0 or 2 credits
Fall 2025 Laboratory Lecture Lower Division
(MA 17000) An introduction to actuarial science from the point of view of practicing actuaries from life insurance, casualty insurance and consulting; introduction to insurance and the mathematical theory of interest; application of spreadsheets to problems related to actuarial science.
Learning Outcomes1Describe different expressions of interest rates. Calculate an equivalent rate given another rate.
2Calculate the present value of a set of cash flows.
3Apply basic probability principles.
4Describe and apply different types of probabilities used by actuaries.
5Calculate the expected present value of a set of cash flows.
6Describe basic types of insurance and their characteristics.
7Define and apply basic components of insurance. Examples: premium, claim, deductible, coverage, limit, coinsurance, insured, owner.
8Describe the ratemaking process. Calculate the rate of a simple insurance product.
9Describe the pricing process. Calculate the price of a simple insurance product.
10Describe different accounting regimes and their purposes.
11Define a policy reserve. Calculate a simple policy reserve.
12Define a loss reserve. Calculate a simple loss reserve.
13Demonstrate a basic level of knowledge by applying Excel to solve problems.
Prerequisites
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