MATHEMATICS (TURKISH, PHD) | |||||
PhD | TR-NQF-HE: Level 8 | QF-EHEA: Third Cycle | EQF-LLL: Level 8 |
Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
AKB5007 | Life Insurance Mathematics II | Fall | 3 | 0 | 3 | 12 |
The course opens with the approval of the Department at the beginning of each semester |
Language of instruction: | Tr |
Type of course: | Departmental Elective |
Course Level: | |
Mode of Delivery: | Face to face |
Course Coordinator : | Dr. Öğr. Üyesi BAHAR KÖSEOĞLU |
Course Objectives: | To carry premium and reserve calculations for multiple life and multiple decrement life products, to develop stochastic models for life products, to be able to price non-traditional products and carry tests of profitability, calculate gross premiums and gross premium reserves, have a basic idea about pension plans. |
The students who have succeeded in this course; The students who complete the course will have 1. an understanding of life contingency concepts for both multiple lives and multiple decrements, 2. will be able to price non-traditional life products 3. will be able to evaluate profitability of products. 4. will have a basic idea about pension plans and pension annuites. |
Multiple-life tables, premium calculation of multiple life products, modelling life functions as random variables, non-traditional life products, reversionary annuities and unit linked products, multiple decrement tables, Markov chain models,calculation of reserves and profitability, gross premiums and gross premium reserves, other consumer benefits, basics of pension plans. |
Week | Subject | Related Preparation | |
1) | Mortality tables, joint life functions. | ||
2) | Define death and survival functions as random variables. Multiple life probabilities and moments. | ||
3) | Calculate present value of benefits and present value of premium random variables based on a single decrement on single life models. | ||
4) | Calculate present value of benefits and present value of premium random variables based on a single decrement on multiple life models. | ||
5) | Types of life and annuity products: eg. reversionary annuities, unit linked products. | ||
6) | Pension annuities and alternative withdrawl plans. | ||
7) | Reserves, withdrawls, profit testing. | ||
8) | Reserves, profit testing for non-traditional insurances. | ||
9) | Models that consider expense cash flows; gross premiums and gross premium reserves. | ||
10) | Multiple decrement tables. Markov chain models. | ||
11) | Evaluation of mean present values using multiple decrement tables. | ||
12) | Other consumer benefits. | ||
13) | Introduction to pension planning. Basics of public and employer sponsored pension plans. | ||
14) | Pension plans cont'd. Personal pension plans. | ||
15) | Final exam. | ||
16) | Final exam. |
Course Notes: | 1. Life Insurance Mathematics, Gerber H.U. Springer, Zürich, 1997 2. Actuarial Mathematics For Life Contingent Risks, Dickson D.C. M.,Hardy M. R., Waters H.R., Cambridge Univ. Press.2009. 3. Actuarial Mathematics. Bowers N.L., Gerber H.U., Hıckman J.C., Jones D.A. ve Nesbıtt,C. J., SOA 1997. 4., "Modern Actuarial Theory and Practice",Booth P. 1997, Chapman & Hall, /CRC |
References: | Journal articles and working papers. |
Semester Requirements | Number of Activities | Level of Contribution |
Attendance | % 0 | |
Laboratory | % 0 | |
Application | % 0 | |
Field Work | % 0 | |
Special Course Internship (Work Placement) | % 0 | |
Quizzes | % 0 | |
Homework Assignments | 4 | % 10 |
Presentation | 1 | % 10 |
Project | % 0 | |
Seminar | % 0 | |
Midterms | 1 | % 35 |
Preliminary Jury | % 0 | |
Final | 1 | % 45 |
Paper Submission | % 0 | |
Jury | % 0 | |
Bütünleme | % 0 | |
Total | % 100 | |
PERCENTAGE OF SEMESTER WORK | % 55 | |
PERCENTAGE OF FINAL WORK | % 45 | |
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 | 1 | 16 | 16 |
Project | 0 | 0 | 0 |
Homework Assignments | 4 | 10 | 40 |
Quizzes | 0 | 0 | 0 |
Preliminary Jury | 0 | ||
Midterms | 1 | 20 | 20 |
Paper Submission | 0 | ||
Jury | 0 | ||
Final | 1 | 26 | 26 |
Total Workload | 200 |
No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
Program Outcomes | Level of Contribution |