Mathematics 480, Spring 2004

Illinois State University Mathematics Department

Instructors

Classes Meet

Tuesdays and Thursdays 4:15-6:00 p.m., in Stevenson Hall, room 234, with a five minute break.

Office Hours

Tuesdays and Thursdays 3:10-4:10 p.m., held by Dr. Ostaszewski. Please ask for an appointment at other times.

Textbooks

Main textbooks:
A Problem Solving Approach to Pension Funding and Valuation, (Second Edition), 1996, by Aitken, W.H., Actex Publications, ISBN 1-56698-200-6.
Actex Study Manual for the Society of Actuaries Course 5 examination. by Robert Brown and Keith Sharp. ISBN 1-56698-417-3.
Supplementary textbooks:
Life Insurance Products and Finance, by David Atkinson and James Dallas, 2000, Society of Actuaries. ISBN 0938959670.
Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance, (Second Edition), 2001, by Brown, R.L., Chapters 1-5.
Group Insurance, (Third Edition), 2000, edited by Bluhm, Chapters 1, 5-10, 14-15, 19-21, 23, 30-31, and 36.
The books should be available at the ISU Bookstore. If not, please try Alamo II, or The Actuarial Bookstore.
The instructors will be giving you some study notes and practice problems.

Objective

The objective of this class is to help you learn about applications of actuarial models in practice. The class will cover a major portion (the mathematical part) of the material tested on the Society of Actuaries Course 5 examination, but not all of it.

Grading

There will be four tests and a final examination. You can have a make-up test, but a make-up will be made intentionally at least 20% more difficult. The final will count as 40% of your grade, and the best two of the four tests will count as 30% of your grade each. The grading scale will be as follows: 90% or better — A, 80% to 90% — B, 70% to 80% — C, 60% to 70% — D, below 60% — F. You will also receive up to 20% extra credit for the better of the your two worst tests, and 20% for class participation. Class participation may be expressed by making presentations of study notes readings for the Society of Actuaries Course 5 examination. All tests will be modeled on problems on the real actuarial exams.

Schedule of classes

• Tuesday, January 13, 2004. Life insurance valuation.
• Thursday, January 15, 2004. Life insurance valuation.
• Tuesday, January 20, 2004. Life insurance valuation.
• Thursday, January 22, 2004. Life insurance valuation.
• Tuesday, January 27, 2004. Life insurance valuation.
• Thursday, January 29, 2004. Life insurance valuation.
• Tuesday, February 3, 2004. Life insurance valuation.
• Thursday, February 5, 2004. Life insurance valuation.
• Tuesday, February 10, 2004. Life insurance valuation.
• Thursday, February 12, 2004. Life insurance valuation.
• Tuesday, February 17, 2004. Test No. 1, covering all topics through February 12.
• Thursday, February 19, 2004. Pension funding and valuation. Class taught by Mr. Dale Hall.
• Tuesday, February 24, 2004. Pension funding and valuation. Class taught by Mr. Dale Hall.
• Thursday, February 28, 2004. Pension funding and valuation. Class taught by Mr. Dale Hall.
• Tuesday, March 2, 2004. Pension funding and valuation. Class taught by Mr. Dale Hall.
• Thursday, March 4, 2004. Pension funding and valuation. Class taught by Mr. Dale Hall.
• Tuesday, March 16, 2004. Pension funding and valuation. Class taught by Mr. Dale Hall.
• Thursday, March 18, 2004. Test No. 2, covering all topics through March 16.
• Tuesday, March 23, 2004. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
• Thursday, March 25, 2004. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
• Tuesday, March 30, 2004. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
• Thursday, April 1, 2004. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
• Tuesday, April 6, 2004. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
• Thursday, April 8, 2004. Test No. 3 covering all topics through April 6.Tuesday, April 13, 2004. Individual health insurance.
• Thursday, April 15, 2004. Group insurance valuation.
• Tuesday, April 20, 2004. Group insurance valuation.
• Thursday, April 22, 2004. Group insurance valuation.
• Tuesday, April 27, 2004. Group insurance valuation.
• Thursday, April 29, 2004. Test No. 4, comprehensive.
• Tuesday, May 4, 2004. Final examination, comprehensive.

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All information contained here is, to our best knowledge, correct, but it is merely a representation, and should not be considered to be any form of professional advice. This electronic publication should not be misconstrued as the official position of Illinois State University, or its Department of Mathematics. We are glad to provide as much information as possible here, but we kindly ask that in any decision related to matters listed here you seek additional counsel and information. Comments on this Home Page are welcome and should be sent to Dr. Krzysztof Ostaszewski  at his e-mail address: krzysio@ilstu.edu.