Description: From June 11 through August 3, 2007, the University of Illinois at Urbana-Champaign [UIUC] hosted a National Science Foundation-sponsored Research Experience for Undergraduates on the topic 'Stochastic Modeling in Actuarial Science and Financial Mathematics.' This Experience, provided to 6 undergraduate mathematics students from universities across the United States, was directed by Professor Rick Gorvett, the Director of the UIUC Actuarial Science Program. This report summarizes the program and describes the research projects undertaken.