Stat 444: Long-term Actuarial Mathematics

Winter 2026
TuTh 9:30-10:45 am
WVB 1159
Syllabus
Announcements

We will cover advanced topics in life insurance and retirement. We will discuss multiple state models, joint lives, profit analysis, options, universal life and pensions. This course covers all the material on exam ALTAM and qualifies through the University Earned Credit program of the SOA.

Lectures

Lecture 1 - Multiple State Models - Annotated
Lecture 2 - Long-term Health Coverages - Annotated
Lecture 3 - Multiple Lives and Decrements - Annotated
Lecture 4 - Profit Analysis - Annotated
Lecture 5 - Pension Mathematics - Annotated
Lecture 6 - Universal Life Insurance - Annotated
Lecture 7 - Embedded Options - Annotated
In-class Review - Annotated

Homework

Assignment 1 - Written Solution - Excel Solution
Assignment 2 - Written Solution - Excel Solution
Assignment 3 - Written Solution - Excel Solution
Assignment 4 - Written Solution
Assignment 5 - Written Solution - Employee Roster
Assignment 6 - Written Solution - Policy Basis
Assignment 7 - Written Solution

Exams

Tables
Practice Midterm - Solution
Practice Final - Solution

SOA Exam ALTAM

Syllabus
Excel Workbook
Notation
Questions and Solutions
Formula Sheet

Supplementary Material

Kolmogorov Details
SSSM-LifeTable
Profit by Source Example
Profit Testing Example
Universal Life Example
UL Product Spec Sheet
Binomial Tree
GMDB Examples

Acknowledgements

Thanks to Chris Groendyke.