Page 161 - University Bulletin

ACSC381 Actuarial Contingencies I
Credits: 3 (3,0,0) Prerequisite: ACSC241
This introductory course begins a comprehensive journey into actuarial contingencies, presented
in two parts. Participants will delve into fundamental concepts and methodologies for analyzing
insurance and various contingencies. Key areas explored encompass survival models, life
insurance, annuities, and more. Additionally, students will gain insight into the actuarial field and
its corresponding professional examinations.

ACSC383 Actuarial Contingencies II
Credits: 4 (4,0,0) Prerequisite: ACSC381
This course builds upon Actuarial Mathematics 1 and delves deeper into topics such as benefit
premiums, reserves, multi-life, and multiple-decrement models. Additionally, it explores the
application of these concepts within the Takaful system, particularly in the realms of life insurance
and property. Students will also be prepared for the advanced stage of the life contingencies
segment of their actuarial professional examinations, specifically focusing on the Models for Life
Contingencies (MLC) exam.

ACSC390 Introduction to Islamic Finance
Credits: 3 (3,0,0) Prerequisite: None
This course introduces the principles, concepts, and practices of Islamic finance. Students will
explore the foundational principles of Islamic economics, the prohibition of interest (riba), and the
ethical framework underlying Islamic financial transactions. The course will cover key Islamic
financial instruments, including Islamic banking, Islamic capital markets, and Islamic insurance
(Takaful). Additionally, students will examine the application of Islamic finance in contemporary
financial markets and its role in promoting financial inclusion and social justice.

ACSC413 Design and Analysis of Experiments
Credits: 3 (3,0,0) Prerequisite: STAT111
The primary objective of this course is to provide students with a comprehensive understanding
of the principles and techniques involved in the design and analysis of experiments. The course
aims to equip students with the necessary skills to effectively deal with basic statistical concepts,
design experimental setups, and analyze the resulting data. It emphasizes the importance of
understanding uncertainty and error analysis, as well as the general characteristics of
measurement systems. The course also focuses on the statistical analysis of experimental data,
empirical modeling, and experimental uncertainty analysis. Additionally, it provides guidelines for
planning and documenting experiments to ensure that they are conducted efficiently and yield
reliable results.

ACSC429 Survival Models for Actuaries
Credits: 3 (3,0,0) Prerequisite: ACSC221
This course focuses on the statistical process of analyzing survival data, particularly in the context
of insurance applications. Students will learn techniques for estimating mortality rates and
constructing mortality tables using records from insured lives, employee benefit plans, and
population statistics. Topics covered include life tables, graphical methods, and graduation
techniques. Special attention will be given to handling censoring and truncation in survival data.
Students will explore single-sample analyses, including complete or Type II censored data and
Type I censored data, for distributions such as Exponential, Weibull, and Gamma. Parametric
regression methods for Exponential, Weibull and Gamma distributions will be discussed, along
with distribution-free methods for proportional hazard and related regression models.

149 PSU UNDERGRADUATE BULLETIN