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Actuarial Exam 1/P Prep Course Statistics 98/198, Fall 2012 Course Facilitator: Eric Chen, [email protected] Course Assistant: Patrick Liu, [email protected] Sponsoring Faculty: Professor David Brillinger Time and Location: Thursday, 4-6PM, 107 GPB (Genetics and Plant Biology) Prerequisites: Math 1A, 1B, and 53; Recommended: Stats 134 Grade & Units: P/NP, 2 Course Overview: This course is designed to teach problem solving techniques within probability theory that are relevant to actuarial science. Subsequently, the class is intended to prepare students for the Society of Actuaries and the Casualty Actuarial Society 1/P Exam. In this course, students will learn numerous concepts of probability, including general probability, univariate and multivariate probability distributions, and other special topics. Hopefully, after finishing the DeCal all the students will be both confident and ready to ace the 1/P exam! Attendance: Attendance to this class is mandatory. In order to pass the course, students may have at most two absences. These absences, however, cannot happen on the days of the group competition or mock/practice exams. General Class Structure: 4:10-4:30: 1 warm-up question, Q&A of homework due that day 4:30-5:20: Interactive lecture on course topics, including examples of real exam problems 5:20-6:00: 5 practice problems on the topics covered that day: students will be divided into 5 groups, and each group is responsible for solving 1 question and presenting it during the last 15 minutes of class. Group Competition: Throughout each group competition, one student from each of the five groups will be asked to solve one problem at a time. The goal of this exercise is to train students in solving exam-level questions quickly under time pressure. At the end, the winners of the group competition will be awarded a special prize (TBA ). 4:10-4:30: 1 warm-up question, Q&A of the homework due that day 4:20-4:40: Quick review of important concepts 4:40-6:00: Group Competition Practice/Mock Exams: As this course is intended for serious exam preparation, students will have both midterms and finals. These practice and mock exams will both be cumulative and multiple-choice, and will cover material presented in lectures and real problems from previous exams. The exam format is as follows: (1) A one hour midterm practice exam with 10 questions; and (2) A two hour final mock exam with 20 questions. Homework: Homework is to be handed in at the beginning of each class. No late homework is allowed, but students are allowed to drop 2 homework assignments. The homework will also be graded more on effort rather than correctness: students will receive either 0, 1, or 2 points for their homework grades. Please note that all cumulative grades, homework, and classwork will be posted on bspace each week. Grading Scale: In order to pass this course, students must have: 1) No more than 2 missed or no-credit homework 2) No more than 2 absences from class (No absence on days of group competition and exams) 3) At least 40% on the midterm practice exam and At least 50% on the final mock exam, OR At least 60% on the final mock exam Course Schedule (Tentative): Date: 8/30 9/6 9/13 9/20 9/27 10/4 10/11 10/18 10/25 11/1 11/8 11/15 11/29 Class#: Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 Class 8 Class 9 Class 10 Class 11 Class 12 Class 13 Topic: Introduction, Exam Logistics, Basic Probability Laws, Counting Conditional Probability, Insurance Terms, Random Variable, PDF, CDF Expectation, Variance, Discrete/Continuous Uniform Distributions Discrete Distributions: Binomial, Geometric, Negative Binomial, Poisson Group Competition Hypergeometric, Continuous Distributions: Exponential, Gamma, Beta Central Limit Theorem, Normal, Standard Normal, Markov's/Chebyshev's Inequality Midterm Practice Exam (10 Questions) Joint/Marginal Distributions Conditional Expectation/Variance, Covariance, Correlation Transformations Moment Generating Functions Final Mock Exam (20 Questions) Other Exam information: http://soa.org/education/exam-req/edu-exam-p-detail.aspx Online Text that may be helpful: http://faculty.atu.edu/mfinan/actuarieshall/book.pdf