Course No:           Act 612

Course Name:      Actuarial Models - 2

Course Description:      

Actuarial Survival Models: select, aggregate study design. Mathematics of Survival Models, distribution of T, parametric survival models, conditional and truncated distribution, transformed random variables.

Estimation of survival model from Complete Data Sample: Study design, exact time of death, grouped time of deaths.

Estimation of survival models from incomplete Data Samples: study Design; moments procedure, Maximum Likelihood procedures.

Estimation of Parametric Survival models

Course Review:

This course provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus, probability and mathematical statistics is assumed, frequency and severity models beyond those covered in Actuarial Models-I. The student will be required to understand the steps involved in the modeling process and how to carry out these steps in solving business problems, analyze data from an application in a business context, determine a suitable model including parameter values and provide measures of confidence for decisions based upon the model. The candidate will be introduced to a variety of tools for the calibration and evaluation of the models.