This course builds upon probability theory to introduce a variety of frequency and severity models, the steps involved in the modeling process, and procedures for carrying out these steps in solving business problems. The major topics to be studied are severity, frequency, and aggregate models and their modifications, as well as risk measures and the construction of empirical models for short-term insurance. This course is intended for actuarial science students preparing for the professional examination on the Construction and Evaluation of Actuarial Models (Exam C) given by the Casualty Actuarial Society and the Society of Actuaries.
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