Actuarial Science (ACTS)
Open only to Actuarial Science majors.
Description: Course tracks completion of internship or professional development requirement for undergraduate Actuarial Science majors and graduate students in the Actuarial Science masters program.
Prerequisites: BSAD 50
Description: Data organization, manipulation, and analysis using current software tools and programming languages to solve business problems of an actuarial nature.
Prerequisites: An undergraduate major in the College of Business with at least sophomore standing and departmental consent and acceptance into an approved internship. Departmental credit for course cross-listings may have additional requirements for consent.
May be repeated.
Description: Provides an opportunity to study theories, principles, practices, techniques, and strategies utilized in the business field through an internship related to the major field of study and an integral or important part of their program of study. Reflect on classroom knowledge and develop practical experience in professional business situations through an approved internship.
Prerequisites: Permission.
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.
Description: Basic probability theory, random variables for actuarial models, bask distributional quantiles, characteristics of actuarial models, commonly used discrete and continuous distributions for actuarial models, and survival models.
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.