ADVANCED SHORT-TERM ACTUARIAL MODELING

Prerequisites & course information

Requisites: ACT SCI 652 or declared in undergraduate Business Exchange program Course Designation: Core GenEd - Mathematics & Quantitative Reasoning Level - Advanced L&S Credit - L&S Liberal Arts and Science Repeatable for Credit: No Last Taught: Fall 2026 Learning Outcomes: 1. Create new severity distributions through techniques including random variable transformation, mixtures, and splicing. Audience: Undergraduate 2. Apply extreme value distributions to the estimation of tail measures and probabilities in short-term insurance applications. Audience: Undergraduate 3. Perform model selection using graphical procedures, hypothesis tests, and score-based approaches with a focus on short-term insurance applications. Audience: Undergraduate 4. Estimate losses for short-term insurance coverages using credibility procedures including greatest accuracy credibility and empirical Bayesian estimation. Audience: Undergraduate 5. Apply advanced techniques for estimating outstanding claims associated with short-term insurance coverages, and understand the underlying statistical models and assumptions. Audience: Undergraduate 6. Apply advanced techniques to calculate premiums for short-term insurance coverages, such as calculating risk classification differential changes. Audience: Undergraduate Learning Outcomes: 1. Create new severity distributions through techniques including random variable transformation, mixtures, and splicing. Audience: Undergraduate 2. Apply extreme value distributions to the estimation of tail measures and probabilities in short-term insurance applications. Audience: Undergraduate 3. Perform model selection using graphical procedures, hypothesis tests, and score-based approaches with a focus on short-term insurance applications. Audience: Undergraduate 4. Estimate losses for short-term insurance coverages using credibility procedures including greatest accuracy credibility and empirical Bayesian estimation. Audience: Undergraduate 5. Apply advanced techniques for estimating outstanding claims associated with short-term insurance coverages, and understand the underlying statistical models and assumptions. Audience: Undergraduate 6. Apply advanced techniques to calculate premiums for short-term insurance coverages, such as calculating risk classification differential changes. Audience: Undergraduate