Actuarial Science (ACTS)

ACTS810
Credibility Theory and Loss DistributionsCrosslisted with ACTS 410

Prerequisites: STAT 463 with a grade of "C" or better.

Description: Introduction to a variety of loss distributions used for prediction of losses in short-term insurance, different approaches to model selection, and Bayesian and empirical Bayesian credibility theory.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:SPRING

Credit Hours:3

ACE:

ACTS830
Actuarial Applications of Applied StatisticsCrosslisted with ACTS 430

Prerequisites: STAT 463 with a grade of "C" or better.

Data sets processed and analyzed using statistical software.

Description: Introduction to forecasting in actuarial science. Simple and multiple regression, instrumental variables, time series methods, and applications of methods in forecasting actuarial variables. Interest rates, inflation rates, and claim frequencies.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded

Credit Hours:3

ACE:

ACTS831
Actuarial Applications of Time Series and Machine LearningCrosslisted with ACTS 431

Prerequisites: STAT 463 with a grade of "C" or better.

Description: Introduction to statistical learning with actuarial applications using time series models and machine learning techniques. The topics covered include time series models, principal component analysis (PCA), decision tree, and clustering.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:SPRING

Credit Hours:3

ACE:

ACTS840
Interest TheoryCrosslisted with ACTS 440

Prerequisites: MATH 208 or 208H, or parallel

Grade only

Description: Fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows. Practical applications of these concepts in loans, bonds, capital budgeting, and portfolio management.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded

Credit Hours:3

ACE:

ACTS850
Stochastic Processes for ActuariesCrosslisted with ACTS 450

Prerequisites: STAT 463 with a grade of "C" or better.

Description: Introduction to stochastic processes and their applications in actuarial science. Discrete-time and continuous-time processes; Markov chains; the Poisson process; compound Poisson processes; non-homogeneous Poisson processes; arithmetic and geometric Brownian motions. Applications of these processes in computation of resident fees for continuing care retirement communities. Pricing of financial instruments.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded

Credit Hours:3

ACE:

ACTS860
Short-Term Actuarial MathematicsCrosslisted with ACTS 460

Prerequisites: ACTS 445 and STAT 462, each with a grade of "C" or better.

Description: Introduction to short-term insurance coverage, risk measure, coverage modifications, aggregate loss models, introduction to credibility, short-term insurance loss reserving, and short-term insurance ratemaking.

This course is a prerequisite for: ACTS 473, ACTS 873

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:SPRING

Credit Hours:3

ACE:

ACTS870
Long-Term Actuarial MathematicsCrosslisted with ACTS 470

Prerequisites: ACTS 445 and STAT 462, each with a grade of "C" or better

First course of a two-course sequence that includes ACTS 471.

Description: Theory and applications of contingency mathematics in the areas of life and health insurance, annuities, and pensions. Probabilistic models.

This course is a prerequisite for: ACTS 471, ACTS 871; ACTS 472, ACTS 872

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:SPRING

Credit Hours:3

ACE:

ACTS871
Advanced Long-Term Actuarial Mathematics ICrosslisted with ACTS 471

Prerequisites: ACTS 470 and STAT 462, each with a grade of "C" or better; graduate students must complete ACTS 870 with a grade of "B" or better.

Second course of a two-course sequence that includes ACTS 470.

Description: Further applications of actuarial probabilistic methods to determine net premiums, gross premiums, and reserves in the areas of life and health insurance, and annuities. Other topics include insurance and annuities involving multiple lives, multiple decrements, multi-state models, and pensions.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:FALL

Credit Hours:3

ACE:

ACTS872
Advanced Long-Term Actuarial Mathematics IICrosslisted with ACTS 472

Prerequisites: ACTS 470 and STAT 462, each with a grade of "C" or better; graduate students must complete ACTS 870 with a grade of "B" or better.

Description: Further applications of actuarial probabilistic methods to determine in the areas of interpreting and performing calculations involving profit testing on both traditional life insurance and more modern life insurance such as universal life and equity-linked insurance, as well as pricing and reserving embedded options.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:FALL

Credit Hours:3

ACE:

ACTS873
Introduction to Advanced Short-Term Risk ModelsCrosslisted with ACTS 473

Prerequisites: ACTS 460 and STAT 462, each with a grade of "C" or better; graduate students must completed ACTS 860 with a grade of "B" or better.

Description: The theory and applications of short-term actuarial models are explored. Topics include Interpreting and performing calculations involving: (i) some commonly used claim frequency and claim severity distributions as they are applied in so-called aggregate risk models; (ii) coverage modifications; (iii) actuarial ratemaking; and (iv) various loss-reserving techniques for property/casualty insurance policies.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:FALL

Credit Hours:3

ACE:

ACTS875
Actuarial Applications in PracticeCrosslisted with ACTS 475

Prerequisites: ACTS 470/870; FINA 338

Description: Principles and practices of pricing and/or funding and valuation for life, health, property and liability insurance, and annuities and pension plans. Commercially available actuarial modeling software.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded
Offered:FALL/SPR

Credit Hours:3

ACE:

ACTS895
Actuarial Internship

Prerequisites: Admissions to the masters degree program and permission of actuarial science director or actuarial science graduate advisor

Description: Independent study of theories, principles, practices, techniques, and strategies utilized in a business environment at an employer in the actuarial, insurance, risk management, or related field. Practical experience in real-world business situations.

Course details
Credit Hours:1-6
Max credits per semester:6
Max credits per degree:6
Grading Option:Grade Pass/No Pass Option

Credit Hours:1-6

ACE:

ACTS898
Special Topics

Prerequisites: Admission to the masters degree program and permission of major advisor.

Description: Focused actuarial science, insurance, or risk management topics through research, narrowly targeted literature review, or extension of course work.

Course details
Credit Hours:1-3
Max credits per semester:3
Max credits per degree:6
Grading Option:Graded

Credit Hours:1-3

ACE:

ACTS899
Masters Thesis

Description: A thesis in the area of actuarial science, insurance, or risk management.

Course details
Credit Hours:1-10
Max credits per semester:10
Max credits per degree:10
Grading Option:Grade Pass/No Pass Option

Credit Hours:1-10

ACE:

ACTS930
Fundamentals of Pension Mathematics

Description: Basic theory of pension mathematics. Funding methods, unit credit, entry age normal, aggregate cost, actuarial assumptions, tax deductible contributions, multi-employer pension plans, deposit administration dividend formulas, variable annuities, and ERISA.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded

Credit Hours:3

ACE:

ACTS950
Seminar in Actuarial Science
Course details
Credit Hours:1-3
Max credits per semester:3
Max credits per degree:3
Grading Option:Graded

Credit Hours:1-3

ACE: