Risk Management in Life Insurance
Code
10817
Academic unit
Faculdade de Ciências e Tecnologia
Department
Departamento de Matemática
Credits
6.0
Teacher in charge
Rui Manuel Rodrigues Cardoso
Weekly hours
4
Total hours
62
Teaching language
Português
Objectives
The main goal is to continue the actuarial education concerning Life Insurance. After these two courses, the student is supposed to have the necessary skills for life actuary job. The student should be able to work out problems concerning life insurance, namely the main caractheristics of a life insurance policy, the basis for the calculation of premiuns and other related quantities. Beside, the student should have knowleadge of the actuarial techniques that allows the computation of some values such as premiuns, reserves and surrender values, including the multiple state model.
Prerequisites
The students should be provided with knowledge about calculus, numerical analysis, probabilities, statistics and stochastic processes and basic life insurance.
Subject matter
- Premiums
- Policies with premium refund
- Expense loadings
- Premium Reserves
- Surrender values and alterations
- Multiple state models
Bibliography
Bowers, Newton, Gerber, Hickman, Jones and Nesbitt. Actuarial mathematics (second edition). Itasca, Illinois: The Society of Actuaries, 1997.
Dickson, D.C.M., Hardy, M.R. and Waters, H.R.. Actuarial Mathematics for Life Contingent Risks. Cambridge University Press, 2009
Garcia, J.A. e Simões, O.A.. Matemática Actuarial: Vida e Pensões. Almedina. 2010
Gerber, Hans U. Life insurance mathematics (third edition). Springer-Verlag, Berlin, 1997.
Neill, A. Life contingencies. Butterworth-Heinemann, Oxford, 1992.
Silva, A. Matemática das Finanças. Vol I. McGraw-Hill, 1995.
Teaching method
The subjects to study are exposed in an oral way, motivating by this way the students to study by themselves and simultaneously some points of interest are referred. Then the students are asked to work out the proposed exercises and all the doubts concerning these exercises are then discussed.
Evaluation method
- Evaluation by tests
a. The assesment by tests is composed of four tests.
b. Let T1,T2 and T3 the grades obtained in each test, by cronological order.
c. Let NT=(T1+T2+T3)/3
d. The student succed if NT>=9.5 - Evaluation by exam
a. Any student enrolled in this course can be evaluated by exam
b. The student succed if the grade obtained is >=9.5 - Examination:
a. Each test is written, individual and with consultation of a form, if it is needed.
b. Each test is evaluated of 0 the 20 values, with rounding to tenth.
c. It does not have daily pay-registration in the tests.
d. It is necessary to take a notebook, calculator and a document of identification with photograph (e.g., Identity or Student cards) to the examination.
e. Any fraud implies to fail.