Week |
Subject |
Related Preparation |
1) |
Genaral introduction on the role of life products in the financial planning of present and future lifetime. |
|
2) |
Definition of simple and compound interest. Calculation of present value and accumulated value. Equivalence between types of interest. |
|
3) |
Basic annuities certain, annuities due and immediate, perpetuities. |
|
4) |
Introduction to survival distributions and life tables. Select and ultimate tables. Basic mortality probabilities and mortality functions. |
|
5) |
Basic life insurance and life annuity products.Definition of whole and term life insurance, endowment insurance, annuity due, annuity immediate and deferred annuities. |
|
6) |
Net premiums for life insurance and annuity products. |
|
7) |
Accumulated value of insurance and introduction to commutation functions. |
|
8) |
Representing net and yearly premiums in commutation functions. |
|
9) |
Pricing special insurance products. Return of premium policies, family benefit policies, increasing benefits. |
|
10) |
Net premium reserves. Calculation of reserves for different products in Excel. |
|
11) |
Prospective and retrospective reserves, Fackler’s accumulation formula. |
|
12) |
Non forfeiture options and benefits. |
|
13) |
Gross premiums. |
|
14) |
Mortality, interest and expense gain/loss. Scenario analyses |
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Course Notes / Textbooks: |
Life contingencies. Neill, A. Heinemann, 1977. 452 pages. ISBN: 0434914401
|
References: |
Modern actuarial theory and practice. Booth, P. M.; Chadburn, R. G.; Cooper, D. R. et al. Chapman & Hall, 1999. 716 pages. ISBN: 0849303885
Life assurance mathematics. Scott, W. F. Heriot-Watt University, 1999. 343 pages.
The analysis of mortality and other actuarial statistics. Benjamin, B.; Pollard, J. H. 3rd ed. Institute and Faculty of Actuaries, 1993. 519 pages. ISBN: 0901066265
-Actuarial mathematics. Bowers, N. L.; Gerber, H. U.; Hickman, J. C. et al. 2nd ed. |
|
Program Outcomes |
Level of Contribution |
1) |
To have a grasp of basic mathematics, applied mathematics and theories and applications in Mathematics |
5 |
2) |
To be able to understand and assess mathematical proofs and construct appropriate proofs of their own and also define and analyze problems and to find solutions based on scientific methods, |
5 |
3) |
To be able to apply mathematics in real life with interdisciplinary approach and to discover their potentials, |
4 |
4) |
To be able to acquire necessary information and to make modeling in any field that mathematics is used and to improve herself/himself, |
4 |
5) |
To be able to tell theoretical and technical information easily to both experts in detail and non-experts in basic and comprehensible way, |
4 |
6) |
To be familiar with computer programs used in the fields of mathematics and to be able to use at least one of them effectively at the European Computer Driving Licence Advanced Level,
|
4 |
7) |
To be able to behave in accordance with social, scientific and ethical values in each step of the projects involved and to be able to introduce and apply projects in terms of civic engagement, |
3 |
8) |
To be able to evaluate all processes effectively and to have enough awareness about quality management by being conscious and having intellectual background in the universal sense, |
4 |
9) |
By having a way of abstract thinking, to be able to connect concrete events and to transfer solutions, to be able to design experiments, collect data, and analyze results by scientific methods and to interfere, |
3 |
10) |
To be able to continue lifelong learning by renewing the knowledge, the abilities and the competencies which have been developed during the program, and being conscious about lifelong learning, |
3 |
11) |
To be able to adapt and transfer the knowledge gained in the areas of mathematics ; such as algebra, analysis, number theory, mathematical logic, geometry and topology to the level of secondary school, |
4 |
12) |
To be able to conduct a research either as an individual or as a team member, and to be effective in each related step of the project, to take role in the decision process, to plan and manage the project by using time effectively. |
4 |