Life Insurance
Code
10806
Academic unit
Faculdade de Ciências e Tecnologia
Department
Departamento de Matemática
Credits
6.0
Teacher in charge
Gracinda Rita Diogo Guerreiro
Weekly hours
4
Total hours
62
Teaching language
Português
Objectives
The main objectives are based in the “Core Syllabus for Actuarial Training in Europe” proposed by the “Groupe Consultatif des Associations D’Actuaires des Pays des Communautes Europeennes”. Firstly the students are supposed to get knowledge about financial mathematics, which are needed to solve actuarial mathematics problems. Then, the students study mortality models. Finally, the students obtain knowledge concerning some mathematic models particular important in life insurance, health insurance and pension funds.
Prerequisites
The students should be provided with knowledge about calculus, numerical analysis, and probabilities and statistics.
Subject matter
- Review of Financial calculus
- Mortality
- Annuities
- Life insurance
Bibliography
Barroso, M. de Nazaré;. Couto, Eduardo; Crespo, Nuno. Cálculo e instrumentos Financeiros: da prática para a teoria, Escolar editora 2008
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.
McCutcheon, J. and Scott, W. An Introduction to the Mathematics of Finance. The Institute of Actuaries and the Faculty of Actuaries, 1998.
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. The lectures are in a computer laboratory and the proposed exercises are worked out using computational tools.
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 T3>=7.0 and 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.