MA 349 Actuarial Mathematics
This course focuses on the types and pricing of life insurance and life annuity contracts and covers some of the material in exams MLC and 3L. Topics include: Modeling decrements used in insurances and annuities using single, joint, marginal, and conditional probabilities; discrete time and continuous time Markov chain model; computing present value and accumulated values using non-stochastic interest rate; modeling cash flows of traditional life insurances and annuities using Markov chain model; benefit reserves for traditional life insurances and annuities using Markov chain model, modeling cash flow for non-interest sensitive insurances; modeling contract cash flow for basic universal life insurances; modeling cash flow for basic universal life insurances; benefit reserves for basic universal life insurances; and models that consider expense cash flows.
Prerequisite
FN 215 Financial Management and
MA 261 Linear Algebra and
MA 331 Probability & Statistics I