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Dec 26, 2024
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2022-2023 Undergraduate Catalog [ARCHIVED CATALOG]
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MATH 0348 - Actuarial Problem Solving: Life Contingencies
Credits: 3
This course covers some of the fundamental concepts for life contingencies. In a problem-solving format, students will explore mathematics of life insurance and retirement. Topics include a review of time value of money in a context of insurance, annuities, and retirement benefits; a review of multi-state models (both parametric and non-parametric) such as survival models, longevity models, and Markov chain models; performing calculations on the present value functions on multi-state models; premium calculation topics; net premium, modified, gross premium, and expense reserves; and applying multi-state models to pensions and retirement benefits. This course is designed to prepare students for the actuarial exam LTAM. A thorough knowledge of multivariate calculus, probability (at the exam P level), interest theory (at the exam FM level), and applied statistics is assumed. A knowledge of parameter estimation and model selection is also assumed. It is highly recommended that students pass Exam P and Exam FM before registering for this course.
Prerequisites: MATH 0342 , MATH 0343 , and MATH 0345 .
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