Course material in Math-450.

The course follows the syllabus of SOA Exam MLC.

The following material is covered in the course:

  1. Markov chains
    1. Stochastic processes.
    2. Non-homogeneous Markov chains
    3. Random walk

  2. Poisson processes
    1. Exponential and gamma distributions
    2. Poisson processes
    3. Interarrival times
    4. Superposition and decomposition of a Poisson process
    5. Nonhomogenous Poisson process
    6. Compound Poisson process

  3. Survival models
    1. Survival models
    2. Some actuarial concepts in survival analysis
    3. Force of Mortality
    4. Expectation of life
    5. Curtate failure
    6. Selected survival models
    7. Common Analytical Survival Models

  4. Life Tables
    1. Life tables
    2. Deterministic survivorship group and random survivorship group
    3. Continuous computations
    4. Interpolating life tables
    5. Select and Ultimate Tables

  5. Life insurance
    1. Introduction to life insurance
    2. Payments paid at the end of the year of death.
    3. Further properties of the APV for discrete insurance
    4. Non-level payments paid at the end of the year
    5. Payments at the end of the m-thly time interval
    6. Level benefit insurance in the continuous case.
    7. Further properties of the APV for continuous insurance
    8. Non-level payments paid at the end of the year
    9. Computing APV's from a life table