Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
THE MATHEMATICS OF LIFE INSURANCE UAKT204 4. Semester 2 + 2 3.0 6.0

Prerequisites None

Language of Instruction Turkish
Course Level Bachelor's Degree
Course Type Compulsory
Mode of delivery Oral presentation
Course Coordinator
Instructors
Assistants
Goals Aim of this course is to help the students to obtain the life tables, learn annuity and life insurance products, and calculate the reserves of these products corresponding to the net premium.
Course Content Obtaining life tables, force of mortality, the laws of mortality, expected life time, selected-ultimate-integrated life tables, certain annuity, net single premiums, pure-endowment, life annuities, net premiums, life insurances, annual premiums, reserving methods: retrospective and prospective.
Learning Outcomes 1) Recognize life tables.
2) Formulate and price different type of life annuities, also understand and interpret the relationships between them.
3) Formulate and price different type of life insurance products, also understand and interpret the relationships between them.
4) Calculate net annual premiums and construct relevant relationships between products.
5) Calculate net reserves of life insurance and life annuity products by using different reserving techniques, and interpret the impacts of product, time and interest rates.

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week Life tables, survival and death rates, the relevant notations Lecture

 Presentation (Including Preparation Time)
2. Week Force of mortality, estimating force of mortality depending on life tables, the laws of mortality Lecture

 Presentation (Including Preparation Time)
3. Week Expected life time, selected-ultimate and integrated life tables Lecture

 Presentation (Including Preparation Time)
4. Week Certain annuity, net single premiums, pure-endowment Lecture

 Presentation (Including Preparation Time)
5. Week Life annuities, whole life annuity Lecture

 Presentation (Including Preparation Time)
6. Week Temporary and deferred annuities, Forborne annuity, general annuity formula Lecture

 Presentation (Including Preparation Time)
7. Week Increasing life annuity and annuities payable more than once a year Lecture

 Presentation (Including Preparation Time)
8. Week Midterm exam

9. Week Whole life insurance, relations between single premiums Lecture

 Presentation (Including Preparation Time)
10. Week Annual premiums Lecture

 Presentation (Including Preparation Time)
11. Week Term insurance and endowment insurance Lecture

 Presentation (Including Preparation Time)
12. Week Deferred insurance, accumulated cost of insurance Lecture

 Presentation (Including Preparation Time)
13. Week General insurance formula, increasing insurance Lecture

 Presentation (Including Preparation Time)
14. Week Reserves Lecture

 Presentation (Including Preparation Time)
15. Week Retrospective and prospective reserves Lecture

 Presentation (Including Preparation Time)
16. Week Final exam Lecture

 Presentation (Including Preparation Time)

Sources Used in This Course
Recommended Sources
Dickson,D.C.M.,Hardy,M.R.,Waters,R.W,, 2009, Actuarial Mathematics for Life Contingent Risks,Cambridge University Press.
Jordan C.W.,1991, Life Contingencies, SOA, Illinois.
Menge, O.W., Fischer, C.H., 1991,The Mathematics of Life Insurance, The MacMillan Company.
Moralı N.,1997, Hayat Sigortaları için Aktüeryal Teknikler, GESİD.
Neill A.,1983, Life Contingencies, William Heinemann,London.
Parmenter M. M.,1999, Theory of Interest and Life Contingencies with Pensions Applications: Aproblem Solving Approach, Actex.
Ural K., 1994, Yaşam Sigortalarının Aktüeryal Prensipleri, Aktüerler Derneği Yayını, İstanbul.

Relations with Education Attainment Program Course Competencies
Program RequirementsContribution LevelDK1DK2DK3DK4DK5
PY1500000
PY2500000
PY3500000
PY4500000
PY5500000

*DK = Course's Contrubution.
0 1 2 3 4 5
Level of contribution None Very Low Low Fair High Very High
.

ECTS credits and course workload
Event Quantity Duration (Hour) Total Workload (Hour)
Course Duration (Total weeks*Hours per week) 14 4
Work Hour outside Classroom (Preparation, strengthening) 14 4
Homework 6 3
Midterm Exam 1 2
Time to prepare for Midterm Exam 1 24
Final Exam 1 2
Time to prepare for Final Exam 1 24
Total Workload
Total Workload / 30 (s)
ECTS Credit of the Course
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Course Information
  • Course Information
  • Weekly Topics (Content)
  • Sources Used in This Course
  • Relations with Education Attainment Program Course Competencies
  • ECTS credits and course workload