Probability for Actuaries: Continuous Distributions
The University of Wisconsin-Madison
This actuarial science course covers the features and uses of continuous probability distributions as well as the law of large numbers and the central limit theorem. Multivariate discrete distributions are also covered. This course is intended to familiarize learners with the material covered on Exam P from the Society of Actuaries, also known as exam 1 for the Casualty Actuarial Society.
About this Course
Actuarial work involves modeling future contingent events that are uncertain in terms of timing, frequency and severity. Understanding the central tendency of a contingency and its possible distribution is critical for an actuary to help individuals and institutions manage risk. This course covers continuous univariate probability distributions, discrete multivariate probability distributions, the law of large numbers and the central limit theorem with an eye toward actuarial applications.
What You'll Learn
- Explain the theory, assumptions and limitations underlying common continuous probability distributions
- Describe how each distribution can be properly applied to model business risk and aid in decision-making
- Apply various continuous distributions to solve actuarial problems
- Describe the central limit theorem and apply the theorem in actuarial problems
- Describe discrete joint distributions and evaluate probability related to discrete joint distributions
Instructors
Gordon Enderle
Faculty/Director, Risk & Insurance