## Actuarial Science ACSC

Instruction offered by members of the Department of Mathematics and Statistics in the Faculty of Science.

Department Head - T. Bisztriczky

Note: For listings of related courses, see also Applied Mathematics, Mathematics, Pure Mathematics, and Statistics.

## Senior Courses

Note: The Actuarial Science courses listed below, along with Statistics 407, 421, 431, 433, and 437, cover significant portions of the course of study for the Casualty Actuarial Society Examinations/Society of Actuaries Courses 1 through 4. Students are advised to select additional courses in Economics, Finance, Risk Management and Insurance, and Statistics as electives in order to complete the course of study for these professional examinations, and also to prepare for Casualty Actuarial Society Examinations/Society of Actuaries Courses 5 and 6. Students should speak with an advisor in the division of Statistics and Actuarial Science for guidance.

### Actuarial Science 325 H(3-1T)

#### Theory of Interest/Mathematics of Finance

Measurement of interest, elementary annuities, general annuities, amortization schedules and sinking funds, bonds and other securities.

**
Prerequisites:
** Mathematics 253 or 263 or 283 or Applied Mathematics 219; or Mathematics 249 or 251 or 281 or Applied Mathematics 217 with the permission of the Division.

### Actuarial Science 327 H(3-1T)

#### Life Contingencies I

The survival function, force of mortality, life tables, analytical laws of mortality, life insurance, continuous and discrete life annuities, recursion equations. Introduction to benefit premiums and/or insurance and annuity models with interest as a random variable as time permits.

**
Prerequisites:
** A grade of "C" or higher in Mathematics 321.

**
Note:
** Actuarial Science 325 is recommended.

### Actuarial Science 425 H(3-1T)

#### Intermediate Topics in Finance and Investment

Selected topics relevant to students with an interest in actuarial science, enterprise risk management, financial mathematics, etc. Topics include financial instruments; sources and cost of capital; portfolio selection; CAPM and alternatives; dividend policy; taxation; basic option pricing theory; stock valuation; measurement and assessment of financial performance; risk management.

**
Prerequisites:
** Actuarial Science 325 and Mathematics 323; or Actuarial Science 325 and completion of at least 10 full-course equivalents, with the permission of the Division.

**
Note:
** Students with credit for Finance 317 are not permitted to take this course without the permission of the Division.

### Actuarial Science 427 H(3-1T)

#### Life Contingencies II

Benefit premiums, premium principles, fully continuous and fully discrete premiums. Benefit reserves, various reserve factors, analysis of benefit reserves. Multiple life functions, dependent and independent models, related annuities and insurances.

### Actuarial Science 525 H(3-0)

#### Mathematics of Graduation

Preparation and testing of graduations of mortality tables; graduation by the moving-weighted average, graphic, Whittaker, Bayesian, parametric and smooth-junction interpolation methods; use of statistical methods for graduation.

**
Corequisites:
** Prerequisites or Corequisites: Actuarial Science 327 and Mathematics 323.

### Actuarial Science 527 H(3-1T)

#### Life Contingencies III

Multiple decrement models: time until and causes of death. Associated single decrement tables. Various pension funding cost methods: unit credit, projected unit credit, entry age normal, individual level premium and aggregate. Experience gains and losses: allocating losses to investment, mortality, retirement and salary components.

### Actuarial Science 533 H(3-1T)

#### Credibility Theory and Loss Distributions

Distributions useful for modelling insurance loss random variables. Approximations for and estimation of these loss distributions. Point and interval estimation, and tests of statistical hypotheses. Introduction to credibility theory, experience rating and claims reserving. Bayesian inferential techniques. Stochastic simulation and computational techniques.

### Actuarial Science 535 H(3-1T)

#### Mathematics of Demography

Conventional and adjusted measures of mortality; measures of fertility; measures of morbidity; North American demographic characteristics and trends; evaluation of demographic data; projections for stable and stationary populations; actuarial applications of demographic characteristics and trends.