Actuarial Science (ACTS)
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Description: A thesis in the area of actuarial science, insurance, or risk management.
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.