syllabus17.docx - I Course Title Mat 403A/503A Life...

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I. Course Title: Mat 403A/503A Life Contingencies I II. Location and Time: Tuesdays and Thursdays 8:45 am – 10:05 am, ES 147. III. Instructor: Karin Reinhold , PhD, Associate Professor of Mathematics Office: ES 132D Office Hours: Tuesday and Thursday 10:15-11:15pm Additional time by appointment or by chance (if I am in my office and willing). E-mail: [email protected] Telephone: (518) 442-4641 – Office IV. Prerequisite: Grades of C or better in Mat 301, 362 and 363. V. Description of the Course: Mat 403A/503A Life Contingencies I. In conjunction with Mat 464, these two courses cover the content of SOA Exam MLC and the life contingencies material on CAS Exam 3L. Topics covered: life insurance, survival models, life tables, insurance benefits, annuities, and premium calculation. VI. Course Objectives: The purpose of each segment’s syllabus is to develop the candidate’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability, and interest theory is assumed. Knowledge of risk management at the level of Exam P/1 is also assumed. The course is structured to meet the educational needs of students who major in Actuarial Studies and/or are preparing for the SOA Exam MLC / CAS Course 3L, jointly administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Our goal is to provide an understanding of the fundamental concepts of life contingencies, and how these concepts are applied in calculating present and accumulation values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. The primary objective is for students to understand the learning outcomes at a high enough level in order to pass the SOA/CAS Exam. We also hope to develop effective study skills that will help students prepare for future professional examinations, to improve presentation and communication skills, and to increase personal responsibility. VII. Learning Outcomes Check the Updates section of the SOA Web site for any changes to the exam or syllabus. Understand how decrements are used in insurances, annuities, and investments. Understand the models used to model decrements used in insurances, annuities, and investments and calculate probabilities based on those models. 20% Understand the non-stochastic interest rate models used to calculate present values and accumulated values of cash flows and calculate present values and accumulated values of cash flows. 5%
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Understand the models used to model cash flows of traditional life insurances and annuities and calculate the present values of the cash flows. 20% Understand reserves as liabilities. Understand net (benefit) reserves and calculate net (benefit) reserves for traditional life insurances and annuities. 20% Understand how concepts presented for traditional life insurances and annuities extend to non-
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