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Actuarial Models
Release Date: 2017-09-221. Basic Course Information
Course Title:Actuarial Models
Course Code:109812
Credit Hours/Credits:32/2
Students:Undergraduate Students major in Statistics.
Prerequisites: Statistics, Mathematics analysis, Statistical Calculation and Software
Subsequent Course(s): All other Professional Courses
Course Category: Professional Foundamental Course
Assessment: final exam (70%) + Participation & Assignments (30%)
2. Course Introduction
This course is divided into three main parts. The first part deals with risk models, and entails basic knowledge of the random variables &; risk measurement, as well as discussing the distribution of claims on a single insurance policy, the portfolio of the policy in the short termm and the probability of insurance company bankruptcy in the long term. The second part focuses on estimation and selection of models. According to the characteristics of insurance data, two methods of actuarial modeling are described in detaill; the empirical method and parameter model method. The third section of this course is concerned with reliability theory, stochastic simulation and the research on how to make use of prior information and claim experience to predict the future loss of individuals, but also provides an introduction to the stochastic simulation techniques and their application in actuarial modeling.