The emphasis, however, is not on applying formulas by rote, but rather on understanding the nature and use of the various formulas as well as being able to adapt to special situations using basic principles. Tutorials and assignments form an integral part of the course. The course is offered in the fall session with both day and evening sections, and in the summer session, two evenings per week. These courses provide an introduction to insurance and annuity concepts from a mathematical point of view. Mortality probability data are combined with financial considerations to develop mathematical models with which insurance and annuity plans are analyzed.
Emphasis is on the common plans such as whole life and term insurance, and life annuities.
The courses introduce the students to actuarial aspects of the life insurance business. The repeated use of probability concepts in ACT247S and the importance of the student having facility in working with probability rules make a statistics course a necessary co-requisite. Although the financial aspects of the course are self-contained, ACT240F is recommended preparation. This course is usually offered both in the spring session and the second term of the summer session two evenings a week. Credibility Theory and Simulation Methodss Bayesian estimation, credibility theory, maximum likelihood methods, approximation to insured loss distributions.