![Queries & Comments]](as_enq.gif){kind=small}
ACT ACTUARIAL SCIENCEOn this page: Introduction | Faculty Members | Programs | Courses See also: Course Summer Timetable | Course Winter Timetable | Secondary School Information | More on Department Faculty Members
IntroductionActuarial Science is based upon the application of mathematical techniques to reduce the impact of such hazards as loss of income through death, disability, or retirement, or loss of property through fire, collision, or theft. Actuaries are thus the chief architects of life, health, and property insurance plans, and pension plans, and bear the major responsibility for their soundness. By using probabilities, actuaries forecast and value the expected total costs of the benefits that will be provided to the participants in such plans. They, in effect, commit their employers or clients to substantial long-range financial obligations. New insurance and pension benefits are constantly being introduced and expanded, while at the same time government regulations and tax rules become increasingly complex. ACT 240H and 247H are courses of general interest, since almost every student will from time to time be either a saver or a borrower, and will also be covered by insurance and pension plans. ACT 335H, 330H cover numerical techniques of broad application. The other third and fourth year courses deal with rather specialized topics, and are taken only by students intending to pursue an actuarial career. A Specialist Co-operative Program in Actuarial Science is now offered by the Department. Also, Professional Experience Year program is offered after third-year. Contact the "PEY" office at 978-3132 for details. Professional accreditation as an actuary is obtained by passing a series of examinations set by the Society of Actuaries or the Casualty Actuarial Society. For more information about Actuarial studies and careers, contact Professors Broverman, Chan or Lin. Enquiries: 100 St. George Street, Sidney Smith Hall, Room 6018 (978-3452/5136) Undergraduate Studies Coordinator: A.M. Vukov ACTUARIAL SCIENCE PROGRAMSEnrolment in these programs requires completion of four courses; no minimum GPA is required except for the ACT Specialist Cooperative program where a minimum CGPA of 2.5 is required. ACTUARIAL SCIENCE (B.Sc.)Consult Department of Statistics. Specialist program: S06081 orSpecialist Cooperative Program: S12701 (12.5 full courses or their equivalent, including at least one 400-series course) The Specialist Cooperative Program has the same course requirements as the Specialist Program. Employers are contacted by the program coordinator but work terms must be won by students in competition. Students do two separated 4-month work terms before their last semester. The earliest that a student can start the program is after the first semester of the third year. Consult Professor S. Broverman or Professor B. Chan of the Department of Statistics for details. This program is designed to prepare a student for professional work as an actuary.
Major program: M06081 (6.5 full courses or their equivalent)
Minor program: R06081 (4 full courses or their equivalent)
ACTUARIAL SCIENCE COURSES(see Section 4 for Key to Course Descriptions)For Distribution Requirement purposes, all ACT courses are classified as SCIENCE courses. NOTE: Course content in some courses will be changing next year to keep pace with changing professional examination requirements.
ACT240H Interest, discount and present values, as applied to determine prices and values of mortgages, bonds, shares of stock; loan repayment schedules and consumer finance payments in general; yield rates on investments given the costs of the investments and the cash returns; effective costs of credit arrangements.
ACT247H Valuation of risky securities; probability theory applied to problems involving life and death; costs of life assurances, life annuities, and pensions; select mortality; standard international notation, stochastic interest rates.
ACT330H Dynamic programming; queuing theory; decision analysis; simulation.
ACT335H Properties of finite difference operators as applied to interpolation polynomials; approximate differentiation; summation; approximate integration; numerical methods of solving equations in one variable and systems of linear equations.
ACT348H Determination of net annual premiums and balance sheet reserves; problems involving more than one life; laws of mortality. Expectation of life and central death rate; fractional premiums.
ACT349H
ACT450H Valuation theory for pension plans; methods of valuation; analysis of tables that show survivorship where there is more than one mode of exit from the cohort. Insurance models including expenses; nonforfeiture benefits and dividends; special plans and contingencies.
ACT451H Risk theory; computing for actuarial science.
Note: If enroled in Mathematics and Its Applications: Finance Concentration, MAT137Y and STA348H are acceptable in lieu of the co-requisites given above
ACT453H Advanced topics in pension mathematics and asset, liability, and investment management for pension plans.
ACT460H Actuarial, moment and maximum likelihood estimation from complete and incomplete data samples for tabular models and for parametric models, including those with concomitant variables; and estimation of life tables from general population data.
ACT466H Bayesian estimation, credibility theory, maximum likelihood methods, approximations to insured loss distributions.
Note: If enroled in Mathematics and Its Applications: Finance Concentration, MAT137Y and STA348H are acceptable in lieu of the co-requisites given above
ACT467H Graduation by moving-weighted-average, graphic, Whittaker, Bayesian, parametric and smooth-junction interpolation methods. Statistical considerations. Two-dimensional graduation. Measures of fertility, population projections, stable and stationary populations, characteristics and trends.
ACT496H
/497H Independent study under the direction of a faculty member. Persons wishing to take this course must have the permission of the Undergraduate Secretary and of the prospective supervisor.
ACT498Y
/499Y Independent study under the direction of a faculty member. Persons wishing to take this course must have the permission of the Undergraduate Secretary and of the prospective supervisor.
All contents copyright ©, 1998. University of Toronto. All rights reserved.
|
