**Degree Plan | ****Requirements | Course Descriptions**

**AS 201 Financial Mathematics (3-0-3)**

Theory of compound interest and the mathematics of investment and credit. Measurement of interest, annuities certain (level, non-level, and continuous), amortization schedules, sinking funds, investment yield rates, and valuation of bonds and other securities. Methods of loan measurement and payments (Islamic and Conventional) are illustrated in amortization and sinking fund schedules. Islamic views on interest and investments.

Prerequisite: MATH 102

**AS 288 Actuarial Science Problem Lab I (0-1-1)**

This problem lab is designed to prepare Actuarial majors for the second Society of Actuaries and Casualty Actuarial Society Examinations, FM (Financial Mathematics).

Prerequisite: AS 201

**AS 350 Begin Cooperative Work (0-0-0)**

See contents in AS 351.

Prerequisite: Same as in AS 351

**AS 351 Cooperative Work (0-0-9)**

A continuous period of 28 weeks of industrial employment for Actuarial Science and Applied Financial Mathematics students to work in appropriate industries or firms. Students are evaluated on their performance on the job and are required to submit an extensive formal report on their work experience.

Prerequisite: ENGL 214, AS 201, STAT 301, STAT 310

**AS 352 End Cooperative Work (0-0-0)**

See contents in AS 351.

Prerequisite: Same as in AS 351

**AS 381 Actuarial Contingencies I (3-0-3)**

Introduction to life insurance mathematics based on a stochastic approach. Life insurance, annuities, benefit premiums, and net reserves. Parallel treatment of topics based on Takaful system.

Prerequisite: AS 201, STAT 301

**AS 388 Actuarial Science Problem Lab II (0-1-1)**

This problem lab is designed to prepare Actuarial majors for the first Society of Actuaries (SOA) and Casualty Actuarial Society (CSA) Examinations, Exam P (Probability). Students are assumed to have taken the appropriate prerequisite courses prior to registering for this society exam preparation lab.

Prerequisite: STAT 301

**AS 475 Survival Models for Actuaries (3-0-3)**

The statistical process of analyzing survival data, particularly for insurance applications. Techniques for estimating mortality rates; construction of mortality tables from the records of insured lives, employee benefit plans, and population statistics. Life tables, graph and related procedures. Graduation. Special attention to censoring and truncation. Single samples: complete or Type II censored data and Type I censored data for Exponential, Weibull, Gamma and other Distributions. Parametric regression for Exponential, Weibull and Gamma Distributions. Distributions-free methods for proportional hazard and related regression models. This course section is an elective for Actuarial Science & Financial Mathematics major.

Prerequisite: STAT 302, STAT 310

**AS 482 Actuarial Contingencies II (3-0-3)**

A continuation of Life Contingencies I. Development is based on a stochastic approach to life insurance models. Major topics include benefit premiums and reserves, and multi-life and multiple-decrement models. Parallel treatment of topics based on Takaful system. Application of such area in life insurance and property.

Prerequisite: AS 381

**AS 483 Actuarial Risk Theory and Credibility (3-0-3)**

Distribution of aggregate claims associated with insurance including analysis of the risk due to variations in expected claim numbers and amounts. Frequency and severity distributions, individual and collective models, ruin theory, continuous-time compound Poisson surplus processes, reinsurance, dividend formulas, credibility models, and simulation. An introduction to empirical Bayes and statistical distributions used to model loss experience. Application of risk theory to the operation of insurance and takaful system and assessment of the credibility of data for ratemaking.

Prerequisite: STAT 302

**AS 498 Topics in Actuarial Science and Financial Mathematics (3-0-3)**

Open for Actuarial majors interested in studying an advanced topic in Actuarial Science and Financial Mathematics. Course content is variable. Possible Topics: (1) Graduation Theory, (2) Advanced Risk Theory, (3) Stochastic Simulation Methods, (4) Loss Distribution Models or (5) Other Advanced Actuarial Science topic.

Prerequisite: Senior Standing, Permission of the Department Chairman upon recommendation of the instructor