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May 06, 2024
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ACS 3530 - Fundamentals of Actuarial Mathematics I3 lecture hours 0 lab hours 3 credits
Course Description
This course is focused on developing a deeper understanding of probability, and mathematical modeling, especially as they pertain to applications of interest to actuaries. It covers topics such as insurance and reinsurance coverages; retirement financial security programs; characteristics of severity, frequency, and aggregate models; parametric and non-parametric estimation. Introduction to credibility, pricing and reserving, present value random variables for long-term insurance, as well as mortality models are among the topics of the course. This is the first of the two-course Fundamentals of Actuarial Mathematics sequence that prepares students for Exam FAM. (prereq: ACS 1540 and MTH 2610 ) (quarter system prereq: MA 390 and MA 2630)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
- Become familiar with various types of insurance and other products of interest to actuaries
- Analyze severity, frequency, and aggregate models
- Construct estimates for parameters involved in probability distributions
- Apply basic principles of credibility theory
- Perform pricing and reserving calculations related to short-term insurance coverages
- Understand mortality models related to life insurance
- Perform present-value calculations related to mortality models
Prerequisites by Topic
- Calculus
- Probability
- Statistics
- Interest rate theory
Course Topics
- Insurance coverages
- Severity, frequency, and aggregate models
- Value at Risk and Tail Value at Risk
- Maximum likelihood estimation
- Empirical survival functions
- Classical credibility
- Claim estimation
- Ratemaking
- Mortality models
- Present-value calculations related to life insurance, endowment, and annuities
Coordinator
Dr. Yvonne Yaz
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