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Mathematics 480, Spring 2002

Illinois State University Mathematics Department

Instructors

Dr. Krzysztof Ostaszewski,FSA,CFA,MAAA
Actuarial Program Director
Office: Stevenson Hall, room 313G.
Telephone: 309-438-7226, Fax: 928-244-1757.
E-mail: krzysio@ilstu.edu

Mr. R. Dale Hall,FSA,MAAA, MBA
Life and Annuity Actuary
Country Insurance and Financial Services
1711 GE Road
P.O. Box 2000
Bloomington, IL   61702-2000
Telephone: 309-821-6407, Fax: 309-820-5709
E-mail: dale.hall@countryfinancial.com

Classes Meet

Tuesdays and Thursdays 4:30-6:20 (with a ten minute break), in Stevenson Hall, room 325.

Office Hours

Tuesdays and Thursdays 3:30-4:30 p.m., held by Dr. Ostaszewski. Please ask for an appointment at other times.

Textbooks

Main textbook: Actex Manual for the Society of Actuaries Course 5. It should be available at the ISU Bookstore. If not, please try Alamo II, or The Actuarial Bookstore.
Supplementary textbooks:
A Problem Solving Approach to Pension Funding and Valuation, (Second Edition), 1996, by Aitken, W.H., Chapters 1-4.
Life Insurance Products and Finance, 2000, by Atkinson, D., and Dallas, J., Chapters 1-11 and 13.
Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance, (Second Edition), 2001, by Brown, R.L., Chapters 1-4.
Group Insurance, (Third Edition), 2000, edited by Bluhm, W.F., Chapters 1, 5–10, 14–15, 19–21, 23, 30–31, and 36.
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. There will also be a 20% bonus comprehensive test on May 2. 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.

Other issues

You are expected to be in class, be prepared and able to contribute to the discussion.  The classroom is a place of learning and showing respect for others at all times.

Schedule of classes

  • Tuesday, January 15, 2002. Life insurance valuation.
  • Thursday, January 17, 2002. Life insurance valuation.
  • Tuesday, January 22, 2002. Commissioners Reserve Valuation Method.
  • Thursday, January 24, 2002. Valuation of non-forfeiture benefits.
  • Tuesday, January 29, 2002. Asset shares.
  • Thursday, January 31, 2002. Asset shares.
  • Tuesday, February 5, 2002. Commissioners Annuity Reserve Valuation Method.
  • Thursday, February 7, 2002. Cash flow testing.
  • Tuesday, February 12, 2002. Actuarial opinion and memorandum.
  • Thursday, February 14, 2002. Test No. 1, covering all topics through February 12.
  • Tuesday, February 19, 2002. Pension funding and valuation. Class taught by Mr. Dale Hall.
  • Thursday, February 21, 2002. Pension funding and valuation. Class taught by Mr. Dale Hall.
  • Tuesday, February 26, 2002. Pension funding and valuation. Class taught by Mr. Dale Hall.
  • Thursday,February 28, 2002. Pension funding and valuation. Class taught by Mr. Dale Hall.
  • Tuesday, March 5, 2002. Pension funding and valuation. Class taught by Mr. Dale Hall.
  • Thursday, March 7, 2002. Pension funding and valuation. Class taught by Mr. Dale Hall.
  • Tuesday, March 19, 2002. Test No. 2, covering all topics through March 7.
  • Thursday, March 21, 2002. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
  • Tuesday, March 26, 2002. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
  • Thursday, March 28, 2002. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
  • Tuesday, April 2, 2002. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
  • Thursday, April 4, 2002. Ratemaking and loss reserving for property and casualty insurance. Class taught by Mr. Dale Hall.
  • Tuesday, April 9, 2002. Test No. 3, covering all topics through April 4.
  • Thursday, April 11, 2002. Group insurance valuation.
  • Tuesday, April 16, 2002. Group insurance valuation.
  • Thursday, April 18, 2002. Group insurance valuation.
  • Tuesday, April 23, 2002. Group insurance valuation.
  • Thursday, April 25, 2002. Group insurance valuation.
  • Tuesday, April 30, 2002. Test No. 4, comprehensive.
  • Thursday, May 2, 2002. Practice bonus test.
  • Tuesday, May 7, 2002. Final examination, comprehensive.

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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