ACT3322:Actuarial Science 2.
The course provides the actuarial student with a fourth and final
course in Calculus to complete the building of a substantial
foundation upon which subsequent quantitative skills can be
attained. The first half of the course presents the concept
of Multiple Integration, emphasizing applications that will
be of use in other actuarial subjects. In the second half of the
course, the student will be introduced to Differential Equations
and Series. These topics are an essential part of understanding the
mathematics behind a number of important actuarial tools which will
be used in advanced quantitative analysis of risk. Prepares
students, together with ACT 3333, for actuarial society exam P.
ACT3333:Actuarial Science 3.
The course begins with an introduction to fundamental principles,
including set functions, mutually exclusive events, independence
and conditional probability. With these as a background, the
calculus of probability distributions is used to study probability
density functions and cumulative distribution functions. Knowledge
of these basic functions then allows for the development of
probabilistic properties related to the expected value, median,
mode and percentiles. Finally, practical applications are
emphasized in the study of Moment Generating Functions and
the Central Limit Theorem. Prepares students, together with ACT
3332, for actuarial society exam P.
ACT3334:Actuarial Science 4.
The course covers a traditional and modern treatment of mathematics
of investment; specifically it covers theory of interest, bond
pricing and basic introduction to asset-liability management, plus
introduction to concepts of financial derivatives
markets. The course prepares students for the
preliminary exam FM of Society of Actuaries and Course 2 of the
Casualty Actuarial Society.
ACT3335:Actuarial Science 5.
Life Contingencies I. The course provides an introduction to the
conceptual foundations of life contingencies, which deal with the
valuation of future cash flows predicated upon death or
survivorship. The course begins with a detailed presentation and
analysis of the fundamental survival models that form the basis of
actuarial science. This model is then applied in a variety of ways
to determine the actuarial present values of benefit payments,
annuities and premium payments. For all these applications. the
stochastic nature of valuation is emphasized so that results are
presented as both point estimates and confidence intervals.
ACT4336:Actuarial Science 6.
Life Contingencies II. This course is designed to complete the
study of Life Contingencies that was begun in ACT3335. After a
review of the basic principles of expected value, variance and
percentiles pertaining to the benefit, annuity and premium random
variables, the concepts of Benefit Reserves are introduced. The
principle of a benefit reserve represents a critically important
element in the application of actuarial science in evaluating the
financial viability of an insurance mechanism. This topic is then
followed by a detailed analysis of the fundamental actuarial
concepts (benefits, annuities and premiums) broadened to
contemplate Multiple Life functions represented by Joint
probability distributions. The study of Multiple Life functions
then provides a basis of analysis for more sophisticated insurance
products such as Joint Life and Last Survivorship.
ACT4347:Actuarial Science 7.
Loss Models I. Students are expected to be familiar with survival,
severity, frequency and aggregate models, and construction of
empirical models. The two course sequence, ACT 4347 and 4348,
prepares students for the preliminary exam C of Society of
Actuaries and Course 4 of Casualty Actuarial Society.
ACT4348:Actuarial Science 8.
Loss Models II. Students are expected able to use statistical
methods to estimate the parameters of actuarial models given sample
data, identify steps in the modeling process, understand the
underlying assumptions implicit in each family of models, recognize
which assumptions are applicable in a given business application,
and appropriately adjust the models for impact of insurance
coverage modifications. The two course sequence, ACT 4347 and 4348,
prepares students for the preliminary exam C of Society of
Actuaries and Course 4 of Casualty Actuarial Society.
ACT4349:Actuarial Science 9.
This course provides the theoretical foundations of regression and
time series; incorporates examples and problems to link the theory
with real-life applications; and develops students’ understanding
of statistical concepts. The course provides actuarial society
“validation by educational experience (VEE) credit to students who
earn a satisfactory grade.
RMI2301: Principles of Risk &
Insurance. This course surveys risk fundamentals, the risk
management process, and insurance as a systematic approach to
transfer and finance risk. It examines how insurance offers
financial protection against major risks individuals face, how the
insurance market is structured, and how and why the industry is
regulated. This course also provides the theories and practical
applications from the industry as well as issues related to the
furtherance of insurance as a viable risk management solution.
Prerequisites are ACC2333, ECO1301, ECO1302, DS2333 and
LAW1310.
RMI3334:Property & Liability
Insurance. This course examines property and liability
loss exposures that corporations commonly face and how they manage
the exposures. It surveys the theories and principles governing
insurance contracts covering the exposures. The course also offers
cases and data for an analysis of the commercial property liability
industry and market performance. Prerequisite is RMI2301.
RMI3335:Life, Health, Pension &
Social Insurance. To give students a thorough knowledge of
life and some knowledge of health insurance, there use, kinds, and
social values... The course provides an overview of issues facing
employers and plan participants with respect to employee benefit
plans. These plans manage personal risks such as premature death,
medical care costs, and loss of income due to disability or
retirement. The course presents and explores the role of insurance
in the public domain. Students learn the numerous ways in which
social insurance contributes to the economy. Topics include the
theories and application of social security, unemployment
insurance, Medicare, federal deposit insurance, flood insurance,
and many other social insurance programs. Prerequisite is
RMI2301.
RMI3350:Risk Seminar. The
course offers students opportunities to build a stronger knowledge
foundation in risk and insurance and to apply their knowledge to
the management of risk at the societal/governmental and corporate
levels. Analysis of the potential impact of the changes in
socio-cultural, demographic, legal, political, economic, and
financial services market environments on risk management decisions
is a key component of the course. Examination of the structure of
insurance markets—life, nonlife, reinsurance and
alternatives—subject to the environments is the other. The study
focus is global. Prerequisite is RMI2301.
RMI3360:Corporate Risk
Management. The course addresses each aspect of corporate
risk management, explores in depth all concepts involved. An
overall Corporate Risk Management approach will then be employed
for purposes of demonstrating the breadth of risks that sometimes
are best managed in combination. Prerequisite is RMI2301.
RMI3361:Insurance & Alternative
Risk Transfer. The course investigates how corporations,
including insurance firms, manage financial, operational and
strategic risks to enhance firm value. It examines
traditional risk financing tools, including reinsurance techniques,
as well as structured financing tools involving capital market
players. The course investigates when and how it is appropriate for
a firm to arrange for infusion of cash and when and how it is
appropriate to alter the firm’s capital structure.
Prerequisite is RMI2301 and FIN 3310.
RMI4364:Reinsurance. The
course provides a history of reinsurance and the reinsurance
market. The various forms and functions of reinsurance are
examined, and sample reinsurance contracts are reviewed. The course
includes a discussion of current reinsurance issues and the claims
and accounting operations of a reinsurer. The course also examines
the underwriting concerns of a professional reinsurer, and the
programming needs of the buyer of reinsurance; accounting and
statistical problems of the business; advanced rating techniques,
and the course provides a summary of the different methods of
setting retentions. Prerequisite is RMI2301.
RMI4390:Insurance Industry Structure
& Operations. The course provides a study of the
industrial organization of the evolving Insurance and financial
Services markets. Students are exposed to the structure,
conduct and performance of the US and selected non-US markets
(London, Bermuda, and others). Students also develop an
understanding of the state of captive developments and other
alternative market participants. Prerequisite is RMI2301. (Last
course for majors)