Actuarial Models I.

Catalog description

Actuaries put a price on risk, and this course considers constructing and analyzing actuarial loss models (risk theory, severity and ruin models). This is the first part of a two-course series that covers the theory and applications of actuarial modeling. Actuarial Models I covers topics in probability theory relevant to the construction of actuarial models. After a review of random variables and basic probability distributional properties, the course examines severity and frequency loss models. Aggregate loss models, risk measures and the impact of coverage modifications on both frequency and severity will also be discussed. Finally, we will explore various ways of simulating random variables. Prerequisite: MATH 132 with a “C-“ or better or Permission of Instructor.