| ACTUARIAL SCIENCE (TURKISH, NON-THESIS) | |||||
| Master | TR-NQF-HE: Level 7 | QF-EHEA: Second Cycle | EQF-LLL: Level 7 | ||
| Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
| AKB5001 | Statistical Models in Insurance | Fall | 3 | 0 | 3 | 8 |
| The course opens with the approval of the Department at the beginning of each semester |
| Language of instruction: | Tr |
| Type of course: | Must Course |
| Course Level: | |
| Mode of Delivery: | Face to face |
| Course Coordinator : | Dr. Öğr. Üyesi BAHAR KÖSEOĞLU |
| Course Objectives: | To introduce the student the statistical models used in life and non-life insurance. |
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The students who have succeeded in this course; Students will develop proficiency in statistical models used in life and non-life insurance. Also they will be prerared to the local and international actuarial exams. |
| Review of probability and statistics. Frequency and severity distributions, mixture models. Parameter estimation and fitting of data. The effect of inflation, deductibles and reinsurance. The Normal approximation to the total claims distribution. Calculation of one period probability of ruin. |
| Week | Subject | Related Preparation | |
| 1) | Review of probability theory. Basic information about probability. | ||
| 2) | Discrete and continuous random variables and their distributions. | ||
| 3) | Statistical distributions useful in life and non life insurance. | ||
| 4) | The Poisson, Exponential, Pareto, Lognormal , and negative binomal distributions as they appear in actuarial studies. | ||
| 5) | Measures of location and dispersion. Expectation and moments. | ||
| 6) | Joint distribution functions and their applications in insurance. | ||
| 7) | Two dimentional and multi dimentional random variables. | ||
| 8) | Distribution of multi dimensional random variables and their application in insurance. | ||
| 9) | Exam questions rewiew and preparation to actuarial exams. | ||
| 10) | Reinsurance and types of reinsurance. | ||
| 11) | Central Limit Theorem and its applications in insurance. | ||
| 12) | Normal approximation and its applications. | ||
| 13) | Application examples. | ||
| 14) | Hypothesis testing and applications in insurance. | ||
| 15) | Point and interval estimation methods. | ||
| 16) | Final exams. | ||
| Course Notes: | Hossack, I.B., Pollard, J.H., Zehnerwith, B., Introductory statistics with applications in general insurance. S.A Klugman, H.H.Panjer, G.E. Willmot , ‘Loss Models:from data to decisions’, John Wiley 1998 SOA EXAM questions from SOA past exam library |
| References: | Any basic book in Statistics and Probability. |
| Semester Requirements | Number of Activities | Level of Contribution |
| Attendance | % 0 | |
| Laboratory | % 0 | |
| Application | % 0 | |
| Field Work | % 0 | |
| Special Course Internship (Work Placement) | % 0 | |
| Quizzes | 2 | % 10 |
| Homework Assignments | 4 | % 20 |
| Presentation | % 0 | |
| Project | % 0 | |
| Seminar | % 0 | |
| Midterms | 1 | % 30 |
| Preliminary Jury | % 0 | |
| Final | 1 | % 40 |
| Paper Submission | % 0 | |
| Jury | % 0 | |
| Bütünleme | % 0 | |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 60 | |
| PERCENTAGE OF FINAL WORK | % 40 | |
| Total | % 100 | |
| Activities | Number of Activities | Duration (Hours) | Workload |
| Course Hours | 14 | 3 | 42 |
| Laboratory | 0 | 0 | 0 |
| Application | 0 | 0 | 0 |
| Special Course Internship (Work Placement) | 0 | 0 | 0 |
| Field Work | 0 | 0 | 0 |
| Study Hours Out of Class | 14 | 4 | 56 |
| Presentations / Seminar | 0 | 0 | 0 |
| Project | 0 | 0 | 0 |
| Homework Assignments | 4 | 10 | 40 |
| Quizzes | 2 | 10 | 20 |
| Preliminary Jury | 0 | 0 | 0 |
| Midterms | 1 | 20 | 20 |
| Paper Submission | 0 | 0 | 0 |
| Jury | 0 | 0 | 0 |
| Final | 1 | 22 | 22 |
| Total Workload | 200 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | Acquire the quantitative skills to become an actuary. | 4 |
| 2) | Will know about risks and ways to manage risk. | 3 |
| 3) | Will know about financial planning and its role in actuarial management. | 2 |
| 4) | Will be able to design new products and carry profitability tests and scenario analyses. | 1 |
| 5) | Besides gaining competence in theoretical subjects, the graduate will also be aware of practical issues and applications through lecturers and instructors who have market experience. | 3 |
| 6) | Will be able to follow all innovations and carry on research on the particular area. | 2 |
| 7) | Will share information with colleagues and will use it for project development.. | |
| 8) | Will be able to apply and make the necessary adaptation to all new rules and regulations. |