Applications of Mathematics to the Problems in Insurance

Abstract: 

The problems in determining insurance premiums for different kinds of insurance policies and the amount an insurance policy has to keep in reserve to stay in business involves the application of different branches of mathematics, namely algebra, calculus, probability and statistics. This talk will focus on these areas and will include an example in automobile theft insurance, which deals with the problem of how an insurance company manages to insure automobile owners against the risk of theft. The talk will also describe the actuarial profession, which trains actuaries, who are individuals who solve these kinds of problems.

Prerequisites: 
High school algebra.
Difficulty: 
Easy
Professor: 
Aaron Tenenbein
Length: 
1 Hour
Hour: 
4
Room: 
512
Size: 
40
Enrolled: 
1