FUNDAMENTALS OF SHORT-TERM ACTUARIAL MODELING

Prerequisites & course information

Requisites: ( GEN BUS 317 , STAT/MATH 310 , STAT 333 , 340 , or concurrent enrollment), declared in undergraduate Business Exchange program, or Capstone Certificate in Actuarial Science Course Designation: Core GenEd - Mathematics & Quantitative Reasoning Level - Advanced L&S Credit - L&S Liberal Arts and Science Grad 50% - Counts toward 50% graduate coursework requirement Repeatable for Credit: No Last Taught: Fall 2026 Learning Outcomes: 1. Demonstrate the appropriateness of alternative probability models, for both frequency and severity, when applied to short-term insurance loss data. Audience: Both Grad & Undergrad 2. Evaluate the effects of coverage modifications on severity models and adjust the models to accommodate the coverage change. Audience: Both Grad & Undergrad 3. Explain the model building process, and estimation, for the analysis of short-term insurance loss data. Audience: Both Grad & Undergrad 4. Build aggregate loss models that quantify the risks of an insurance system, and utilize these models in applications such as reinsurance. Audience: Both Grad & Undergrad 5. Interpret the concepts of ratemaking and reserving, and prepare data for short-term insurance ratemaking and reserving analyses. Audience: Both Grad & Undergrad 6. Apply short-term actuarial modeling tools in conjunction with other techniques to address challenges in insurance applications. Audience: Graduate Learning Outcomes: 1. Demonstrate the appropriateness of alternative probability models, for both frequency and severity, when applied to short-term insurance loss data. Audience: Both Grad & Undergrad 2. Evaluate the effects of coverage modifications on severity models and adjust the models to accommodate the coverage change. Audience: Both Grad & Undergrad 3. Explain the model building process, and estimation, for the analysis of short-term insurance loss data. Audience: Both Grad & Undergrad 4. Build aggregate loss models that quantify the risks of an insurance system, and utilize these models in applications such as reinsurance. Audience: Both Grad & Undergrad 5. Interpret the concepts of ratemaking and reserving, and prepare data for short-term insurance ratemaking and reserving analyses. Audience: Both Grad & Undergrad 6. Apply short-term actuarial modeling tools in conjunction with other techniques to address challenges in insurance applications. Audience: Graduate