Courses
Actuarial Science
5101 (0501). Theory of Interest (3
s.h.)
Prerequisite: Mathematics 086 or equivalent.
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.
5102 (0505). Actuarial Modeling
I. (3 s.h.)
Prerequisite: Actuarial Science 501 and Mathematics
433 or equivalent.
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.
5103 (0506). Actuarial Modeling
II. (3 s.h.)
Prerequisite: Actuarial Science 505.
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.
5104 (0516). Actuarial Models
III. (3 s.h.)
Prerequisite: Actuarial Science 506.
Estimation and fitting of survival, frequency and severity, and compound distribution loss models; credibility methods.
5196 (0518). Casualty Contingencies (3
s.h.)
Prerequisite: Actuarial Science 501 and Math 433
or equivalent. Corequisite: Math 434..
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.
5182 (0598). Independent Study (1-6
s.h.)
Prerequisite: permission of the Department.
Special study in a particular aspect of actuarial science under
faculty supervision. Maximum of six hours may be counted toward
degree requirements.
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Updated 9.2007