PHOTOGRAPHY AND VIDEO
Bachelor TR-NQF-HE: Level 6 QF-EHEA: First Cycle EQF-LLL: Level 6

Course Introduction and Application Information

Course Code Course Name Semester Theoretical Practical Credit ECTS
MAT4059 Life Insurance Mathematics Fall
Spring
 3 0 3 6
The course opens with the approval of the Department at the beginning of each semester

Basic information

Language of instruction: En
Type of course: Non-Departmental Elective
Course Level: Bachelor
Mode of Delivery: Face to face
Course Coordinator : Dr. Öğr. Üyesi TUĞCAN DEMİR
Course Lecturer(s): Prof. Dr. İRİNİ DİMİTRİYADİS
Course Objectives: The purpose of the course is to give the basics of lifelong financial planning, to equip the student with the mathematical techniques required by life insurance companies and to provide a general understanding of life insurance products and their role in lifelong financial planning.

Learning Outputs

The students who have succeeded in this course;
Students will gain an understanding of lifelong financial management, will grasp survival models and life insurance products and will be able to make computations for their pricing and reserving. They will grasp the effect of mortality, interest and expense assumptions in the profitability of the company, and will look at the design of special products to meet emerging needs(longevity for example). They will be able to compare financial and life products and understand their advantages and disadvantages.

Course Content

Review of theory of interest, survival models and mortality tables, life annuity and life insurance net premium calculations, commutation functions, reserve calculations, prospective and retrospective reserves, gross premiums, mortality, interest and expense gains and losses, special products.

Weekly Detailed Course Contents

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

Sources

Course Notes: 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.

Evaluation System

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 % 0
Presentation % 0
Project % 0
Seminar % 0
Midterms 2 % 50
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

ECTS / Workload Table

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 2 0 0
Presentations / Seminar 1 3 3
Project 1 10 10
Homework Assignments 3 4 12
Quizzes 0 0 0
Preliminary Jury 0
Midterms 2 8 16
Paper Submission 0
Jury 0
Final 1 17 17
Total Workload 100

Contribution of Learning Outcomes to Programme Outcomes

No Effect 1 Lowest 2 Low 3 Average 4 High 5 Highest
           
Program Outcomes Level of Contribution
1) Knowledge of photographic and video media and ability to use basic, intermediate and advanced techniques of these media.
2) Ability to understand, analyze and evaluate theories, concepts and uses of photography and video.
3) Ability to employ theoretical knowledge in the areas of the use of photography and video.
4) Familiarity with and ability to review the historical literature in theoretical and practical studies in photography and video.
5) Ability in problem solving in relation to projects in photography and video.
6) Ability to generate innovative responses to particular and novel requirements in photography and video.
7) Understanding and appreciation of the roles and potentials of the image across visual culture
8) Ability to communicate distinctively by means of photographic and video images.
9) Experience of image post-production processes and ability to develop creative outcomes through this knowledge.
10) Knowledge of and ability to participate in the processes of production, distribution and use of photography and video in the media.
11) Ability to understand, analyze and evaluate global, regional and local problematics in visual culture.
12) Knowledge of and ability to make a significant contribution to the goals of public communication.
13) Enhancing creativity via interdisciplinary methods to develop skills for realizing projects.
14) Gaining general knowledge about the points of intersection of communication, art and technology.