Syllabus for Math 400 (Actuarial
Mathematics)
Spring 2015 Semester at Lycoming College
Course Content
The theoretical basis of actuarial models and their
application to insurance and other financial risks. Topics include
survival and severity models, frequency models, compound (aggregate) models,
and life contingencies. Prerequisite: MATH 332 and MATH 325 (Theory
of Interest).
Course Goals
Goals
for this course include developing critical thinking skills, and the abilities
to apply the techniques of calculus (i.e., derivatives, integration, infinite
series), probability theory, interest theory, and the available computer
software (e.g., spreadsheets) in applications involving various types of
insurance, annuities, and other such financial scenarios.
Who Should be Taking This Course
This
course is designed to cover topics on one of the exams of the Society of
Actuaries. This course can be used as
one of the requirements for the actuarial mathematics major and also as an
elective requirement for the mathematics major.
The prerequisite for this course is a passing grade in MATH 332
(Mathematical Statistics I) and in MATH 325 (Theory of Interest). Students who do not satisfy the course
prerequisite will have their names removed from the roster.
Lycoming College provides academic support for
students who officially disclose diagnosed learning, physical and
psychological disabilities. If you
have a diagnosed disability and would like to seek accommodations, please
contact Jilliane Bolt-Michewicz,
Assistant Dean of Academic Services / Director of the Academic Resource
Center. Dean Bolt-Michewicz
will help you arrange for appropriate academic accommodations. She can be reached by calling 570-321-4050,
emailing michewicz@lycoming.edu, or visiting her office (Academic Resource Center,
3rd Floor of Snowden Library). |
Instructor(s)
Name |
Office Location |
Office Hours * |
Office
Phone |
Dr. Gene Sprechini |
Academic
Center D311 |
Mon 10:30 AM to 11:15 AM Tue 8:45 AM to 9:30 AM Wed 10:30 AM to 11:15 AM Fri 10:30 AM to 11:15 AM |
(570) 321-4288 |
*You may of course also see your instructor by
appointment
Tutoring
General
Tutoring is not available this
semester.
Required Materials
Each
student must have
·
a copy of the
textbook: Models for Quantifying Risk
by Stephen J. Camilli, Ian Duncan, and Richard L. London,
6th edition, 2014, ACTEX Publications (ISBN# 978‑1‑62542‑347‑4)
·
a three-ring
binder containing copy of this syllabus, the course schedule, class notes,
completed assignments, etc. (Note: Since students will need to use this
binder every day in class and will be allowed to use this binder for exams,
the binders should be kept up-to-date and complete.)
·
a TI-84
calculator or a financial calculator is highly recommended (but other
calculators may be satisfactory)
·
a computer account
on the college network in order to access Excel
Course Links
Some Well-Known Sums
and Series
Interest
Solver Excel Spreadsheet
Grading
Item |
Point
Values and Policies |
Homework |
Homework
assignments are given at the end of each class; the
assignment due for the following class is announced and is posted in red
the course schedule. The total
number of possible homework points for the semester is about 500 or 600. Late homework is never accepted for any reason. If within 24 hours a student gives a
legitimate reason (as judged by the instructor) for not submitting an
assignment on time, an alternative assignment and due date will be given to
allow student to earn the missed points; homework assignments not submitted
should be completed for practice and answers checked with a tutor or the
instructor. A
student who misses submitting more than 10 homework assignments automatically
fails the course. |
Semester Tests |
Four
semester tests are given, one about every three or four weeks; specific dates
are available from the course schedule. Each
semester test is worth 150 points, so that the total number of possible test
points for the semester is 600. For
each missed test, a grade of zero is recorded, unless (1) the instructor is
presented with documented evidence of a medical reason for not completing the
test at the scheduled time, and (2) arrangements to make up the test are made
within 24 hours of the originally scheduled exam time. While each test covers primarily the course
material for the two or three weeks prior to the test, test questions may come
from any previously covered material (i.e., each test could be considered
cumulative). |
Final Exam |
The
final exam (administered during final exam week) is worth 200 points. |
Attendance |
The
final course grade percentage is reduced by 4% for each unexcused absence
after the third unexcused absence; an absence is considered to be excused
when the instructor accepts an email from the student explaining the reason
for the absence. It is the student’s
responsibility to find out what was missed in class and keep up with the
coursework. Students can get a copy of
class notes from the instructor, from a tutor, or from a classmate. A
student with more than 10 unexcused absences automatically fails the course. |
The
final course grade percentage is the percentage of points earned out of the
total number of points that can be earned.
The final course letter grade is determined from the following: A
= above 93.33% A–
= 90% to 93.33% B+ = 86.67% to 90% B = 83.33% to 86.67% B– = 80% to 83.33% C+ = 76.67% to 80% C = 73.33% to 76.67% C– = 70% to 73.33% D+ = 66.67% to 70% D = 63.33% to 66.67% D– = 60% to 63.33% F
= below 60% |
Tips for Success in This Course
(1)
Keep up with the homework - understanding every homework assignment as
completely as you can is the key to grasping the course material. Even though there will be some homework
assignments that you may not be required to submit, do them anyway, since they
will help you master the material. Check
all your homework answers with a tutor before submitting an assignment.
(2)
As part of your preparation for tests and the final exam, do all exercises
suggested for practice by the instructor, and start working on these early;
don't wait for the night before the test or exam.
(3)
Get your questions answered quickly by the tutor, the course instructor, or a
classmate.
(4)
Keep your binder up-to-date and well-organized.
General Standards and Policies
All work submitted must be of
professional quality. All paper must be
neat, without ragged edges, rips, tears, smudges, stains, etc. All answers must be clear, complete, and
concise; handwriting must be legible. If
the instructor can't read it, it's wrong.
Assignments may be down-graded if these standards are not met.
It can be very helpful for some
students to work together on daily assignments and to study together; this is
encouraged when it does not result in one student simply copying another's work
with no understanding. Acts of academic
dishonesty will result in a grade of F for the course, and a letter to the
Provost describing the circumstances. If
you are having problems in the course, talk to the instructor; don't involve
yourself in academic dishonesty. With each assignment submitted, students are
expected to write a short note at the end of the assignment indicating from
whom help was received and to whom help was given (but this does not affect the
grade for the assignment). The following
is from the FACULTY HANDBOOK in the section titled Student Course Load:
"It
is expected that students will spend, in preparation for courses, two hours of
study time outside the classroom for every hour of credit in the
classroom."
This
means that you should be prepared to spend, on average, eight hours per week
outside of class working on a four-credit course; however, this will vary from
student to student and from course to course.
Your time will be spent reading the text, reviewing class notes, and
completing homework exercises.
If you encounter a problem while
working on assignments, do not spend more than 20 or 30 minutes trying to solve
the problem; if you cannot solve a problem in 20 or 30 minutes, even with the
help of a tutor or classmate, work on something else and show the problem to
the instructor of the course as soon as possible.