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## Actuarial Science

M. Bennett, MC 6016A, ext. 5502
K. Sharp, MC 6016, ext. 4492

Courses not offered in the current academic year are listed at the end of this section.

Note:

1. More detailed course descriptions and course outlines are available in the Actuarial Science Undergraduate Handbook.

ACTSC 221 F,W,S 3C 0.5
Mathematics of Investment
The theory of rates of interest and discount; annuities and sinking funds with practical applications to mortgage and bond questions. Yield rates.
Prereq: At least second-year standing
Antireq: ACTSC 231
ACTSC 221 cannot be counted for credit toward a BMath Honours
Actuarial Science degree.

ACTSC 231 F,W,S 3C,1T 0.5
Mathematics of Finance
The theory of rates of interest and discount including the theoretical continuous case of forces of interest and discount. Annuities and sinking funds, including the continuous case. Practical and theoretical applications primarily to mortgages and bonds. Yield rates.
Prereq: MATH 137 and second-year standing
Antireq: ACTSC 221

ACTSC 232 F,W,S 3C 0.5
Introduction to Actuarial Mathematics
The economics of insurance, utility theory. Application of probability to problems of life and death. The determination of single premiums for insurances and annuities in both the discrete and continuous case.
Prereq: ACTSC 231, MTHEL 305A, STAT 230
Antireq: ACTSC 222

ACTSC 331 W,S 3C 0.5
Life Contingencies 1
Net annual premiums and net premium reserves. Multiple life functions and multiple decrement models.
Prereq: ACTSC 232

ACTSC 332 F 3C 0.5
Life Contingencies 2
Insurance models including expenses. Nonforfeiture benefits and dividends. Introduction to pension mathematics. Miscellaneous topics.
Prereq: ACTSC 331

ACTSC 338 W 3C 0.5
Theory and methods of data graduation with particular reference to life tables.
Prereq: ACTSC 232

ACTSC 363 F 3C 0.5
Introduction to Casualty Insurance
What makes a risk insurable. The economics of insurance. The ratemaking process. Auto ratemaking in Canada. An introduction to property/casualty loss reserving techniques.
Prereq: ACTSC 231

ACTSC 431 F,S 3C 0.5
Risk Theory
Individual risk models. Claim frequency distributions. Distribution of aggregate claims. Applications in insurance. Ruin theory.
Prereq: STAT 333

ACTSC 432 F,S 3C 0.5
Loss Distributions and Credibility Theory
Methods of estimation for the distribution of the size of a single loss. Mixing and parameter uncertainty. Deductibles and other applications. Credibility theory.
Prereq: STAT 330

ACTSC 433 W 3C 0.5
Analysis of Mortality Data
Methods of analysis to produce rates for mortality and other decrements.
Prereq: ACTSC 232, STAT 330

ACTSC 435 F 3C 0.5
Introduction to Demographic Statistics
Topics in demography with emphasis on population projections, mortality theories, and construction of life tables.
Prereq: ACTSC 232

ACTSC 453 F,S 3C 0.5
Basic Pension Mathematics
Theory and practice of pension plan funding. Assumptions, basic actuarial functions and population theory applied to private pensions. Concepts of normal costs, supplemental liability, unfunded liability arising from individual accrued benefit and projected benefit cost methods.
Prereq: ACTSC 232

ACTSC 454 W 3C 0.5
Pension Funding
Group and other generalized cost methods for pension plans. Effects of early retirements, plan design and actuarial assumptions on pension costs. Cost forecasts applied to private and public pension plans - in particular to the CPP.
Prereq: ACTSC 453

ACTSC 455 W 3C 0.5
Analysis of Financial Statements
Topics of insurance financial reporting including assets, liabilities, surplus, amortization of gains, the Policy Premium method of actuarial reserves, investment and currency reserves, and the analysis of gains and losses.
Prereq: ACTSC 331

ACTSC 462 W 3C 0.5
Casualty Insurance
Individual risk rating. Risk classification in property/casualty insurance. Reinsurance. Expense issues. Reserving for insurance and loss adjustment expenses. Investment income.
Prereq: ACTSC 363

Courses not offered 1995-96
ACTSC222 Contingencies
ACTSC223 Group Life and Health Insurance
ACTSC335 OR Applications in Actuarial Science
ACTSC337 Finite Differences
ACTSC391 Topics in Actuarial Mathematics
ACTSC441 Advanced Topics in Actuarial Mathematics
ACTSC451 Selection of Risks 1
ACTSC452 Selection of Risks 2
ACTSC456 Taxation of Life Insurance
ACTSC458 Insurance Law
ACTSC464 Topics in Casualty Insurance
ACTSC491 Seminar in Actuarial Mathematics 1
ACTSC492 Seminar in Actuarial Science 2