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Courses - Spring 2022
STAT
Statistics and Probability Department Site
STAT470
Actuarial Mathematics
Credits: 3
Grad Meth: Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (MATH240, MATH461, MATH341); and 1 course with a minimum grade of C- from (MATH340, MATH241).
Recommended: STAT400.
Major mathematical ideas involved in calculation of life insurance premiums, including compound interest and present valuation of future income streams; probability distribution and expected values derived from life tables; the interpolation of probability distributions from values estimated at one-year multiples; the 'Law of Large Numbers' describing the regular probabilistic behavior of large populations of independent individuals; and the detailed calculation of expected present values arising in insurance problems.