Advanced Actuarial Mathematics - ACS 605

Modeling decrements used in insurance and annuities related to multiple decrements on single life models and single decrement on multi-life models. Transition probabilities between different states using Markov chain models. Models used to evaluate present value of benefit and premium for multiple decrement on single life and single decrement on multiple lives models. Benefit reserves and premiums using a Markov chain model; Models that consider expense cash flows. This course covers SOA exam MLC (Models for Life Contingencies) and its equivalent CT5 (Core Technical: Contingencies) exam of the Institute of Actuaries. Prerequisite: ACS 604.