The seminar will include the topics of multivariate distributions, order statistics, the law of large numbers, basic insurance policies, frequency of loss, frequency distribution, severity, severity distribution, characteristics of an insurable risk, measurement of risk, economics risk, expected value of loss, loss distribution, premium payment, claim payment distribution, limits on policy benefit (deductible, maximum, benefit limits) and role of actuaries. After studying, students will be able to demonstrate a solid foundation in probability by their ability to solve a variety of basic and advanced actuarial practical problems. Prerequisite: MATH 441 which may be taken concurrently.
| Distribution Area | Prerequisites | Credits |
|---|---|---|
| MATH 441 which may be taken concurrently | 1/2 course credit |