| Course Type | Compulsory Course |
|---|
| Course Level | Bachelor's Degree |
|---|
| Year of Study | 4 |
|---|
| Semester | Seventh Term (Fall) |
|---|
| ECTS | 5 |
|---|
| Name of Lecturer(s) |
|
| Learning Outcomes |
At the end of this course, the students;
- Understand the concepts of annuities, including compound interest, recurring annuities, and single net premiums, and how they relate to life insurance.
- Gain the ability to create life tables, prepare mortality tables, and calculate expected life expectancy.
- Acquire knowledge of types of life annuities (whole life insurance, temporary, deferred, reserved, increasing, and decreasing annuities) and understand their characteristics.
- Perform premium calculations in life insurance and determine net premiums.
- Identify types of reserves (net-level, retrospective, and prospective) and develop the ability to calculate them.
|
| Mode of Delivery | Face to face |
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| Prerequisites | No |
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| Recommended Optional Programme Components | None |
|---|
| Course Description | This course covers the mathematical theories and applications in the fields of life insurance, health insurance, and pensions, using both probabilistic and deterministic approaches. Topics include life distributions, life tables, life insurance policies, net premiums, net premium reserves, multiple life functions, and multiple decrement models. |
|---|
| Course Contents |
| WEEK |
TOPICS |
|
1st Week |
Annuities: compound interest, recurring annuities, single net premiums, whole life insurance |
|
2nd Week |
Annuities: compound interest, recurring annuities, single net premiums, whole life insurance |
|
3rd Week |
Review of probability and statistics |
|
4th Week |
Life tables, constructing mortality tables, expected life |
|
5th Week |
Life annuities (whole life, temporary, deferred, pure endowment, increasing and decreasing, payable for more than one year) |
|
6th Week |
Life annuities (whole life, temporary, deferred, pure endowment, increasing and decreasing, payable for more than one year) |
|
7th Week |
Problem solving |
|
8th Week |
Midterm exam |
|
9th Week |
Premium calculations in life insurance |
|
10th Week |
Premium calculations in life insurance |
|
11th Week |
Net premiums |
|
12th Week |
Policy return practices |
|
13th Week |
Reserves, net level reserves, retrospective reserves, prospective reserves |
|
14th Week |
Problem solving |
|
| Recommended or Required Reading | Workman, L. C. (1982). Mathematical foundations of life insurance. FLMI Insurance Education Program, Life Management Institute LOMA.
Menge, W. O., & Fischer, C. H. (1965). The mathematics of life insurance: A practical guide to the application of insurance principles (2nd ed.). Macmillan.
Aksoy, E. E. (2016). Aktüerya Matematiği ve Yaşam Analizi. Detay Yayıncılık.
|
|---|
| Planned Learning Activities and Teaching Methods |
- Lecture
- Questions/Answers
- Problem Solving
- Discussion
|
|---|
| Assessment Methods and Criteria |
|
Quantity |
Percentage (%) |
| Mid-term |
1 |
30 |
| Assignment |
3 |
15 |
| Quiz |
2 |
15 |
| Total(%) |
|
60 |
| Contribution of In-term Studies to Overall Grade(%) |
|
60 |
| Contribution of Final Examination to Overall Grade(%) |
|
40 |
| Total(%) |
|
100 |
|
| ECTS Allocated Based on Student Workload |
| Activities |
Quantity |
Duration (Hour) |
Total Workload (Hour) |
| Midterm exam |
1 |
1 |
1 |
| Preparation for Quiz |
2 |
3 |
6 |
| Individual or group work |
14 |
3 |
42 |
| Preparation for Final exam |
1 |
30 |
30 |
| Course hours |
13 |
3 |
39 |
| Preparation for Midterm exam |
1 |
20 |
20 |
| Laboratory (including preparation) |
|
|
|
| Final exam |
1 |
1 |
1 |
| Homework |
3 |
3 |
9 |
| Total Work Load | 148 |
| Total Work Load / 30 (h) | 4.93 |
| ECTS Credit of the Course | 5 |
|
| Language of Instruction | Turkish |
|---|
| Work Placement(s) | No |
|---|
