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Mathematics 381, Actuarial Models II, Fall 2015

Illinois State University – Mathematics Department

Instructors

Dr. Krzysztof Ostaszewski, FSA, CERA, FSAS, CFA, MAAA, Actuarial Program Director
Office: Stevenson Hall room 313G. Office telephone: 309-438-7226, office fax: 309-438-5866. E-mail: krzysio@ilstu.edu

Mr. Ken Williams, FCAS, MAAA, Manager and Property/Casualty Actuary, Country Financial, e-mail: ken.williams@countryfinancial.com.

Classes Meet

Tuesdays and Thursdays 3:00 p.m. – 4:50 p.m. (with a ten minute break), in Stevenson Hall, room 132.

Office Hours

Office hours will be held Tuesdays and Thursdays 5:00 p.m.– 5:50 p.m., in Stevenson Hall room 313G, by Dr. Krzysztof Ostaszewski. Please ask for an appointment at other times. Appointments with Dr. Krzysztof Ostaszewski should be scheduled at: http://krzysio.acuityscheduling.com.

Textbooks

Study notes for this class will be provided on Reggienet.

The following textbook is suggested, but not required:

David C. M. Dickson, Mary R. Hardy, and Howard R. Waters, Actuarial Mathematics for Life Contingent Risks, Second Edition, Cambridge University Press, August 2013, ISBN: 9781107044074.

Objective

The objective of this class is to help you learn about actuarial models, as studied in the Society of Actuaries Course MLC Examination, and the Casualty Actuarial Society Course S Examination. Course MLC Examination material is covered in MAT 380 and this class, completely. Course S Examination material is covered in MAT 351, MAT 353, and this class, completely.

Grading

There will be a total of five tests. Any of the comprehensive tests (as indicated in the schedule) can count as a final. Because there will be so many opportunities for testing and only the best four test scores will affect the class grade, no make-up tests will be offered. The final will count as 40% of your grade, and the best two of the remaining tests will count as 30% of your grade each. You will also receive up to 10% extra credit for the best of the remaining tests. The grading scale for will be as follows: 90% or better — A, 80% to 90% — B, 70% to 80% — C, 60% to 70% — D, below 60% — F. Tests will be about 70% multiple choice, and the rest will be written answer. Students are strongly encouraged to explain their work thoroughly even in the multiple choice part of the test, as points for the work shown may be awarded. Also, this is an undergraduate class available for graduate credit, and this means that graduate students will be required to do additional work to earn the same grade as undergraduate students — this will be represented in the stucture of the tests.

Important dates

Illinois State University withdrawal information for the Fall 2015 semester is given at this web site: http://www.registrar.ilstu.edu/registration/withdrawal/fall.shtml.

Disability concerns

Illinois State University provides a welcoming atmosphere for individuals with disabilities by assisting each in functioning independently within the University community and providing equal access and opportunity in accomplishing educational, professional and personal goals. Disability Concerns, a unit of the Student Affairs Division,  is the designated office to provide approved accommodation services for students, faculty, staff, and guests with disabilities. Disability Concerns obtains and maintains documentation of disability, certifies eligibility for services, determines reasonable accommodations, and develops plans for providing such accommodations. This is accomplished in a confidential manner to ensure equal opportunity for participation in all courses, programs, activities and employment offered by Illinois State University. Please contact the Disability Concerns in Fell Hall room 350, tel.  309-438-5853 (Voice), 309-438-8620 (TTY), web site: http://www.disabilityconcerns.ilstu.edu/, if you have needs that can be accommodate by that office.

Schedule of classes

  • Tuesday, August 18, 2015. Poisson processes. Class taught by Ken Williams.
  • Thursday, August 20, 2015. Poisson processes. Class taught by Ken Williams.
  • Tuesday, August 25, 2015. Poisson processes. Class taught by Ken Williams.
  • Thursday, August 27, 2015. Poisson processes. Class taught by Ken Williams.
  • Tuesday, September 1, 2015. Markov processes and multi-state models.
  • Thursday, September 3, 2015. Markov processes and multi-state models.
  • Tuesday, September 8, 2015. Markov processes and multi-state models.
  • Thusday, September 10, 2015. Multiple decrement models.
  • Tuesday, September 15, 2015. Multiple decrement models.
  • Thursday, September 17, 2015. Multiple decrement models.
  • Tuesday, September 22, 2015. Test No. 1, on the material covered through September 17, 2014.
  • Thursday, September 24, 2015. Multiple lives models. Class taught by Ken Williams.
  • Tuesday, September 29, 2015. Multiple lives models. Class taught by Ken Williams.
  • Thursday, October 1, 2015. Multiple lives models. Class taught by Ken Williams.
  • Tuesday, October 6, 2015. Multiple lives models. Class taught by Ken Williams.
  • Thursday, October 8, 2015. Test No. 2, on the material covered through October 6, 2015.
  • Tuesday, October 13, 2015. Additional test that can counts as a midterm, or for extra credit, on the material covered through October 6, 2015.
  • Thursday, October 15, 2015. Pension mathematics.
  • Tuesday, October 20, 2015. Pension mathematics.
  • Thursday, October 22, 2015. Pension mathematics. Yield curves and non-diversifiable risk.
  • Tuesday, October 27, 2015. Yield curves and non-diversifiable risk.
  • Thursday, October 29. 2015. Yield curves and non-diversifiable risk.
  • Tuesday, November 3, 2015. Emerging costs for traditional life insurance.
  • Thursday, November 5, 2015. Emerging costs for traditional life insurance.
  • Tuesday, November 10, 2015. Emerging costs for traditional life insurance.
  • Thursday, November 12, 2015. Participating and universal life insurance.
  • Tuesday, November 17, 2015. Participating and universal life insurance.
  • Thursday, November 19, 2015. Participating and universal life insurance.
  • Tuesday, December 1, 2015. Test No. 3, comprehensive. Any of the last three tests can count as your final examination.
  • Thursday, December 3, 2015. Test No. 4, comprehensive. Any of the last three tests can count as your final examination.
  • Wednesday, December 9, 2015, 3:10 p.m. — 5:10 p.m..Test No. 5, comprehensive. Any of the last three tests can count as your final examination.

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.

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