Mathematics of Actuarial Science

3 Credits

Introduces tools from actuarial and financial mathematics necessary for insurance applications both for property/casualty insurance as well as life insurance. It presents the basic mathematics of interest rates and investments, such as present value, annuity calculations, and bond valuation, as well as elements of actuarial premium calculation. An introduction to modeling claims with both frequency and severity distribution, as well as modeling with Poisson processes and possibly Markov Chains will be presented. Aspects of survival analysis, as used in life-insurance. Prerequisites: MATH 309 or MATH 310 Attribute/Distribution: MA, Q