This course covers the fundamentals of modeling the losses of short-term insurance coverages. Students will learn about the various types of short-term coverages, such as property/casualty insurance and health insurance, as well as common coverage modifications. Common models for frequency, severity, and aggregate losses are discussed. A thorough knowledge of calculus, probability, and mathematical statistics is assumed. The course is designed to help students prepare for the Fundamentals of Actuarial Mathematics exam (FAM) and the Advanced Short-Term Actuarial Mathematics (ASTAM) exam offered by the Society of Actuaries.

Prerequisites: STAT 3140 and 3150