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)