ACT350H1: Applied Probability for Actuarial Science

Hours: 
TBA

The course offers an introduction to elementary probability theory and stochastic processes. The main goal of the course is to help actuarial students understand the concept of stochastic processes with particular emphasis on Markov chains that are of great importance in Life Contingencies and Property and Casualty insurance.

The course will cover the following topics: a basic review of probabilities with emphasis on conditional probabilities and expectations, discrete time Markov chains, Poisson processes, continuous time Markov chains, renewal theory and some applications, queueing theory.

Prerequisite: 

ACT240H1 (minimum grade 63%); ACT245H1 (minimum grade 63%); ACT247H1 (minimum grade 63%); STA257H1; MAT223H1/​ MAT240H1, MAT237Y1/​ MAT257Y1

Distribution Requirements: 
Science
Breadth Requirements: 
The Physical and Mathematical Universes (5)