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What you'll be able to do (official learning outcomes)
identify the general principles of insurance modelling
describe the concepts and estimation methods of survival models, lifetime distributions, binomial model and models of state transfers
explain the concept of Monte Carlo simulation techniques and their applications to actuarial work
demonstrate good knowledge of estimating transition intensities depending on age, exactly or using the census approximation
calculate probabilities and moments of loss distributions; and
identify assumptions necessary to draw certain conclusions
Course contents
Principles of actuarial modeling. Markov chains. Markov processes. Survival models. estimation procedures for lifetime distributions. Likelihood estimators for the transition densities in a Markov model. binomial model of mortality. Estimation of transition densities depending on age.
Source: the Nigerian Universities Commission (NUC) Core Curriculum and Minimum Academic Standards (CCMAS). StudyOps loads this syllabus automatically when you study ACS 305.