MAT 900 - Field Studies in Actuarial Science

1. Interpret categorical and quantitative data.
   1. Summarize categorical data for two categories in two-way frequency tables.
   2. Interpret relative frequencies in the context of the data.
   3. Recognize possible associations and trends in the data.
   4. Represent data on two quantitative variables on a scatter plot, and describe how the variables are related.
   5. Decide if a specific model is consistent with results from a given data-generating process, e.g., using simulation.
   6. Calculate expected values and use them to solve problems.
   7. Measure success/profitability and justify the appropriate tools to support accuracy
   8. of the results.
2. Justify conclusions from sample surveys, experiments and observational studies.
   1. Interpret and explain random processes underlying statistical experiments.
   2. Use statistics as a process for making inferences about population parameters based on a random sample from that population.
   3. Recognize the purposes of and differences among sample surveys, experiments, and observational studies; explain how randomization relates to each.
   4. Use data from a sample survey to estimate a population mean or proportion; develop a margin of error through the use of simulation models for random sampling.
   5. Use data from a randomized experiment to compare two treatments; use simulations to decide if differences between parameters are significant.
   6. Evaluate reports based on data.
3. Evaluate probability outcomes of decisions, including complex situations.
   1. Use the rules of probability to compute probabilities of compound events in a uniform probability model
   2. Understand independence and conditional probability and use them to interpret data.
   3. Describe events as subsets of a sample space using characteristics of the outcomes, or as unions, intersections, or complements of other events.
   4. Construct and interpret two-way frequency tables of data when two categories are associated with each object being classified.
   5. Recognize and explain the concepts of conditional probability and independence in everyday language and everyday situations.
   6. Analyze decisions and strategies using probability concepts.
   7. Weigh the possible outcomes of decisions by assigning probabilities to payoff values and find expected values.
4. Apply the fundamentals of actuarial science competencies
   1. Explain how a variety of disciplines interact within the larger process through determining actuarial values, engaging in pricing exercises, analyzing trends, etc.
   2. Summarize the purpose for insurance.
   3. Explain the concept of risk and risk management and evidence it in a qualitative and quantitative manner.
   4. Use key technical vocabulary and acronyms unique to actuarial science.
5. Evaluate the role insurance plays in building economies.
   1. Summarize the role of insurance in terms of globalization.
   2. Articulate the role of regulations based on professional readings such as Affordable Care Act or other summaries.
   3. Gain exposure and understanding of property, casualty, health, annuities, and life insurance.
   4. Investigate and analyze various companies? vision and mission statements, as well as marketing slogans and mottos.
   5. Articulate and fulfill the company promise to serve the client by providing trust, security, safety, and protection.
6. Analyze relevant literature of the field.
   1. Review relevant actuarial information
   2. Distinguish peer-reviewed, actuarial literature from other published information
   3. Read, interpret, comprehend and reflect upon the credibility of professional literature.
   4. Compare and contrast various authors? or companies? perspectives on leadership
   5. and ethics within the industry.
   6. Analyze documents such as the Own Risk Solvency Assessment (ORSA) documents and critique their success in demonstrating sound risk management
7. Demonstrate effective professional skills and leadership within the context of the industry.
   1. Identify the traits of successful actuarial professionals as defined by SOA, AAA and ASPCA.
   2. Simulate and apply the concept of professionalism as it relates specifically to actuarial science.
   3. Define and express the characteristics of servant leadership.
   4. Practice confidentiality and discretion.
   5. Develop trusting relationships with clients, colleagues, mentors and other professionals.
8. Evaluate actuarial careers within various industries.
   1. Participate in and reflect on at least three different actuarial settings such as life, property and casualty, and healthcare insurance.
   2. Differentiate each actuarial setting.
   3. Compare and contrast different actuarial-related fields in terms of cost of education, time in school, and work-life balance.
   4. Investigate educational requirements of an actuary and summarize necessary certification, registration and licensure requirements.
9. Demonstrate critical thinking and problem solving in a professional setting.
   1. Present thoughtful questioning that challenges assumptions, promotes higher order thinking, leads to new insights, and validates perceptions.
   2. Engage in metacognition that supports reflective practice.
   3. Support processes that analyze, select, use, and evaluate various approaches to develop solutions.
   4. Engage in analysis and synthesis of multiple sources and points of information.
   5. Demonstrate intentional use of disciplinary frameworks to analyze complex issues and information.
   6. Suspend judgment while collecting evidence to make determinations.
   7. Explain how a variety of disciplines interact within the larger process.
   8. Demonstrate technical, analytical problem solving with results-oriented solutions.
   9. Analyze a hard theoretical idea and create a concise business memo, visual or other communication tool for various audiences such as the CFO, CEO, Sales or Marketing Department, the public, media, or other internal stakeholders.
   10. Investigate data analytics and justify the power of data.
10. Investigate technology concepts, systems, and operations within the industry.
    1. Use digital media and environments to communicate and work collaboratively, including at a distance, to support individual learning and contribute to the learning of others.
    2. Locate, organize, analyze, evaluate, and synthesize information from a variety of sources and media and use the information in a legal and ethical manner.
    3. Describe and defend human, cultural, and societal issues related to technology and its relation to the practice of legal and ethical behavior from the lens of various stakeholders.
    4. Apply available, and most appropriate tools, such as an AV calculator, TAS or ALFA software, etc., to gather, evaluate and use information.
    5. Present accurate pivot tables and calculate net present values.
    6. Develop accurate Excel functions and formulas and display data in Excel spreadsheets.
11. Apply insurance issues from the perspective of a variety of stakeholders.
    1. Explain and evidence the impact of insurance from various lenses
    2. Explore the role of human empathy within the profession.
    3. Demonstrate understanding of relevant ethical and legal principles.
    4. Respect and practice ethics.
    5. Prepare a needs analysis and recommendation of insurance products based on data.
    6. Apply the concepts of actuarial skills to a variety of scenarios.
12. Evaluate complex communication within the context of the professional environment.
    1. Negotiate processes that generate mutually satisfactory solutions.
    2. Manage and resolve conflicts.
    3. Interact effectively with people of different cultures.
    4. Select and integrate various communication processes.
    5. Integrate appropriate forms of information communication technology.
    6. Describe the interactions among modes of communication.
    7. Evidence meaningful and engaging interactions.
    8. Analyze situations in a critical manner and ask appropriate questions focused on refining the process and/or correcting mistakes.
13. Create an inquiry project within an actuarial setting.
    1. Identify and propose an actuarial project to explore.
    2. Follow written and oral instructions given by instructor or actuarial colleagues.
    3. Adapt and be flexible within the learning environment.
    4. Participate in all required activities.
    5. Cooperate and collaborate with others involved in the project.
    6. Communicate effectively with others involved in the project.
    7. Present a final communication of project learnings.