COURSE INTRODUCTION AND APPLICATION INFORMATION


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;
  • Get knowledge about claim number and claim amount distributions and be able to construct a new model (distribution) to be used to model claim number and claim amount.
  • Get knowledge about types of reinsurance and deductible and calculate expected payment and profit of a company.
  • Learn collective and individual risk models.
  • Calculate premium and reserve.
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

 



Course Category

Core Courses
Major Area Courses
Supportive Courses
Media and Managment Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

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)

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
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

ECTS / WORKLOAD TABLE

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

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
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