Pennsylvania State University 3 credits RM
A study of the mathematical theory of life contingencies, single-life functions, and their applications. The course provides a solid understanding of the mathematics of life insurance and annuities, and helps actuarial students prepare for the long-term part of the Fundamentals of Actuarial Mathematics (FAM) actuarial exam. Students will gain an understanding of key concepts for selling insurance to various constituents, which includes among other things pricing based on a person's age and gender. Additional topics covered in the course include: 1) Key features of long-term insurance coverages, 2) Key concepts concerning survival models for individual lives, 3) Calculations on the present value random variables associated with long-term insurance benefits and expenses, 4) The premium and policy value calculation process, and 5) Pricing simple financial options under the binomial and Black-Scholes models.
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