Professor of Practice
Steve Putterman FSA, MAAA is a Professor of Practice and Faculty in Charge of the Actuarial Science program. Steve enjoyed a 30+ year career in senior roles leading life and annuity pricing and product development for both large and small insurance companies including Aetna, Prudential, and Sun Life. A 1978 Penn State grad, he teaches the Financial Mathematics course at Penn State and recently served on the Life and Annuity Pricing Task Force of the Life Committee of the Actuarial Standards Board and consulted on actuarial projects involving economic loss and expert witness testimony.
BS, Mathemaics (Actuarial Science), Penn State University, 1978
RM 214 – Review Prob Theory (1.5)
This course introduces students to actuarial science topics and the actuarial profession. To become an actuary, individuals must pass a series of professional examinations that accredit them as professionals in the field. This course provides an introduction to the material on the earlier exams such as applications of probability theory to insurance, financial mathematics (compound interest and annuities), and provides instruction on spreadsheets, so that students can perform their homework using them. Topics covered include applications of the following to insurance and actuarial science: conditional probability, independence, combinatorial principles, Bayes Theorem, and random variables. Specific probability distributions used include the binomial, uniform, Poisson, geometric, negative binomial, hyper-geometric, and multinomial discrete distributions, as well as the exponential, normal, uniform, and gamma continuous distributions. Expectations, distribution parameters, means, medians, modes, variances, skewness, and moment generating functions are also covered. The more advanced topics of joint, marginal, and conditional distributions are used, along with functions and transformations of random variables. The application of probability theory to risk management is addressed. Throughout the course, sample problems will be reviewed to help prepare students for the actuarial professional exams.
RM 410 – FIN MATH FOR ACTSC (3)
Compound interest and annuity functions; equations of value; determination of yield rates; construction of tables.
RM 494H – Research Project (2)
Supervised honor student research projects identified on an individual or small-group basis.
R M 410 – Compound Interest and Annuities (3)
Compound interest and annuity functions; life annuities; equations of value; determination of yield rates; bonds; introduction to derivatives.