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May 20, 2024
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ACS 4530 - Actuarial Life Contingency Models3 lecture hours 0 lab hours 3 credits
Course Description
This is a course to prepare our students for an actuarial exam focused on using probability models in the context of insurance coverages for life contingencies. Survival models, multiple-state models, annuities, policy values, premium calculations, and pension mathematics are among the topics covered in the course. (prereq: ACS 3540 ) (quarter system prereq: Actuarial Science program director consent)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
- Develop an understanding of multiple-state modeling techniques used in life insurance, health insurance and annuities
- Construct multiple-state and multiple-decrement models and estimate parameters associated with these models
- Calculate the premium and present value associated with long-term coverage products using multiple-state models
- Calculate the premium for insurance and annuity products
- Analyze emerging surplus, and to set premiums and reserves, using profit testing.
- Apply mathematical modeling techniques to pension plans and other retirement plans
Prerequisites by Topic
- Calculus
- Probability
- Statistics
- Interest rate theory
Course Topics
- Survival models for multiple state contingent cashflows
- Estimation in the multiple state model
- Markov models
- Kolmogorov equations
- Valuation of insurance benefits
- Annuities
- Policy values
- Premium calculation
- Present value of benefits and expenses
- Profit analysis
- Pension plans and retirement benefits
- Reserving
Coordinator
Dr. Yvonne Yaz
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