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    Course Outline ACS 311 PDF

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    Kimondo King
    This document outlines the course Actuarial Mathematics I which is offered in the third year of the Bachelor of Science in Actuarial Science program. The course will be taught over 15 weeks by Dr. Irene Irungu and cover topics like evaluating assurance and annuity benefits, premium calculations, reserves, with-profits policies, and mortality profit. Students will learn to calculate premiums, reserves, and policy values using actuarial tables and calculators. Assessment will include a mid-term exam and final exam.

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    Course Outline ACS 311 PDF

    Uploaded by

    Kimondo King
    118 views3 pages
    This document outlines the course Actuarial Mathematics I which is offered in the third year of the Bachelor of Science in Actuarial Science program. The course will be taught over 15 weeks by Dr. Irene Irungu and cover topics like evaluating assurance and annuity benefits, premium calculations, reserves, with-profits policies, and mortality profit. Students will learn to calculate premiums, reserves, and policy values using actuarial tables and calculators. Assessment will include a mid-term exam and final exam.

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    This document outlines the course Actuarial Mathematics I which is offered in the third year of the Bachelor of Science in Actuarial Science program. The course will be taught over 15 weeks by Dr. Irene Irungu and cover topics like evaluating assurance and annuity benefits, premium calculations, reserves, with-profits policies, and mortality profit. Students will learn to calculate premiums, reserves, and policy values using actuarial tables and calculators. Assessment will include a mid-term exam and final exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    118 views3 pages

    Course Outline ACS 311 PDF

    Uploaded by

    Kimondo King
    This document outlines the course Actuarial Mathematics I which is offered in the third year of the Bachelor of Science in Actuarial Science program. The course will be taught over 15 weeks by Dr. Irene Irungu and cover topics like evaluating assurance and annuity benefits, premium calculations, reserves, with-profits policies, and mortality profit. Students will learn to calculate premiums, reserves, and policy values using actuarial tables and calculators. Assessment will include a mid-term exam and final exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    KARATINA UNIVERSITY

    SCHOOL OF PURE AND APPLIED SCIENCES


    DEPARTMENT OF MATHEMATICS, STATISTICS & ACTUARIAL SCIENCE
    COURSE OUTLINE
    Course Code: ACS 311
    Course Title: ACTUARIAL MATHEMATICS I
    Program(s): BSC in Actuarial Science
    Year and semester Y3S1
    Lecturer Name: Dr. Irene Irungu
    Lecturer Contacts: Email: [email protected]
    Phone No.: 0723 897 461

    Expected Learning Outcomes:


    By the end of the course, the learner should be able to:
    i. Describe and calculate, using ultimate or select mortality, premiums of assurance
    contracts.
    ii. Describe prospective and retrospective reserves
    iii. Describe the calculation, using ultimate or select mortality, of net premiums and
    net premium reserves for increasing and decreasing benefits and annuities
    iv. Calculate net premiums and net premium reserves for with profits contracts
    v. Describe the calculation of gross premiums and reserves of assurance and annuity
    contracts

    Course Content
    Premiums: Notation for premiums, Principles of premium calculations, Premiums
    allowing for expenses, with profits policies and combined insurance-annuity benefits,
    Fractional period premiums. Reserves: Introduction to reserves, Prospective,
    Retrospective, Net premium, Gross premium and Zillmerised reserves for without and
    with-profits policies, Fractional period reserves. Application of Reserves: Surrender
    values, Policy Alterations and Conversions, actual and expected death strains, Mortality
    profit and loss. Paid-up policy values: policies with annual cash flows, at discrete
    intervals other than annually, with continuous cash flows using Thiele’s differential
    equation. Exra risks: Constant and Variable addition to the force of mortality, Rating up
    and Liens.
    Lecture Schedule

    Page 1 of 3
    WEEK TOPIC SUB-TOPIC REQUIREMENTS
    1 Introduction  Description of course content
    and course purpose
    2 Evaluating  Evaluation of assurance
    Assurances benefits
     Evaluation of annuity benefits
     Premium conversion
    3 Evaluating  EPV of annuities payable m Actuarial Tables and
    Assurances times per year Calculator
     EPV under constant force of
    mortality
    4 Variable benefits  Payments varying at a Actuarial Tables and
    policies constant compound rate Calculator
     Payments varying by a
    constant monetary amount
    5 Conventional  Simple bonus Actuarial Tables and
    with-profits  Compound bonus Calculator
    policies  Super-Compound bonus
    6 CAT ONE  CAT ONE Actuarial Tables and
    Calculator
    7 Gross Premium  Gross premium for assurances Actuarial Tables and
     Gross future loss random Calculator
    variable
    8 Gross Premium  Principle of Equivalence Actuarial Tables and
     Premium basis and structure Calculator
     Conventional with-profit
    contracts
     Premium Payable m times per
    year
    9 Gross Premium  Prospective reserves Actuarial Tables and
    Reserve  Retrospective reserves Calculator
     Relationship between
    Prospective and Retrospective
    reserves
    10 Gross Premium  Relationship between reserves Actuarial Tables and
    Reserve for annual premium contracts Calculator
     Net Premium Reserves
    11 CAT TWO  CAT TWO Actuarial Tables and
    Calculator
    12 Mortality Profit  Mortality profit for a single Actuarial Tables and
    policy Calculator
     Mortality profit for a portfolio
    of policies
    13 Mortality Profit  Allowing for death benefit Actuarial Tables and
     Allowing for survival benefit Calculator
    14 Students revision
    15-16 End of Semester Examination Actuarial Tables and
    Calculator
    Page 2 of 3
    Main Text Book

    a) Promislow, S. D. (2010). Fundamentals of Actuarial Mathematics. Chichester, West


    Sussex, U.K.: Wiley. Available at http://opac.karu.ac.ke

    b) Bowers, N.L. (1997). Actuarial Mathematics. Schaumburg: Society of Actuaries.


    Available at http://opac.karu.ac.ke

    c) Institute of Actuaries. (2013). CT5 (Life Assurance) Notes. Acted. London.

    Lecturer Dr. Irungu Sign: Irene Irungu… Date: 9th Aug, 2020

    Was the course outline issued on the first lecture? Yes No

    Class Rep _______________ Sign: __________________ Date: ________________

    Approved for circulation by:

    HOD_______________ Sign: __________________ Date: ________________

    Page 3 of 3

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