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Summary of Changes for the 2022/23 Calendar
University of Calgary Calendar 2022-2023 COURSES OF INSTRUCTION Course Descriptions A Actuarial Science ACSC
Actuarial Science ACSC

For more information about these courses see the Department of Mathematics and Statistics: science.ucalgary.ca/mathematics-statistics.

Senior Courses
Actuarial Science 325       Theory of Interest/Mathematics of Finance
Measurement of interest, elementary annuities, general annuities, amortization schedules and sinking funds, bonds and other securities.
Course Hours:
3 units; (3-1T)
Prerequisite(s):
One of Mathematics 249, 265 or 275.
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Actuarial Science 327       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.
Course Hours:
3 units; (3-1T)
Prerequisite(s):
Statistics 321.
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Actuarial Science 425       Intermediate Finance and Investment
Mean-variance portfolio theory, asset pricing models, market efficiency and behavioral finance, investment risk and project analysis, capital structure.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 325 and Statistics 323.
Antirequisite(s):
Credit for Actuarial Science 425 and Finance 317 will be not be allowed without consent of the Department.
Notes:
Students with credit for Finance 317 but requiring Actuarial Science 425 for VEE credit from the Society of Actuaries should consult with the Department.
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Actuarial Science 427       Life Contingencies II
Benefit premiums, premium principles, fully continuous and fully discrete premiums. Benefit reserves and their analysis. Insurance models including expenses. Multiple-state models.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; Statistics 323; and 3 units from Mathematics 311, 313, 367 or 375.
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Actuarial Science 437       Actuarial Models
Basic distributional quantities; characteristics of actuarial models; continuous models; Basic and advanced discrete distributions; frequency and severity with coverage modifications (deductibles, policy limits, coinsurance); aggregate loss models.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Statistics 323.
Also known as:
(formerly Statistics 437)
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Actuarial Science 511       Generalized Linear Models for Actuaries
Description of insurance data, response distributions, exponential family responses and estimation, GLMs, models for count data, categorical and continuous responses. Applications include: personal injury insurance, vehicle insurance, diabetes deaths, third party claims, and degree of vehicle crash. Software for fitting GLMs will be discussed.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Statistics 323.
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Actuarial Science 513       Fundamentals of Actuarial Practice
An introduction to the foundations of actuarial science including the history and development of insurance, the actuarial profession, and the professional societies. Standards of practice and codes of ethics and conduct. An examination of the contexts and environments (including the legal, political, and societal) in which actuarial work takes place. Foundational skills required by actuaries, with an emphasis on communication.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327 and Statistics 321.
Antirequisite(s):
Credit for Actuarial Science 513 and 539.02 will not be allowed.
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Actuarial Science 515       Models for Financial Economics
Survey of financial derivatives, valuation of derivatives using binomial trees, Black-Scholes-Merton equation, dynamic hedging, Brownian motion and Ito’s Lemma.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 325 and Statistics 321.
Antirequisite(s):
Credit for Actuarial Science 515 and 539.04 will not be allowed.
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Actuarial Science 517       Estimating Unpaid Claims in General Insurance
Data collection, adjusting premiums, trending losses, development triangles, expected method, frequency-severity method, Bornhuetter Ferguson method, Benktander method, Cape Cod method, impact of changing conditions on projection method.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327.
Antirequisite(s):
Credit for Actuarial Science 517 and 539.06 will not be allowed.
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Actuarial Science 519       Quantitative Financial Risk Management
Risk measures, correlations and copulas, various approaches to modelling market and credit risk, liquidity risk, enterprise risk management.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327.
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Actuarial Science 527       Life Contingencies III
Multiple life functions, dependent and independent models, related annuities and insurances. Multiple decrement models: time until and causes of death. Associated single decrement tables. Applications of  multiple decrement theory. Asset shares. Business and regulatory considerations.

Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; Statistics 323; 3 units from Mathematics 311, 313, 367 or 375; and 3 units from Computer Science 217, 231, 235 or Data Science 211.
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Actuarial Science 531       Loss Distributions and Their Estimations
Review of mathematical statistics; estimation based on complete and modified data; frequentist estimation; Bayesian estimation; simulation in actuarial modelling; model selection.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; Statistics 323; and 3 units from Mathematics 311, 313, 367 or 375.
Antirequisite(s):
Credit for Actuarial Science 531 and 533 will not be allowed.
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Actuarial Science 535       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.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327 and Statistics 323.
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Actuarial Science 537       Credibility Theory
Limited fluctuation credibility; full and partial credibility; greatest accuracy credibility; Bayesian methodology; credibility premium; Buhlmann model; Buhlmann-Straub model; empirical Bayes method; bonus-malus system.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; Statistics 323; and 3 units from Mathematics 311, 313, 367 or 375.
Antirequisite(s):
Credit for Actuarial Science 537 and either 533 or 637 will not be allowed.
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Actuarial Science 539       Special Topics in Actuarial Science
Offered under various subtitles.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; Statistics 323; and 3 units from Mathematics 311, 313, 367 or 375.
MAY BE REPEATED FOR CREDIT
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Graduate Courses

Note: In addition to the prerequisites listed below, consent of the Department is a prerequisite for all graduate courses.

Actuarial Science 600       Research Seminar
A professional skills course, focusing on the development of technical proficiencies that are essential for students to succeed in their future careers. The emphasis is on delivering professional presentations and using modern actuarial techniques and statistical research tools. Ethics and professionalism are also covered.
Course Hours:
1.5 units; (3S-0)
MAY BE REPEATED FOR CREDIT
NOT INCLUDED IN GPA
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Actuarial Science 611       Generalized Linear Models for Actuaries
Description of insurance data, response distributions, exponential family responses and estimation, GLMs, models for count data, categorical and continuous responses. Applications include: personal injury insurance, vehicle insurance, diabetes deaths, third party claims, and degree of vehicle crash. Software for fitting GLMs will be discussed.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Statistics 323 or Mathematics 323, and Statistics 429.
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Actuarial Science 617       Estimating Unpaid Claims in General Insurance
Data collection, adjusting premiums, trending losses, development triangles, expected method, frequency-severity method, Bornhuetter Ferguson method, Benktander method, Cape Cod method, impact of changing conditions on projection method.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327.   
Antirequisite(s):
Credit for Actuarial Science 617 and either 517 or 539.06 will not be allowed.
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Actuarial Science 619       Quantitative Financial Risk Management
Risk measures, correlations and copulas, various approaches to modelling market and credit risk, liquidity risk, enterprise risk management.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327.
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Actuarial Science 627       Advanced Life Contingencies
Multiple life functions, dependent and independent models, related annuities and insurances. Multiple decrement models: time until and causes of death. Associated single decrement tables. Applications of  multiple decrement theory. Asset shares. Business and regulatory considerations.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; and one of Statistics 323 or Mathematics 323; and one of Mathematics 311 or 313 or 353 or 367 or 375 or 381; and one of Computer Science 217 or 231 or 235.
Antirequisite(s):
Credit for Actuarial Science 627 and 527 will not be allowed.
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Actuarial Science 637       Credibility Theory
Limited fluctuation credibility; full and partial credibility; greatest accuracy credibility; Bayesian methodology; credibility premium; Buhlmann model; Buhlmann-Straub model; empirical Bayes method; bonus-malus system.
Course Hours:
3 units; (3-0)
Prerequisite(s):
Actuarial Science 327; Statistics 323 or Mathematics 323; and one of Mathematics 311 or 313 or 353 or 367 or 375 or 381.
Antirequisite(s):
Credit for more than one of Actuarial Science 537, 637 and 533 will not be allowed.
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Actuarial Science 639       Conference Course in Actuarial Modelling
Topics in advanced actuarial theory and practice, such as: insurance risk models; practical analysis of extreme values; advanced property and casualty rate making; actuarial aspects of financial theory.
Course Hours:
3 units; (3-0)
Also known as:
(formerly Statistics 639)
MAY BE REPEATED FOR CREDIT
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