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Actuarial Science

5101. Theory of Interest   (3 s.h.)
Prerequisite: MATH 2043 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. Actuarial Modeling I   (3 s.h.)
Prerequisite: AC SCI 2101 and AC SCI 5101 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. Actuarial Modeling II   (3 s.h.)
Prerequisite: AC SCI 5102.

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. Actuarial Modeling III   (3 s.h.)
Prerequisite: AC SCI 5103.

This course covers estimation and fitting of survival, frequency, and severity; compound distribution of loss models; and credibility methods.

5182. Independent Study   (1-6 s.h.)
Prerequisite: Permission of Department.

This course offers special study in a particular aspect of actuarial science under faculty supervision. A maximum of six hours may be counted toward degree requirements.

5190. Special Topics in Actuarial Science   (3 s.h.)
Prerequisite: Permission of Department.

Special topics courses are developed to cover emerging issues or specialized content that do not repeat material presented by regular semester courses.


Updated 12.11.09