Contents |
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Course Code
IAM 582 (9700582)
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Credit
(3-0) 3
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Prerequisites
Consent of instructors
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Content/Aims
Introduce the mathematical models used in life insurance with emphasis on the probabilistic approach. The theory of compound interest: effective and nominal interest rates, present values, annuities. Survival distributions and life tables. Life insurance : benefits, endowments. Life annuities. Benefit premiums. Benefit reserves.
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Learning Outcomes
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Suggested Textbooks/Resources
- Hans U. Berger, "Life Insurance Mathematics", 3rd edition, 1997. Springer.
- P. Booth et al "Modern Actuarial Theory and Practice", 1997, Chapman & Hall, / CRC.
- H.L. Bowers et al “Actuarial Mathematics” 1997, The Society of Actuaries.
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Outline
- The mathematics of compound interest, (3 weeks)
- The lifetime model and life tables, (3 weeks)
- Life insurance, (2 weeks)
- Life annuities, (2 weeks)
- Net premiums, (2 weeks)
- Net premiums reserves, (2 weeks)