Course Description

FN 499 ACTUARIAL MATHEMATICS   3.0 Credit(s)
This course will teach the student basic actuarial mathematics in both Life and Property Casualty insurance. It will cover conceptual foundations and practical applications. The course of study will focus on select material from the Society of Actuaries (SOA) Long-Term Actuarial Mathematics Exam and the Casualty Actuarial Society (CAS) Exam 5 - Basic Techniques for Ratemaking and Estimating Claim Liabilities. It encompasses Actuarial computations in pricing and reserving. The Life material on pricing will instruct the student on the use of Mortality formulas and Life tables in order to price Life Insurance and Life Annuities. With respect to Property Casualty pricing, the student will learn base rate computations for Property Casualty coverages and also how to derive rate relativities for different rating classes, territories, and limits. The course will cover the basics for computing Life Insurance and Property Casualty Loss Reserves. It will also examine the impact reserve changes have on insurance company financial results and on pension fund financing. Beyond the formulas, there will be discussion of the ethical and professional obligations of actuaries to supply data-based, analytically sound, unbiased best estimates. Many of the problems on quizzes will be taken from prior Society of Actuaries and Casualty Actuarial Society exams. Prerequisite: Take MA-261 and MA-331
Offered: As Needed Contact Department