FACULTY OF ARTS AND SCIENCES
Department of Mathematics
INS 401 | Course Introduction and Application Information
Course Name |
Introduction to Insurance and Actuarial Mathematics
|
Code
|
Semester
|
Theory
(hour/week) |
Application/Lab
(hour/week) |
Local Credits
|
ECTS
|
INS 401
|
Fall/Spring
|
3
|
0
|
3
|
5
|
Prerequisites |
None
|
|||||
Course Language |
English
|
|||||
Course Type |
Elective
|
|||||
Course Level |
First Cycle
|
|||||
Mode of Delivery | - | |||||
Teaching Methods and Techniques of the Course | - | |||||
Course Coordinator | ||||||
Course Lecturer(s) | ||||||
Assistant(s) | - |
Course Objectives | Life insurance is a contract between the policyholder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. In return, the policyholder agrees to pay a stipulated amount (the "premium") at regular intervals or in lump sums. The aim of the Insurance and Actuarial Mathematics course is to provide grounding in the mathematical techniques which are of particular relevance to actuarial work in life insurance. |
Learning Outcomes |
The students who succeeded in this course;
|
Course Description | Interest Theory, Life Table, Life Annuity, Life Insurance, Premiums, Rezerves, Multiple Life Theory and Multiple Decrement Model. |
|
Core Courses | |
Major Area Courses | ||
Supportive Courses |
X
|
|
Media and Management Skills Courses | ||
Transferable Skill Courses |
WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES
Week | Subjects | Related Preparation |
1 | Introduction | |
2 | Interest | Interest |
3 | Life Table | Life Table |
4 | Annuity Certain | Annuity Certain |
5 | Life Insurance Models | Life Annuities |
6 | Life Annuity Models | Life Annuities |
7 | Annual Benefit Premiums | Net Premiums |
8 | Annual Benefit Premiums | Reserves |
9 | Midterm Exam | |
10 | Annual Benefit Premiums | Net Level Reserve and Modern Reserve System |
11 | Benefit Reserves | Insurance reserve principles |
12 | Benefit Reserves | Gross Premiums |
13 | Multiple Life Theory | Joint-Life Functions |
14 | Multiple Life Theory | Joint-Life Functions |
15 | Decision Making under Uncertainity | Double Decrement model |
16 | Review of the Semester |
Course Notes/Textbooks | Gauger A.G.(2006), Actuarial Models, Second Edition, BPP Professional Education. |
Suggested Readings/Materials | • Bowers N. et al., Actuarial Mathematics, 1997, SOA • London D., Survival Models and Their Estimation, 1997, Actex Publications • Promislow S.D., Fundamentals of Actuarial Mathematics, 2006, Wiley • Journal of Insurance: Mathematics and Economics (Elsevier) |
EVALUATION SYSTEM
Semester Activities | Number | Weigthing |
Participation |
16
|
10
|
Laboratory / Application | ||
Field Work | ||
Quizzes / Studio Critiques | ||
Portfolio | ||
Homework / Assignments |
1
|
10
|
Presentation / Jury | ||
Project |
1
|
30
|
Seminar / Workshop | ||
Oral Exams | ||
Midterm |
1
|
20
|
Final Exam |
1
|
30
|
Total |
Weighting of Semester Activities on the Final Grade |
19
|
70
|
Weighting of End-of-Semester Activities on the Final Grade |
1
|
30
|
Total |
ECTS / WORKLOAD TABLE
Semester Activities | Number | Duration (Hours) | Workload |
---|---|---|---|
Theoretical Course Hours (Including exam week: 16 x total hours) |
16
|
3
|
48
|
Laboratory / Application Hours (Including exam week: '.16.' x total hours) |
16
|
0
|
|
Study Hours Out of Class |
16
|
2
|
32
|
Field Work |
0
|
||
Quizzes / Studio Critiques |
0
|
||
Portfolio |
0
|
||
Homework / Assignments |
1
|
5
|
5
|
Presentation / Jury |
0
|
||
Project |
1
|
25
|
25
|
Seminar / Workshop |
0
|
||
Oral Exam |
0
|
||
Midterms |
1
|
10
|
10
|
Final Exam |
1
|
25
|
25
|
Total |
145
|
COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP
#
|
Program Competencies/Outcomes |
* Contribution Level
|
||||
1
|
2
|
3
|
4
|
5
|
||
1 | To be able to have a grasp of basic mathematics, applied mathematics or theories and applications of statistics. |
|||||
2 | To be able to use advanced theoretical and applied knowledge, interpret and evaluate data, define and analyze problems, develop solutions based on research and proofs by using acquired advanced knowledge and skills within the fields of mathematics or statistics. |
|||||
3 | To be able to apply mathematics or statistics in real life phenomena with interdisciplinary approach and discover their potentials. |
X | ||||
4 | To be able to evaluate the knowledge and skills acquired at an advanced level in the field with a critical approach and develop positive attitude towards lifelong learning. |
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5 | To be able to share the ideas and solution proposals to problems on issues in the field with professionals, non-professionals. |
|||||
6 | To be able to take responsibility both as a team member or individual in order to solve unexpected complex problems faced within the implementations in the field, planning and managing activities towards the development of subordinates in the framework of a project. |
|||||
7 | To be able to use informatics and communication technologies with at least a minimum level of European Computer Driving License Advanced Level software knowledge. |
|||||
8 | To be able to act in accordance with social, scientific, cultural and ethical values on the stages of gathering, implementation and release of the results of data related to the field. |
|||||
9 | To be able to possess sufficient consciousness about the issues of universality of social rights, social justice, quality, cultural values and also environmental protection, worker's health and security. |
|||||
10 | To be able to connect concrete events and transfer solutions, collect data, analyze and interpret results using scientific methods and having a way of abstract thinking. |
X | ||||
11 | To be able to collect data in the areas of Mathematics or Statistics and communicate with colleagues in a foreign language. |
|||||
12 | To be able to speak a second foreign language at a medium level of fluency efficiently. |
|||||
13 | To be able to relate the knowledge accumulated throughout the human history to their field of expertise. |
*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest
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