different models namely Operations Research Model and Actuarial Model. All the ten chapters covered in this text are going to be very much useful for the young budding research scholars in the field of Applied Mathematics and Actuarial Science.