RM 421Short Term Actuarial Mathematics - Fundamentals
RM 421 provides a solid understanding of actuarial methods and concepts used to develop loss models for property and casualty insurance and health insurance. The course makes use of real world numerical examples in order to demonstrate how actuaries use historical claims and pricing data, both company specific and industry, to determine rates and increases. Topics covered include: 1) Understand the key features of insurance and reinsurance coverages, 2) Understand the characteristics of severity, frequency and aggregate models, 3) Understand the concepts and applications of credibility theory, 4) Apply basic methods for calculation of premiums and reserves for short term insurance coverages. The course helps actuarial students to prepare for the international Fundamentals of Actuarial Mathematics (FAM) exam.
Prerequisites
From the catalog: “C or better in RM 410 and ( STAT 415 or MATH 415 )”
Where it sits in degree plans
Suggested plans most often put it in Year 3 · Spring (3 programs).
Required in (1)
- Actuarial Science, B.S.
Courses that list RM 421 as a prerequisite (1)
- RM 422 Short Term Actuarial Mathematics - Advanced Topics