**Foundational Courses**
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1501. Introduction to Actuarial Science (3 s.h.) ****F**** S**.
*(Formerly: ACT SCI 0001*.)
*Prerequisite: Mathematics 1041 (C085)/1941 (H095) or equivalent.*
*Co-Requisite: Mathematics 1042 (0086)/1942 (H096) or equivalent.*
In this course, probability theory and its application to insurance and risk management problems are discussed. Among the topics to be covered: counting techniques, conditional probability, Bayes’ Theorem, discrete random variables, specific discrete distributions such as Binomial, Poisson, Negative Binomial and Uniform, moment generating functions and functions of two random variables. **Note:** Students need to earn a grade of C or better in this course to be eligible to register for all other required courses in the Actuarial Science major.
**Mode:** Lecture and problem solving.**
1901. Honors Introduction to Actuarial Science (3 s.h.) RCI: HO.**
*(Formerly: ACT SCI 0091*.)
*Prerequisite: Mathematics 1041 (C085)/1941 (H095) or equivalent.*
*Co-Requisite: Mathematics 1042 (0086)/1942 (H096) or equivalent.*
Honors version of Actuarial Science 1501 (0001). **Note:** Students need to earn a grade of C or better in this course to be eligible to register for all other required courses in the Actuarial Science major.
**
2101. Actuarial Probability and Statistics (3 s.h.) ****F**** S**.
*(Formerly: ACT SCI 0262*.)
*Prerequisite: Mathematics 1041 (C085)/1941 (H095), 1042 (0086)/1942 (H096), and 2043 (0127) (or equivalents); and Actuarial Science 1501/1901 (0001/0091) with a minimum grade of C in Actuarial Science 1501/1901 (0001/0091).*
This course covers the tools for quantitatively assessing risk as presented on Society of Actuaries Exam P/Casualty Actuarial Society Course 1. Topics include: general probability (set functions, basic axioms, independence); Bayes’ Theorem; univariate probability distributions (probabilities, moments, variance, mode, percentiles, and transformations); multivariate probability distributions (joint, conditional, and marginal distributions—probabilities, moments, variance, and covariance); and basic asymptotic results. **Note:** This course replaces the Statistics 2101 (C021) or 2103 Business Foundation requirement for Actuarial Science majors.
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2501. Basic Actuarial Mathematics (3 s.h.) **** S**.
*(Formerly: ACT SCI 0061*.)
*Prerequisite: Mathematics 1041 (C085)/1941 (H095), 1042 (0086)/1942 (H096), 2043 (0127); Actuarial Science 1501/1901 (0001/0091), Actuarial Science 2101 (0262). A minimum grade of C in Actuarial Science 1501/1901, 2101 is required.*
This course is an intensive review for the Society of Actuaries Exam P/Casualty Actuarial Society Course 1 exam. Actuarial foundations from calculus-based probability theory are covered, with an emphasis on applications to risk management and insurance.
**Mode:** Problem solving.**
2502. Theory of Interest (3 s.h.) ****F**** S**.
*(Formerly: ACT SCI 0101*.)
*Prerequisite: Mathematics 1041 (C085)/1941 (H095) and 1042 (0086)/1942 (H096).*
*Co-Requisite: Mathematics 2043 (0127).*
In this course, simple, compound and effective interest functions are analyzed and used in the calculation of present value and future values of various investments. Annuities, loan amortization and bonds are discussed and techniques for computing their values at various dates are explored. **Note:** Students will need to earn a minimum grade of C in this course to be eligible to take Actuarial Science 3501.
**Mode:** Lecture and problem solving.**
2503. Corporate Finance for Actuarial Science (3 s.h.) ****F**.
*Prerequisite: ACCT 2101 or 2901, and ACT SCI 2502.*
This course develops the conceptual framework of corporate finance and financial derivative from an actuarial perspective. It prepares students for Exam FM and also offers the VEE credit for corporate finance as required by the Society of Actuaries. Topics covered in this course include financial statements, asset valuation, capital budgeting, capital structure, the cost of capital and dividend policy. Financial derivatives, such as forwards, futures, swaps, and options, will be discussed in detail and their application in corporate risk management will be examined. **Note:** This course should be taken in place of Finance 3101 and is required by the Society of Actuaries guidelines to receive approval for VEE-Corporate Finance.
**Note:** Students who have already completed Finance 3101 cannot receive credit for this course.
**Upper Division Courses**
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3501. Actuarial Modeling I (3 s.h.) **** S**.
*(Formerly: ACT SCI 0305*.)
*Prerequisite: Actuarial Science 2502 (0101), Actuarial Science 2101 (0262), all with a minimum grade of C.*
This course introduces the discrete and continuous random variables measuring the future lifetime of a person. Among the topics covered are calculation of the mean, variance and probability functions for these random variables, introduction of a present value random variable measuring the present value of a life insurance and annuity benefit, calculation of premiums for life insurance and annuities using interest rates and calculation of reserves for insurance companies, examining future liabilities and inflow. **Note:** A grade of C or better is required in this course to be eligible to take Actuarial Science 3502.
**Mode:** Lecture and problem solving.**
3502. Actuarial Modeling II (3 s.h.) ****F**.
*(Formerly: ACT SCI 0306*.)
*Prerequisite: Actuarial Science 3501 (0305) with a grade of C or better.*
*Co-Requisite: Statistics 2512 (0212).*
This course introduces multiple life functions that require the use of joint probability functions and the calculation of marginal probability distributions. Additional topics include the calculation of mean and variance for these joint random variables and multiple decrement theory. Various topics from Loss Models are also discussed including computation of mixed distributions through compounding of frequency distributions with severity distributions and the calculation of premiums for insurance policies with deductibles, limits and coinsurance. **Note:** A minimum grade of C in this course is required to be eligible to take Actuarial Science 3503 (0333).
**Mode:** Lecture and problem solving.**
3503. Actuarial Modeling III (3 s.h.) **** S**.
*(Formerly: ACT SCI 0316*.)
*Prerequisite: Actuarial Science 3502 (0306) with a minimum grade of C.*
*Co-Requisite: Mathematics 4033 (0333).*
Estimation and fitting of survival, frequency and severity, and compound distribution loss models; credibility methods.
**
3580. Special Topics: Actuarial Science (3 s.h.) ****F**** S**.
*Prerequisite: Actuarial Science majors with junior standing or permission of the program director.*
Special topics in current developments in the field of Actuarial Science and exam preparation.
**
3582. Independent Study (1 to 6 s.h.) **
*(Formerly: ACT SCI 0396*.)
*Prerequisite: Consultation with faculty member and approval of department chair.*
Readings and/or research paper under the supervision of a faculty member.
**
3596. Casualty Contingencies (3 s.h.) ****F**. RCI: WI.
*(Formerly: ACT SCI W218*.)
*Prerequisite: Mathematics 1041 (C085)/1941 (H095), 1042 (0086)/1942 (H096), 2043 (0127), Actuarial Science 1501/1901 (0001/0091) with a minimum grade of C and Risk Management & Insurance 2101 (0001)/2901 (0091) with a minimum grade of C, Accounting 2101 (0001)/2901 (0091), Accounting 2102 (0002)/2902 (0092) and Junior status.*
This highly participative course is designed to broaden perspectives on the business environment in which actuaries work. In addition to analyzing the issues behind daily events, several continuing issues will be analyzed including insurance pricing cycles, regulatory developments, the role of the actuary as an educator, advisor, objective information source and problem solver, insurance company financial rating and solvency issues, accounting fraud and questionable financial transactions, insurance and the financial markets managing insurance operations, professional ethics, and the impact of current developments in underwriting, and reinsurance on the actuarial function. **Note:** This is the writing-intensive course for Actuarial Science majors.
**Mode:** In addition to homework and exams, there will be significant writing assignments and a major group presentation project.
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3999. Honors Thesis I (1 to 3 s.h.) ****F**** S**.
*Prerequisite: Approval of instructor, Fox School Research Scholar Director, and Fox School Honors Director.*
The first of a two-part sequence of courses in which independent research is conducted under the supervision of a thesis advisor from the Actuarial Science department resulting in a substantial piece of original research, roughly 30 to 50 pages in length upon completion of Actuarial Science 4999. The student must publicly present his/her findings at a Temple University Research Forum session or the equivalent during one of the two semesters during which these courses are undertaken.
**
4999. Honors Senior Thesis II (1 to 3 s.h.) ****F**** S**.
*(Formerly: ACT SCI 0397*.)
*Prerequisite: Approval of instructor, Fox School Research Scholar Director, and Fox School Honors Director, as well as completion of Actuarial Science 3999.*
Independent research conducted under the supervision of a thesis advisor from the Actuarial Science Department resulting in a substantial piece of original research, roughly 30 to 50 pages in length. Student must publicly present his/her findings at a Temple University Research Forum session or the equivalent if this was not done in Actuarial Science 3999.
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*Last updated 10/8/2010 * |