151-0520/01 – Insurance Mathematics (InsMt)

Gurantor department	Department of Mathematical Methods in Economics	Credits	5
Subject guarantor	RNDr. Jan Hrubeš	Subject version guarantor	RNDr. Jan Hrubeš
Study level	undergraduate or graduate	Requirement	Choice-compulsory
Year	3	Semester	winter
		Study language	English
Year of introduction	2004/2005	Year of cancellation	2010/2011
Intended for the faculties	EKF	Intended for study types	Bachelor, Follow-up Master

Instruction secured by
Login	Name	Tuitor	Teacher giving lectures
HRU31	RNDr. Jan Hrubeš

Extent of instruction for forms of study
Form of study	Way of compl.	Extent
Full-time	Credit and Examination	2+2

Subject aims expressed by acquired skills and competences

The objectives of the lessons are to analyse the methods of the actuarial calculations in the context of their ancient development, to identify their conveniences and disadvantages, and to formulate the universal principals on which they are based. The students should understand them insomuch that they will be able to design new modifications of known calculations and to gauge their applicability in the practice.

Teaching methods

Lectures
Tutorials
Project work

Summary

The main goal of this subject is to acquaint the students with the most fundamental results of the present actuarial mathematics at the appropriate level - so that they will be able to work further on these topics creatively on their own. The students will be familiarized with the insurance risk models, the main demographic characteristics used in the life insurance, the models of the net premium and the gross premium calculation as well in the life- as in non-life insurance, the general principles of the premium reserves calculation and the reinsurance. The actual points related to the pension systems and the insurer?s solvency will be also discussed. The matter of the subject can be studied using the knowledge of the financial mathematics, the statistics, the spreadsheets (esp. MS Excel) and the very elementary knowledge of the algorithm development and the programming.

Compulsory literature:

Promislow, Vavid S.: Fundamentals of Actuarial Mathematics. Chichester: Wiley, 2006. ISBN 0-07-070584-4. WILLIAMS, Chester A., SMITH, Michael L., YOUNG, Peter C.: Risk Management and insurance. 7nd ed. New York: MacGraw-Hill, 1995. ISBN 0-07-070584-4.

Recommended literature:

Way of continuous check of knowledge in the course of semester

Project No 1 - Pure Endowment and Annuity Assurance with Simple Premium Project No 2 - Life Insurance with Simple Premium Project No 3 - Life Assurance with Current Premium

E-learning

http://moodle.vsb.cz/vyuka/ kurs 151-320 Pojistná matematika

Other requirements

Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

Risk Models in Assurance Methods of Assurance Risk Evaluation Probability Distribution of Assurance Claims Principles of Insurance Premium Calculation Equivalence Principle Life Assurance - Mortality Modeling Decrementing Population Experience Tables Experience Tables Smoothing Time Shifting, Selection and Antiselection Risk Collective Risk Commutation Functions Basic Kinds of Life Assurance and their Evaluation General Rules of Life Assurance Life Assurance Premium Calculation Capital Assurance Annuity Assurance Gross Premium Health Aspects of Life Assurance Medical Underwriting Accident and Disability Insurance Private Health Insurance Multiple-Lives and Collective Assurance Life Insurance Reserves Net Reserve, Gross Reserve Saving and Risk Parts of the Insurance Premium Calculations based upon te Life Assurance Reserve Smart-Money Reduction in the Case of Default on Premium Payment Share in Profit Modern Life Assurance Approach and Products Profit Testing, Implicite Value of Life Insurance Company Investment Life Assurance Superannuation Scheme Contributory and Benefit Pension Schemes Superannuation Scheme Financing Tariff Groups and Basic Indicators in Non-Life Insurance Statistical Background and Indicators Non-Life Insurance Premium Calculations Non-Life Insurance Reserves Triangular schemes, Chain-Ladder Method Extraordinary Risk Composition Reserve Non-Life Insurance Mathematical Models Models of Insurance Claims, Insurance Loss, Compound Insurance Models Time Aspects of Insurance Models Bankrupcy Probability Bonus-Malus Systems Reinsurance Proportional Reinsurance Non-Proportional Reinsurance

Conditions for subject completion

Full-time form (validity from: 1960/1961 Summer semester)

Task name	Type of task	Max. number of points (act. for subtasks)	Min. number of points	Max. počet pokusů
Exercises evaluation and Examination	Credit and Examination	100 (100)	51	3
Exercises evaluation	Credit	45 (45)	0	3
Other task type	Other task type	45	0	3
Examination	Examination	55 (55)	0	3
Written examination	Written examination	55	0	3

Mandatory attendence participation:

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Conditions for subject completion and attendance at the exercises within ISP:

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Occurrence in study plans

Academic year	Programme	Branch/spec.	Spec.	Zaměření	Form	Study language	Tut. centre	Year	W	S	Type of duty
2009/2010	(B6202) Economic Policy and Administration	(6202R010) Finance	(01) Finance		P	Czech	Ostrava	3			Choice-compulsory	study plan
2008/2009	(B6202) Economic Policy and Administration	(6202R010) Finance	(01) Finance		P	Czech	Ostrava	3			Choice-compulsory	study plan

Occurrence in special blocks

Block name	Academic year	Form of study	Study language	Year	W	S	Type of block	Block owner

Assessment of instruction

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