Course No:           Act 611

Course Name:      Actuarial Models - 1

Course Description:      

Estimation procedures for lifetime distribution, Multiple state. models, transition intensities and transition probabilities.

Maximum likelihood estimators for transition intensities, Assuming piecewise constant intensities

Binomial mortality model and maximum likelihood estimator for probability of death; extension to multiple state models. Estimation of transition intensities from data, by age, exactly and using census approximation.

Testing experience data-for consistency with a standard basis or with a set of graduated estimates.

Course Review:

The students are required to understand, in an actuarial context, what is meant by the word “model,” how and why models are used, their advantages and their limitations. The students are all expected to learn the important results which can be obtained from these models for the purpose of making business decisions, and what approaches can be used to determine these results.