Course Detail
Course Description
| Course | Code | Semester | T+P (Hour) | Credit | ECTS |
|---|---|---|---|---|---|
| INSURANCE MATHEMATICS | - | Spring Semester | 3+0 | 3 | 4 |
| Course Program |
| Prerequisites Courses | |
| Recommended Elective Courses |
| Language of Course | Turkish |
| Course Level | First Cycle (Bachelor's Degree) |
| Course Type | Required |
| Course Coordinator | Assist.Prof. Ali Osman Serdar ÇITAK |
| Name of Lecturer(s) | Assist.Prof. Ali Osman Serdar ÇITAK |
| Assistant(s) | |
| Aim | Students are aimed to gain academic and practical insights about the content of actuarial science, usage and construction of mortality tables, and calculation of life annuities, life insurance benefits and life insurance premiums |
| Course Content | This course contains; The Economics of Life Insurance ,Basic Probability and Survival Distributions,The Force of Mortality and Actuarial Notations ,Mean and Standart Deviation of Survival Distributions,Elements of a Life Table - Cohort Tables and Period Tables,Life Tables and Relation of Life Table Functions to the Survival Function,Select and Ultimate Survival Models,Life Annuities - Review of Annuities Certain - Annual Life Annuities , Annuities Payable Continuously, Payable m Times per year and Deferred Annuities ,Guaranteed Annuities and Increasing Annuities ,Life Insurance Benefits - Whole Life Insurance,Life Insurance Benefits - Term Insurance - Pure Endowment ,Liife Insurance Benefits - Endowment, Deferred, Variable Insurance Benefits ,Net Premiums. |
| Dersin Öğrenme Kazanımları | Teaching Methods | Assessment Methods |
| 1. Explain the economics of life insurance | 10, 16, 6, 9 | A |
| 1.1 Understand expected value principle in the context of utility theory | 10, 16, 6, 9 | A |
| 1.2 Explain the relation between utility and insurance | 10, 16, 6, 9 | A |
| 1.3 Understand some basic factors influencing the organization and management of an insurance system | 10, 16, 6, 9 | A |
| 2. Describe the survival models in terms of probability | 10, 16, 6, 9 | A |
| 2.1 Explain survival function for a life aged x | 10, 16, 6, 9 | A |
| 2.2 Explain lifetime distribution for a life aged x | 10, 16, 6, 9 | A |
| 2.3 Understand the force of mortality as an important and fundamental concept in modeling future lifetime | 10, 16, 6, 9 | A |
| 3. Use life (mortality) table | 10, 16, 6, 9 | A |
| 3.1 Tell the elements of a life table | 10, 16, 6, 9 | A |
| 3.2 Explain cohort and period life tables | 10, 16, 6, 9 | A |
| 3.3 Calculate survival probabilities for a life aged x using life tables | 10, 16, 6, 9 | A |
| 4. Use select life table | 10, 16, 6, 9 | A |
| 4.1 Explain select and ultimate life tables | 10, 16, 6, 9 | A |
| 4.2 Use actuarial notations for select survival model | 10, 16, 6, 9 | A |
| 4.3 Calculate select survival probabilities using select tables | 10, 16, 6, 9 | A |
| 5. Calculate simple life annuities | 10, 16, 6, 9 | A |
| 5.1 Explain the difference between annuities – certain and life annuities | 10, 16, 6, 9 | A |
| 5.2 Calculate annual life annuities | 10, 16, 6, 9 | A |
| 5.3 Calculate deferred life annuities | 10, 16, 6, 9 | A |
| 6. Calculate simple insurance benefits | 10, 16, 6, 9 | A |
| 6.1 Explain life insurance benefits | 10, 16, 6, 9 | A |
| 6.2 Calculate whole life benefits | 10, 16, 6, 9 | A |
| 6.3 Calculate term, pure endowment, endowment, deferred, and variable insurance benefits | 10, 16, 6, 9 | A |
| 7. Calculate simple life insurance premiums | 10, 16, 6, 9 | A |
| 7.1 Describe insurance premiums | 10, 16, 6, 9 | A |
| 7.2 Calculate premiums for some elementary forms of insurance | 10, 16, 6, 9 | A |
| Teaching Methods: | 10: Discussion Method, 16: Question - Answer Technique, 6: Experiential Learning, 9: Lecture Method |
| Assessment Methods: | A: Traditional Written Exam |
Course Outline
| Order | Subjects | Preliminary Work |
|---|---|---|
| 1 | The Economics of Life Insurance | |
| 2 | Basic Probability and Survival Distributions | |
| 3 | The Force of Mortality and Actuarial Notations | |
| 4 | Mean and Standart Deviation of Survival Distributions | |
| 5 | Elements of a Life Table - Cohort Tables and Period Tables | |
| 6 | Life Tables and Relation of Life Table Functions to the Survival Function | |
| 7 | Select and Ultimate Survival Models | |
| 8 | Life Annuities - Review of Annuities Certain - Annual Life Annuities | |
| 9 | Annuities Payable Continuously, Payable m Times per year and Deferred Annuities | |
| 10 | Guaranteed Annuities and Increasing Annuities | |
| 11 | Life Insurance Benefits - Whole Life Insurance | |
| 12 | Life Insurance Benefits - Term Insurance - Pure Endowment | |
| 13 | Liife Insurance Benefits - Endowment, Deferred, Variable Insurance Benefits | |
| 14 | Net Premiums |
| Resources |
| [1] Lecture Notes, [2] Fikri Akdeniz, Funda Erdugan (2016), Aktüerya Matematiği ve Yaşam Analizi; Genişletilmiş 3. baskı, Akademisyen Kitapevi [3] A.Olivieri, E.Pitacco (2011), Introduction to Insurance Mathematics,Springer [4] H.U.Gerber (1997), Life Insurance Mathematics, 3rd Edition, Springer |
| 1. A.Olivieri, E.Pitacco (2011), Introduction to Insurance Mathematics,Springer 2. H.U.Gerber (1997), Life Insurance Mathematics, 3rd Edition, Springer 3. Fikri Akdeniz, Funda Erdugan (2016), Aktüerya Matematiği ve Yaşam Analizi; Genişletilmiş 3. baskı, Akademisyen Kitapevi |
Course Contribution to Program Qualifications
| Course Contribution to Program Qualifications | |||||||
| No | Program Qualification | Contribution Level | |||||
| 1 | 2 | 3 | 4 | 5 | |||
| 1 | Defines the basic concepts of banking and insurance. | ||||||
| 2 | Describes the mathematical and statistical methods of banking and insurance | X | |||||
| 3 | Uses the computer programs needed in banking and insurance | ||||||
| 4 | Uses the professional foreign language proficiency required in banking and insurance | ||||||
| 5 | Prepares the project and manage the teamworks | ||||||
| 6 | Uses the theoretical and practical knowledge of the banking and insurance. | X | |||||
| 7 | Constantly evaluates itself by following the developments in science and technology with the importance of lifelong learning | ||||||
| 8 | Uses verbal and written communication skills using the latest technologies and at least one foreign language | ||||||
| 9 | Accepts ethical values and social rights and applies them | ||||||
| 10 | Analyzes and discusses using the data of banking and insurance | X | |||||
| 11 | Uses the information on the other disciplines that can provide support for theoretical studies in banking and insurance (economics, law, business, etc.) | ||||||
| 12 | Offers micro and macro suggestions on the problems in the banking and insurance sector | ||||||
Assessment Methods
| Contribution Level | Absolute Evaluation | |
| Rate of Midterm Exam to Success | 40 | |
| Rate of Final Exam to Success | 60 | |
| Total | 100 | |
| ECTS / Workload Table | ||||||
| Activities | Number of | Duration(Hour) | Total Workload(Hour) | |||
| Course Hours | 14 | 2 | 28 | |||
| Guided Problem Solving | 14 | 1 | 14 | |||
| Resolution of Homework Problems and Submission as a Report | 8 | 4 | 32 | |||
| Term Project | 0 | 0 | 0 | |||
| Presentation of Project / Seminar | 0 | 0 | 0 | |||
| Quiz | 1 | 1 | 1 | |||
| Midterm Exam | 1 | 16 | 16 | |||
| General Exam | 1 | 29 | 29 | |||
| Performance Task, Maintenance Plan | 0 | 0 | 0 | |||
| Total Workload(Hour) | 120 | |||||
| Dersin AKTS Kredisi = Toplam İş Yükü (Saat)/30*=(120/30) | 4 | |||||
| ECTS of the course: 30 hours of work is counted as 1 ECTS credit. | ||||||
Detail Informations of the Course
Course Description
| Course | Code | Semester | T+P (Hour) | Credit | ECTS |
|---|---|---|---|---|---|
| INSURANCE MATHEMATICS | - | Spring Semester | 3+0 | 3 | 4 |
| Course Program |
| Prerequisites Courses | |
| Recommended Elective Courses |
| Language of Course | Turkish |
| Course Level | First Cycle (Bachelor's Degree) |
| Course Type | Required |
| Course Coordinator | Assist.Prof. Ali Osman Serdar ÇITAK |
| Name of Lecturer(s) | Assist.Prof. Ali Osman Serdar ÇITAK |
| Assistant(s) | |
| Aim | Students are aimed to gain academic and practical insights about the content of actuarial science, usage and construction of mortality tables, and calculation of life annuities, life insurance benefits and life insurance premiums |
| Course Content | This course contains; The Economics of Life Insurance ,Basic Probability and Survival Distributions,The Force of Mortality and Actuarial Notations ,Mean and Standart Deviation of Survival Distributions,Elements of a Life Table - Cohort Tables and Period Tables,Life Tables and Relation of Life Table Functions to the Survival Function,Select and Ultimate Survival Models,Life Annuities - Review of Annuities Certain - Annual Life Annuities , Annuities Payable Continuously, Payable m Times per year and Deferred Annuities ,Guaranteed Annuities and Increasing Annuities ,Life Insurance Benefits - Whole Life Insurance,Life Insurance Benefits - Term Insurance - Pure Endowment ,Liife Insurance Benefits - Endowment, Deferred, Variable Insurance Benefits ,Net Premiums. |
| Dersin Öğrenme Kazanımları | Teaching Methods | Assessment Methods |
| 1. Explain the economics of life insurance | 10, 16, 6, 9 | A |
| 1.1 Understand expected value principle in the context of utility theory | 10, 16, 6, 9 | A |
| 1.2 Explain the relation between utility and insurance | 10, 16, 6, 9 | A |
| 1.3 Understand some basic factors influencing the organization and management of an insurance system | 10, 16, 6, 9 | A |
| 2. Describe the survival models in terms of probability | 10, 16, 6, 9 | A |
| 2.1 Explain survival function for a life aged x | 10, 16, 6, 9 | A |
| 2.2 Explain lifetime distribution for a life aged x | 10, 16, 6, 9 | A |
| 2.3 Understand the force of mortality as an important and fundamental concept in modeling future lifetime | 10, 16, 6, 9 | A |
| 3. Use life (mortality) table | 10, 16, 6, 9 | A |
| 3.1 Tell the elements of a life table | 10, 16, 6, 9 | A |
| 3.2 Explain cohort and period life tables | 10, 16, 6, 9 | A |
| 3.3 Calculate survival probabilities for a life aged x using life tables | 10, 16, 6, 9 | A |
| 4. Use select life table | 10, 16, 6, 9 | A |
| 4.1 Explain select and ultimate life tables | 10, 16, 6, 9 | A |
| 4.2 Use actuarial notations for select survival model | 10, 16, 6, 9 | A |
| 4.3 Calculate select survival probabilities using select tables | 10, 16, 6, 9 | A |
| 5. Calculate simple life annuities | 10, 16, 6, 9 | A |
| 5.1 Explain the difference between annuities – certain and life annuities | 10, 16, 6, 9 | A |
| 5.2 Calculate annual life annuities | 10, 16, 6, 9 | A |
| 5.3 Calculate deferred life annuities | 10, 16, 6, 9 | A |
| 6. Calculate simple insurance benefits | 10, 16, 6, 9 | A |
| 6.1 Explain life insurance benefits | 10, 16, 6, 9 | A |
| 6.2 Calculate whole life benefits | 10, 16, 6, 9 | A |
| 6.3 Calculate term, pure endowment, endowment, deferred, and variable insurance benefits | 10, 16, 6, 9 | A |
| 7. Calculate simple life insurance premiums | 10, 16, 6, 9 | A |
| 7.1 Describe insurance premiums | 10, 16, 6, 9 | A |
| 7.2 Calculate premiums for some elementary forms of insurance | 10, 16, 6, 9 | A |
| Teaching Methods: | 10: Discussion Method, 16: Question - Answer Technique, 6: Experiential Learning, 9: Lecture Method |
| Assessment Methods: | A: Traditional Written Exam |
Course Outline
| Order | Subjects | Preliminary Work |
|---|---|---|
| 1 | The Economics of Life Insurance | |
| 2 | Basic Probability and Survival Distributions | |
| 3 | The Force of Mortality and Actuarial Notations | |
| 4 | Mean and Standart Deviation of Survival Distributions | |
| 5 | Elements of a Life Table - Cohort Tables and Period Tables | |
| 6 | Life Tables and Relation of Life Table Functions to the Survival Function | |
| 7 | Select and Ultimate Survival Models | |
| 8 | Life Annuities - Review of Annuities Certain - Annual Life Annuities | |
| 9 | Annuities Payable Continuously, Payable m Times per year and Deferred Annuities | |
| 10 | Guaranteed Annuities and Increasing Annuities | |
| 11 | Life Insurance Benefits - Whole Life Insurance | |
| 12 | Life Insurance Benefits - Term Insurance - Pure Endowment | |
| 13 | Liife Insurance Benefits - Endowment, Deferred, Variable Insurance Benefits | |
| 14 | Net Premiums |
| Resources |
| [1] Lecture Notes, [2] Fikri Akdeniz, Funda Erdugan (2016), Aktüerya Matematiği ve Yaşam Analizi; Genişletilmiş 3. baskı, Akademisyen Kitapevi [3] A.Olivieri, E.Pitacco (2011), Introduction to Insurance Mathematics,Springer [4] H.U.Gerber (1997), Life Insurance Mathematics, 3rd Edition, Springer |
| 1. A.Olivieri, E.Pitacco (2011), Introduction to Insurance Mathematics,Springer 2. H.U.Gerber (1997), Life Insurance Mathematics, 3rd Edition, Springer 3. Fikri Akdeniz, Funda Erdugan (2016), Aktüerya Matematiği ve Yaşam Analizi; Genişletilmiş 3. baskı, Akademisyen Kitapevi |
Course Contribution to Program Qualifications
| Course Contribution to Program Qualifications | |||||||
| No | Program Qualification | Contribution Level | |||||
| 1 | 2 | 3 | 4 | 5 | |||
| 1 | Defines the basic concepts of banking and insurance. | ||||||
| 2 | Describes the mathematical and statistical methods of banking and insurance | X | |||||
| 3 | Uses the computer programs needed in banking and insurance | ||||||
| 4 | Uses the professional foreign language proficiency required in banking and insurance | ||||||
| 5 | Prepares the project and manage the teamworks | ||||||
| 6 | Uses the theoretical and practical knowledge of the banking and insurance. | X | |||||
| 7 | Constantly evaluates itself by following the developments in science and technology with the importance of lifelong learning | ||||||
| 8 | Uses verbal and written communication skills using the latest technologies and at least one foreign language | ||||||
| 9 | Accepts ethical values and social rights and applies them | ||||||
| 10 | Analyzes and discusses using the data of banking and insurance | X | |||||
| 11 | Uses the information on the other disciplines that can provide support for theoretical studies in banking and insurance (economics, law, business, etc.) | ||||||
| 12 | Offers micro and macro suggestions on the problems in the banking and insurance sector | ||||||
Assessment Methods
| Contribution Level | Absolute Evaluation | |
| Rate of Midterm Exam to Success | 40 | |
| Rate of Final Exam to Success | 60 | |
| Total | 100 | |