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BS Degree in Mathematics: Actuarial Science {23-24} - Fundamentals of Actuarial Mathematics
| Course Code |
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| Title |
Fundamentals of Actuarial Mathematics |
| Prerequisite |
MATH 435 |
| Course Outline |
Course Outline |
| Description |
This course provides an introduction to both short-term and long-term insurance. The short-term section provides an introduction to the feature of insurance and reinsurance coverage, severity, frequency and aggerate models and covers the foundational principles of ratemaking and reserving. It introduces methods to calculate premiums and reserves and to value simple option and derivatives. The concepts of credibility and the application of credibility in some practical settings are covered. The parameters estimation for parametric models are also covered. The long-term section introduces the key features of long-term insurance coverages and retirement financial security programs. It develops knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. Concepts concerning parametric and non-parametric mortality models for individual lives, calculations on the present value random variables associated with benefits and expenses, premium and policy values for long term insurance coverage are covered. |
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