Course Information

Course Title	Code	Semester	L+U Hour	Credits	ECTS
ACTUARIAL MATHEMATICS	UAKT301	5. Semester	2 + 2	3.0	5.0

Prerequisites

None

Language of Instruction	Turkish
Course Level	Bachelor's Degree
Course Type	Compulsory
Mode of delivery	Oral presentation
Course Coordinator
Instructors	Selin ÖZEN
Assistants
Goals	Aim of this course is to teach students actuarial reserve calculations for insurance products and give them the ability to use these various methods in the insurance sector.
Course Content	Actuarial reserving methods, modified reserving methods, multiple life functions, joint life and last survivor status.
Learning Outcomes	1) Learn to calculate net reserves of insurance and annuity products. 2) Get the ability of obtaining reserves of insurance products depending on modified reserve methods. 3) Learn the concept of surrender and non-forfeiture values, and to calculate them. 4) Formulate survival probabilities and expected life times by using force of mortality. 5) Learn the concept of group and health insurances, and do necessary calculations.

Week	Topics	Teaching and Learning Methods and Techniques	Study Materials
1. Week	Actuarial reserve pricing methods	Lecture; Question Answer; Problem Solving	Homework
2. Week	Forward and backward reserve methods	Lecture; Question Answer; Problem Solving	Homework
3. Week	Fackler’s accumulation formula, initial and mean reserves, the net risk amount under risk	Lecture; Question Answer; Problem Solving	Homework
4. Week	Fackler’s accumulation formula, initial and mean reserves, the net risk amount under risk	Lecture; Question Answer; Problem Solving	Homework
5. Week	Non-forfeiture values and options	Lecture; Question Answer; Problem Solving	Homework
6. Week	Modified reserve methods, FPT method	Lecture; Question Answer; Problem Solving	Homework
7. Week	New Jersey method	Lecture; Question Answer; Problem Solving	Homework
8. Week	Midterm exam	Question Answer
9. Week	Commissioner method	Lecture; Question Answer; Problem Solving	Homework
10. Week	Illinois method	Lecture; Question Answer; Problem Solving	Homework
11. Week	Canadian method	Lecture; Question Answer; Problem Solving	Homework
12. Week	Pricing of gross premium	Lecture; Question Answer; Problem Solving	Homework
13. Week	Joint life and last survivor status	Lecture; Question Answer; Problem Solving	Homework
14. Week	Joint life and last survivor status	Lecture; Question Answer; Problem Solving	Presentation (Including Preparation Time)
15. Week	Group and health insurance product	Lecture; Question Answer; Problem Solving	Homework
16. Week	Final exam	Question Answer

Recommended Sources

Bowers, N. et al., 1997, Actuarial Mathematics, Society of Actuaries.

Dickson D.C.M., Hardy M.R., Waters H.R., 2009, Actuarial Mathematics for Life Contingent Risks, Cambridge

Menge, O.W., Fischer, C.H., 1991,The Mathematics of Life Insurance, The MacMillan Company.

Neill A.,1983, Life Contingencies, William Heinemann, London.

*DK = Course's Contrubution.

	0	1	2	3	4	5
Level of contribution	None	Very Low	Low	Fair	High	Very High

Event	Quantity	Duration (Hour)	Total Workload (Hour)
Course Duration (Total weeks*Hours per week)	14	4	56
Work Hour outside Classroom (Preparation, strengthening)	14	3	42
Homework	3	3	9
Midterm Exam	1	2	2
Time to prepare for Midterm Exam	1	18	18
Final Exam	1	2	2
Time to prepare for Final Exam	1	18	18
Total Workload
Total Workload / 30 (s)
ECTS Credit of the Course			30