ACS 314Actuarial Mathematics I

The course introduces the basic concepts of actuarial mathematics. It covers the survival distribution for continuous future lifetime, curate future lifetime random variables, force of mortality, and life tables. Calculation and evaluation processes for expectation of future lifetime, actuarial present value of life insurance payable at the moment of death (continuous) or at the end of year of death (discrete) are developed. The relation between the expected present value of a benefit paid at the moment of death and that payable at the end of the year of death is described, and the effect of changes in principal assumptions is calculated. Prerequisites: MAT 325 or MAT 326, MAT 206.