Instruction offered by members of the Department of Mathematics and Statistics in the Faculty of Science.
Department Head - T. Bisztriczky
Note: For listings of related courses, see also Applied Mathematics, Mathematics, Pure Mathematics, and Statistics.
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Senior Courses
Note: The Actuarial Science courses listed below, along with Statistics 407, 421, 429, 433, and 437, cover significant portions of the course of study for the Casualty Actuarial Society Examinations/Society of Actuaries Courses 1 through 4. Students are advised to select additional courses in Economics, Finance, Risk Management and Insurance, and Statistics as electives in order to complete the course of study for these professional examinations, and also to prepare for Casualty Actuarial Society Examinations/Society of Actuaries Courses 5 and 6. Students should speak with an advisor in the division of Statistics and Actuarial Science for guidance.
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Actuarial Science
327
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Life Contingencies I
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The survival function, force of mortality, life tables, analytical laws of mortality, life insurance, continuous and discrete life annuities, recursion equations. Introduction to benefit premiums and/or insurance and annuity models with interest as a random variable as time permits.
Course Hours:
H(3-1T)
Prerequisite(s):
A grade of "C" or higher in Mathematics 321.
Notes:
Actuarial Science 325 is recommended.
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Actuarial Science
425
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Intermediate Topics in Finance and Investment
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Selected topics relevant to students with an interest in actuarial science, enterprise risk management, financial mathematics, etc. Topics include financial instruments; sources and cost of capital; portfolio selection; CAPM and alternatives; dividend policy; taxation; basic option pricing theory; stock valuation; measurement and assessment of financial performance; risk management.
Course Hours:
H(3-0)
Prerequisite(s):
Actuarial Science 325 and Mathematics 323; or Actuarial Science 325 and completion of at least 10 full-course equivalents, with the permission of the Division.
Notes:
Students with credit for Finance 317 are not permitted to take this course without the permission of the Division.
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Actuarial Science
427
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Life Contingencies II
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Benefit premiums, premium principles, fully continuous and fully discrete premiums. Benefit reserves, various reserve factors, analysis of benefit reserves. Multiple life functions, dependent and independent models, related annuities and insurances.
Course Hours:
H(3-1T)
Prerequisite(s):
Mathematics 323 and 353 and Actuarial Science 327.
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Actuarial Science
525
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Mathematics of Graduation
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Preparation and testing of graduations of mortality tables; graduation by the moving-weighted average, graphic, Whittaker, Bayesian, parametric and smooth-junction interpolation methods; use of statistical methods for graduation.
Course Hours:
H(3-0)
Prerequisite(s):
Actuarial Science 327 and Mathematics 323 or consent of the Division.
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Actuarial Science
527
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Life Contingencies III
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Multiple decrement models: time until and causes of death. Associated single decrement tables. Various pension funding cost methods: unit credit, projected unit credit, entry age normal, individual level premium and aggregate. Experience gains and losses: allocating losses to investment, mortality, retirement and salary components.
Course Hours:
H(3-1T)
Prerequisite(s):
Mathematics 323 and 353 and Actuarial Science 327.
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Actuarial Science
533
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Credibility Theory and Loss Distributions
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Distributions useful for modelling insurance loss random variables. Approximations for and estimation of these loss distributions. Point and interval estimation, and tests of statistical hypotheses. Introduction to credibility theory, experience rating and claims reserving. Bayesian inferential techniques. Stochastic simulation and computational techniques.
Course Hours:
H(3-1T)
Prerequisite(s):
Mathematics 323 and Actuarial Science 327.
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Actuarial Science
535
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Mathematics of Demography
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Conventional and adjusted measures of mortality; measures of fertility; measures of morbidity; North American demographic characteristics and trends; evaluation of demographic data; projections for stable and stationary populations; actuarial applications of demographic characteristics and trends.
Course Hours:
H(3-0)
Prerequisite(s):
Actuarial Science 327 and Mathematics 323.
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COURSES OF INSTRUCTION