Preparation and testing of graduations of mortality tables; graduation by the moving-weighted average, graphic, Whittaker, Bayesian parametric and smooth-junction interpolation methods; use of statistical methods for graduation.
Economics of Insurance. Nature of General Insurance. Legislation of Insurance Companies.Documentation and date collection.
Risk premium, expenses and office premium. Experience rating, reinsurance, technical reserves, solvency and analyses of profit.
The Structure of pension schemes and their problems – retirement benefits, invalidity and survivor’s benefits. Pensioners and social assistance benefits.
Financing pension systems (Defined Benefits and Defined Contributions). Valuation of the pension schemes.
Conventional and adjusted measures of mortality, measures of fertility, measures of morbidity. Demographic characteristics and trends of selected countries.
Evaluation of demographic data. Projections for stable and stationary populations. Actuarial applications of demographic characteristics and trends.
Distributions useful for modeling insurance loss random variables. Approximations for and estimations of these loss distributions. Point and interval estimation, and test of statistical hypotheses.
Introduction to credibility theory, experience rating and claim reserving. Bayesian inferential techniques. Stochastic simulation and computational techniques.
Tabular Survival Models – Estimates from complete data samples, Estimates from incomplete data samples (sample design, moments procedures, maximum likelihood procedures). Parametric Survival Models.
Net Premiums – Whole Life and Term Insurance, Endowments, Deferred Life Annuities, Premiums Paid m Times a Year, Policies with Premium Refund.
Net Premium Reserves – The Survival Risk, Net Reserve Premium for Whole Life, Net Premiums Reserve at Fractional Duration, Allocation of the Overall Loss to Policy Years,
Technical Gain, Procedure for Endowment and The Continuous Model. Multiple Decrements – An Introduction. Multiple Life Insurance.
Basic Mathematics of Life Contingencies, Effective and Nominal interest rates. The Future Lifetime of a Life Aged x (T) – Model, Force of Mortality, Analytic Distribution of T,
Curtate Future Lifetime of x, Life Tables, Probabilities of Death for Fractions of a Year.
Life Insurance – Whole Life and Term Insurances, Endowment, Insurance Payable at the Moment of Death, General Type of Life Insurance and Variable Life Insurance.
Life Annuities – Elementary, Payment made more Frequently than Once a Year, Variable Life Annuities, Standard Type of Life Annuities, Payment Starting at Non-integral Ages
Yield curves, spot rates, forward rates, duration, convexity, and immunization. Derivatives, forwards, futures, short and long positions, cal and put options, spread, collars, hedging, arbitrage, and swaps.
Inflation; rates of interest [simple, compound (interest and discount), real, nominal, effective, dollar-weighted, time-weighted, spot, forward], term structure of interest rates; force of interest (constant and varying); equivalent measures of interest; yield rate; principal; equation of value; present value; future value; current value; net present value; accumulation function; discount function; annuity certain (immediate and due); perpetuity (immediate and due); stocks ( common and preferred); bonds (including zero-coupon bonds); other financial instruments such as mutual funds, and guaranteed investment contracts. Determining equivalent measures of interest; discounting; accumulating; determining yield rates; estimation the rate of return on a fund; and amortization.
