| Course Name | Actuarial Science |
| Code | Semester | Theory (hour/week) | Application/Lab (hour/week) | Local Credits | ECTS |
|---|---|---|---|---|---|
| INS 411 | 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 | To teach students basic models used in non-life insurance and inform them about actuarial calculation. |
| Learning Outcomes | The students who succeeded in this course;
|
| Course Description | Claim Number and Claim Amount Distributions, Reinsurance, Deductible, Collective and Individual Risk Models, Premium, Reserve and Reinsurance, Claim Reserving with Run-Off Triangles |
| Related Sustainable Development Goals | |
|
| Core Courses | |
| Major Area Courses | X | |
| Supportive Courses | ||
| Media and Managment Skills Courses | ||
| Transferable Skill Courses |
| Week | Subjects | Required Materials |
| 1 | Claim Number and Claim Amount Distributions, Claim Number Distributions, Claim Amount Distributions | |
| 2 | Mixed Distributions | |
| 3 | Reinsurance, Proportional Reinsurance, Excess of Loss Reinsurance, Stop-Loss Reinsurance | |
| 4 | Deductible, Proportional Deductible, Franchise or Minimum Deductible, Corridor Deductible | |
| 5 | Risk Models, Collective Risk Models | |
| 6 | Problem Solving | |
| 7 | Individual Risk Models | |
| 8 | Premium, Reserve and Reinsurance, Premium Calculation | |
| 9 | Reserve Calculation | |
| 10 | Reinsurance Calculation | |
| 11 | Claim Reserving and Pricing with Run-Off Triangles, Chain Ladder Methods | |
| 12 | Bornhuetter-Ferguson Method | |
| 13 | The Average Cost Per Claim Method | |
| 14 | Review of the Semester | |
| 15 | Review of the Semester | |
| 16 | Review of the Semester |
| Course Notes/Textbooks | |
| 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) |
| Semester Activities | Number | Weighting |
| Participation | 14 | 10 |
| Laboratory / Application | ||
| Field Work | ||
| Quizzes / Studio Critiques | ||
| Portfolio | ||
| Homework / Assignments | 1 | 25 |
| Presentation / Jury | ||
| Project | ||
| Seminar / Workshop | ||
| Oral Exam | ||
| Midterm | 1 | 25 |
| Final Exam | 1 | 40 |
| Total |
| Weighting of Semester Activities on the Final Grade | ||
| Weighting of End-of-Semester Activities on the Final Grade | ||
| Total |
| Semester Activities | Number | Duration (Hours) | Workload |
|---|---|---|---|
| Course Hours (Including exam week: 16 x total hours) | 16 | 3 | 48 |
| Laboratory / Application Hours (Including exam week: 16 x total hours) | 16 | ||
| Study Hours Out of Class | 0 | ||
| Field Work | |||
| Quizzes / Studio Critiques | |||
| Portfolio | |||
| Homework / Assignments | 10 | ||
| Presentation / Jury | |||
| Project | 1 | 40 | |
| Seminar / Workshop | |||
| Oral Exam | |||
| Midterms | 1 | ||
| Final Exams | 1 | ||
| Total | 88 |
| # | Program Competencies/Outcomes | * Contribution Level | ||||
1 | 2 | 3 | 4 | 5 | ||
| 1 | To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field. | |||||
| 2 | To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies. | |||||
| 3 | To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently. | |||||
| 4 | To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals. | |||||
| 5 | To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires. | |||||
| 6 | To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically. | |||||
| 7 | To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output. | |||||
| 8 | To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society. | |||||
| 9 | To be able to take the responsibility as an individual and as a team member. | |||||
| 10 | To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis. | |||||
| 11 | To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1) | |||||
| 12 | To be able to speak a second foreign at a medium level of fluency efficiently. | |||||
| 13 | To be able to relate the knowledge accumulated throughout human history to their field of economics. | |||||
*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest