BUS3018F - Actuarial Science II Models

18 credits at NQF level 7

Entry Requirements:

BUS2016H, MAM2000W, STA2004F, STA2005S, BUS1003H, unless course taken as part of a postgraduate degree.

Course Outline:

The course aims to provide students with a solid foundation in stochastic processes and survival models, and their actuarial application. Topics covered include: Principles of actuarial modelling; principles and classification of stochastic processes; definition and application of Markov chains and processes; survival models; estimation of lifetime distributions; multiple states; single and multiple decrements; transition intensities and maximum likelihood estimators; binomial model of mortality; multiple state models; process of graduation; testing crude estimates; standard tables; assurances and annuities.