FACULTY OF BUSINESS
Department of Economics
INS 411 | Course Introduction and Application Information
Course Name |
Actuarial Science
|
Code
|
Semester
|
Theory
(hour/week) |
Application/Lab
(hour/week) |
Local Credits
|
ECTS
|
INS 411
|
Fall/Spring
|
3
|
0
|
3
|
5
|
Prerequisites |
None
|
|||||
Course Language |
English
|
|||||
Course Type |
Elective
|
|||||
Course Level |
First Cycle
|
|||||
Mode of Delivery | - | |||||
Teaching Methods and Techniques of the Course | - | |||||
Course Coordinator | ||||||
Course Lecturer(s) | ||||||
Assistant(s) | - |
Course Objectives | To teach students basic models used in non-life insurance and inform them about actuarial calculation. |
Learning Outcomes |
The students who succeeded in this course;
|
Course Description | Claim Number and Claim Amount Distributions, Reinsurance, Deductible, Collective and Individual Risk Models, Premium, Reserve and Reinsurance, Claim Reserving with Run-Off Triangles |
|
Core Courses | |
Major Area Courses | ||
Supportive Courses | ||
Media and Management Skills Courses | ||
Transferable Skill Courses |
WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES
Week | Subjects | Related Preparation |
1 | Claim Number and Claim Amount Distributions, Claim Number Distributions, Claim Amount Distributions | |
2 | Mixed Distributions | |
3 | Reinsurance, Proportional Reinsurance, Excess of Loss Reinsurance, Stop-Loss Reinsurance | |
4 | Deductible, Proportional Deductible, Franchise or Minimum Deductible, Corridor Deductible | |
5 | Risk Models, Collective Risk Models | |
6 | Problem Solving | |
7 | Individual Risk Models | |
8 | Premium, Reserve and Reinsurance, Premium Calculation | |
9 | Reserve Calculation | |
10 | Reinsurance Calculation | |
11 | Claim Reserving and Pricing with Run-Off Triangles, Chain Ladder Methods | |
12 | Bornhuetter-Ferguson Method | |
13 | The Average Cost Per Claim Method | |
14 | Review of the Semester | |
15 | Review of the Semester | |
16 | Review of the Semester |
Course Notes/Textbooks | |
Suggested Readings/Materials | Bowers N. et al., Actuarial Mathematics, 1997, SOA London D., Survival Models and Their Estimation, 1997, Actex Publications Promislow S.D., Fundamentals of Actuarial Mathematics, 2006, Wiley Journal of Insurance: Mathematics and Economics (Elsevier) |
EVALUATION SYSTEM
Semester Activities | Number | Weigthing |
Participation |
14
|
10
|
Laboratory / Application | ||
Field Work | ||
Quizzes / Studio Critiques | ||
Portfolio | ||
Homework / Assignments |
1
|
25
|
Presentation / Jury | ||
Project | ||
Seminar / Workshop | ||
Oral Exams | ||
Midterm |
1
|
25
|
Final Exam |
1
|
40
|
Total |
Weighting of Semester Activities on the Final Grade | ||
Weighting of End-of-Semester Activities on the Final Grade | ||
Total |
ECTS / WORKLOAD TABLE
Semester Activities | Number | Duration (Hours) | Workload |
---|---|---|---|
Theoretical Course Hours (Including exam week: 16 x total hours) |
16
|
3
|
48
|
Laboratory / Application Hours (Including exam week: '.16.' x total hours) |
16
|
0
|
|
Study Hours Out of Class |
0
|
||
Field Work |
0
|
||
Quizzes / Studio Critiques |
0
|
||
Portfolio |
0
|
||
Homework / Assignments |
10
|
0
|
|
Presentation / Jury |
0
|
||
Project |
1
|
40
|
40
|
Seminar / Workshop |
0
|
||
Oral Exam |
0
|
||
Midterms |
1
|
0
|
|
Final Exam |
1
|
0
|
|
Total |
88
|
COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP
#
|
Program Competencies/Outcomes |
* Contribution Level
|
||||
1
|
2
|
3
|
4
|
5
|
||
1 | To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field. |
|||||
2 | To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies. |
|||||
3 | To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently. |
|||||
4 | To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals. |
|||||
5 | To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires. |
|||||
6 | To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically. |
|||||
7 | To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output. |
|||||
8 | To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society. |
|||||
9 | To be able to take the responsibility as an individual and as a team member. |
|||||
10 | To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis. |
|||||
11 | To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1) |
|||||
12 | To be able to speak a second foreign at a medium level of fluency efficiently. |
|||||
13 | To be able to relate the knowledge accumulated throughout human history to their field of economics. |
*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest
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