Simon Fraser University
Engaging the World

Course Outlines

Fall 2025 - RISK 321 D100

Fundamentals of Short-Term Insurance (3)

Class Number: 7041

Delivery Method: In Person

Overview

  • Course Times + Location:

    Sep 3 – Dec 2, 2025: Mon, 2:30–3:20 p.m.
    Burnaby

    Sep 3 – Dec 2, 2025: Thu, 2:30–4:20 p.m.
    Burnaby

  • Exam Times + Location:

    Oct 30, 2025
    Thu, 2:30–4:20 p.m.
    Burnaby

    Dec 6, 2025
    Sat, 8:30–11:30 a.m.
    Burnaby

  • Prerequisites:

    RISK (or ACMA) 101 or RISK 102, with a minimum grade of C. Corequisite: STAT 330, RISK 231.

Description

CALENDAR DESCRIPTION:

Short-term insurance and reinsurance coverages. Basic ratemaking and reserving for short-term insurance. Models for severity and frequency of claims. Coverage modifications: deductibles, policy limits, coinsurance. Estimation and selection of parametric models in the context of insurance. Students with credit for ACMA 321 or ACMA 355 may not take this course for further credit. Quantitative.

COURSE DETAILS:

Outline:

This course covers part of the syllabus for the new exam FAM-S of the SOA. Please refer to the CAS website for the syllabi of their new exams. They include the following:

1. Property and casualty insurance coverages.
2. Basic ratemaking and reserving methods for property and casualty insurance.
3. Claim severity models.
4. Claim frequency models.
5. Coverage modifications.
6. Estimation of model parameters.
7. Selection of parametric models.

This course is part of the University Accreditation Program and meets specific requirements set by the Canadian Institute of Actuaries (CIA). Please consult the CIA website for full details on CIA accreditation.

Grading

  • Assignments 15%
  • Midterm 40%
  • Final Exam 45%

NOTES:

Above grading is subject to change.

Materials

REQUIRED READING:

Loss Models: From Data to Decisions, 5th ed., 2019, by S.A. Klugman, H.H. Panjer, and G.E. Willmot. Publisher: Wiley.
ISBN: 978-1-119-52378-9

Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance, 5th ed., 2022, by R.L. Brown and W.S. Lennox. Publisher: ACTEX, ISBN: 978-1-64756-787-3.

[Students may also use the 4th ed., 2015, ISBN: 978-1-62542-474-7.]

REQUIRED READING NOTES:

Your personalized Course Material list, including digital and physical textbooks, are available through the SFU Bookstore website by simply entering your Computing ID at: shop.sfu.ca/course-materials/my-personalized-course-materials.

Registrar Notes:

ACADEMIC INTEGRITY: YOUR WORK, YOUR SUCCESS

At SFU, you are expected to act honestly and responsibly in all your academic work. Cheating, plagiarism, or any other form of academic dishonesty harms your own learning, undermines the efforts of your classmates who pursue their studies honestly, and goes against the core values of the university.

To learn more about the academic disciplinary process and relevant academic supports, visit: 


RELIGIOUS ACCOMMODATION

Students with a faith background who may need accommodations during the term are encouraged to assess their needs as soon as possible and review the Multifaith religious accommodations website. The page outlines ways they begin working toward an accommodation and ensure solutions can be reached in a timely fashion.