ACTS810
Introduction to Credibility, Smoothing of Data, and SimulationCrosslisted with ACTS 410

Prerequisites: STAT 463.

Description: Full, partial, Buhlmann, and Buhlmann-Straub credibility models. Introduction to empirical Bayes and statistical distributions used to model loss experience. Application of "polynomial splines" to actuarial data. Simulation of "discrete" and "continuous random" variables in context of actuarial models. Simulation to "p-value" of hypothesis test. "Bootstrap method" of estimating the "mean squared error" of an estimator.

This course is a prerequisite for: ACTS 404

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

Credit Hours:3

ACE:

ACTS825
Survival ModelsCrosslisted with ACTS 425

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

Description: Parametric and tabular survival models. Estimation based on observations that might not be complete. Concomitant variables. Use of population data. Applications to groups with impaired lives.

This course is a prerequisite for: ACTS 404

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

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
Course Format:LEC

Credit Hours:3

ACE:

ACTS840
Interest TheoryCrosslisted with ACTS 440

Prerequisites: MATH 208/208H with a grade of "Pass" or "C" or better, or parallel.

Description: Application of financial mathematics to problems involving valuation of financial transactions; equivalent measures of interest; rate of return on a fund; discounting or accumulating a sequence of payments with interest; and yield rates, length of investment, amounts of investment contributions or amounts of investment returns for various types of financial transactions; loans and bonds. Introduction to the mathematics of modern financial analysis. Calculations involving yield curves, spot rates, forward rates, duration, convexity, and immunization.

Course details
Credit Hours:4
Max credits per semester:4
Max credits per degree:4
Course Format:LEC

Credit Hours:4

ACE:

ACTS841
Introduction to Financial EconomicsCrosslisted with ACTS 441

Prerequisites: MATH 208 with grade of "C" or better or concurrent.

Description: Financial mathematics concepts related to short sales, forwards, options, futures, and swaps, and their use in risk management, hedging and investment strategies, fundamental concepts of put-call parity and no-arbitrage, and interest rate models.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

Credit Hours:3

ACE:

ACTS842
Principles of Pension ValuationCrosslisted with ACTS 442

Prerequisites: ACTS 471/871 with a grade of "C" or better.

Description: Actuarial cost methods. Determination of normal costs and accrued liability. Effect on valuation results due to changes in experience, assumptions and plan provisions. Valuation of ancillary benefits. Determination of actuarially equivalent benefits at early or postponed retirement and optional forms of payment.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

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
Course Format:LEC

Credit Hours:3

ACE:

ACTS870
Life Contingencies ICrosslisted with ACTS 470

Prerequisites: ACTS 440 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 403

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

Credit Hours:3

ACE:

ACTS871
Life Contingencies IICrosslisted with ACTS 471

Prerequisites: ACTS 470 and STAT 462, each with a grade of "C" or better.

Description: Life insurance reserve for models based on a single life. Introduction to multiple life models for pensions and life insurance and to multiple decrement models.

This course is a prerequisite for: ACTS 403

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

Credit Hours:3

ACE:

ACTS873
Introduction to Risk TheoryCrosslisted with ACTS 473

Prerequisites: STAT 462 with a grade of "C" or better.

Description: Applications of compound distributions in modeling of insurance loss. Continuous-time compound Poisson surplus processes, computation of ruin probabilities, the distributions of the deficit at the time of ruin, and the maximal aggregate loss. The effect of reinsurance on the probability of ruin.

This course is a prerequisite for: ACTS 403

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

Credit Hours:3

ACE:

ACTS874
Introduction to Property/Casualty Actuarial ScienceCrosslisted with ACTS 474

Prerequisites: STAT 462 with a grade of "C" or better.

Description: Mathematical, financial, and risk-theoretical foundations of casualty actuarial science. Risk theory, loss reserving, ratemaking, risk classification, credibility theory, reinsurance, financial pricing of insurance, and other special issues and applications.

Course details
Credit Hours:3
Max credits per semester:3
Max credits per degree:3
Course Format:LEC

Credit Hours:3

ACE:

ACTS875
Actuarial Applications in PracticeCrosslisted with ACTS 475

Prerequisites: ACTS 471/871; FINA 307/307H or 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
Course Format:LEC

Credit Hours:3

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
Course Format:LEC

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
Course Format:LEC

Credit Hours:1-3

ACE: