ACTS 3003 Loss Models I
The contents of this course will introduce students to the construction and evaluation of actuarial models. Students will learn the steps involved in the modelling process and how to carry out these steps in solving business problems. That is, analyze data from an application in a business context, determine a suitable model including parameter values and provide measures of confidence for decisions based on the model. In addition, the student will be introduced to a variety of tools for the calibration and evaluation of the survival, severity, frequency and aggregate models, and use statistical methods to estimate parameters of such models given sample data.