uc_9.pdf - University of Waterloo Undergraduate Catalog Report Faculty of Mathematics COURSE CHANGES Page No 1 Run Date 29-SEP-2014 Meeting Number(s

uc_9.pdf - University of Waterloo Undergraduate Catalog...

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COURSE CHANGES (for approval) Statistics & Actuarial Science Current Catalog Information ACTSC 232 ( 0.50 ) LEC, TUT Introduction to Actuarial Mathematics The economics of insurance, utility theory. Application of probability to problems of life and death. The determination of premiums for insurances and annuities in both the discrete and continuous case. [Offered: F,W,S] No Special Consent Required Requisites : Prereq: ACTSC 231, STAT 230 or 240; ELPE passed with "Good" or "Excellent" or (Math Faculty Writing skills requirement and ENGL 119). Not open to General Mathematics students. Students who have met the ELPE requirements must contact their ACTSC advisor. Effective 01-SEP-2015 Title Change: Life Contingencies 1 Description Change: The future lifetime random variable: Probability and survival functions; force of mortality; complete and curtate expectation of life; Makeham and Gompertz mortality laws. Life tables: Characteristics of population and insurance life tables; selection; fractional age assumptions. Life insurance payments and annuity payments: Present value random variables; expected present values; higher moments; actuarial notation. Annual, 1/mthly and continuous cases. Relationships between insurance and annuity functions. Premiums: Expense loadings. Present value of future loss random variables and distribution, net and gross cases. Equivalence principle. Portfolio percentile principle. Extra risks. [Offered: F,W,S] Rationale : To change course title and course description. The current calendar text does not accurately reflect what is being taught in the course at this time. Current Catalog Information</