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 |
| Core Courses | |
Major Area Courses | ||
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 | 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 |
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