|
Course Name |
Code |
Semester |
Theory |
Application/Laboratory |
Local Credits |
ECTS |
|
|
Introduction to Insurance and Actuarial Mathematics |
INS 401 |
Fall/Spring |
3 |
0 |
3 |
5 |
|
|
Prerequisites |
None |
|
Course Language |
English |
|
Course Type |
Elective |
|
Course Level |
First Cycle |
|
Course Coordinator |
- |
|
Course Lecturer(s) |
- |
|
Course Assistants |
- |
|
Course Objectives |
The course starts with the definition of insurance, why do we need it, insurance sector in Turkey and in the world and main insurance products. Risk process, lifeinsurance, nonlife insurance, reinsurance topics will be covered. Identification and pricing of insurance risks will be followed by a comprehensive analysis of catastrophic risks, alternative risk transfer methodologies, reinsurance contract types. With regard to analytical part, this course also aims to provide the basic mathematical background that will help to model cash flows in the case of survival and mortality, pricing the risks taken, in the field of life insurance, pensions and reinsurance. The course also covers the management of insurance funds insurance risk management at an intermediate level. |
|
Course Learning Outcomes |
The students who succeeded in this course; · Student will be able to define the risk concept. · Student will be able to do computation based on basic statistics and financial mathematics · Student will be able to explain the risk processes. · Student will be able to give information about Life Insurance and Mortality tables. · Student will be able to do premium calculations. |
|
Course Content |
|
Week |
Subjects |
Related Preparation |
|
1 |
Chapter 1. Risk and it's treatment |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
2 |
Chapter 2. Insurance Mechanism |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
3 |
Chapter 3. Fundamentals of Risk Management |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
4 |
Chapter 4. Additional Topics in Risk Management |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
5 |
Chapter 5. Legal Principles in Insurance |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
6 |
Chapter 6. Analysis of Insurance Contracts |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
7 |
Midterm |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
8 |
Chapter 7. Liability Risk |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
9 |
Chapter 8. Homeowners Insurance: Section I Coverages |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
10 |
Chapter 13. Commercial Property Insurance |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
11 |
Chapter 14. Commercial Liability Insurance |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
12 |
Chapter 14. Commercial Liability Insurance |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
13 |
Chapter 16. Fundamentals of Life Insurance |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
14 |
Chapter 16. Fundamentals of Life Insurance |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
15 |
Review of the Semester |
|
|
16 |
Review of the Semester |
|
|
Course Notes / Textbooks |
George E. Rejda, Principles of Risk Management and Insurance: Global Edition, 11/E |
|
References |
• Bowers N. et al., Actuarial Mathematics, 1997, SOA |
|
Semester Requirements |
Number |
Percentage of Grade |
|
Attendance/Participation |
- |
10 |
|
Laboratory |
- |
- |
|
Application |
- |
- |
|
Field Work |
- |
- |
|
Special Course Internship (Work Placement) |
- |
- |
|
Quizzes/Studio Critics |
- |
- |
|
Homework Assignments |
- |
- |
|
Presentation/Jury |
- |
- |
|
Project |
- |
- |
|
Seminar/Workshop |
- |
- |
|
Midterms/Oral Exams |
1 |
40 |
|
Final/Oral Exam |
1 |
50 |
|
Total |
2 |
100 |
|
PERCENTAGE OF SEMESTER WORK |
- |
50 |
|
PERCENTAGE OF FINAL WORK |
- |
50 |
|
Total |
0 |
100 |
|
Course Category |
Core Courses |
|
|
Major Area Courses |
||
|
Supportive Courses |
X |
|
|
Media and Managment Skills Courses |
||
|
Transferable Skill Courses |
|
Program Qualifications / Outcomes |
* Level of Contribution |
|||||
|
1 |
2 |
3 |
4 |
5 |
||
|
1 |
To have a grasp of basic mathematics, applied mathematics and theories and applications of statistics. |
|||||
|
2 |
To be able to use theoretical and applied knowledge acquired in the advanced fields of mathematics and statistics, |
|||||
|
3 |
To be able to define and analyze problems and to find solutions based on scientific methods, |
|||||
|
4 |
To be able to apply mathematics and statistics in real life with interdisciplinary approach and to discover their potentials, |
|||||
|
5 |
To be able to acquire necessary information and to make modeling in any field that mathematics is used and to improve herself/himself, |
|||||
|
6 |
To be able to criticize and renew her/his own models and solutions, |
|||||
|
7 |
To be able to tell theoretical and technical information easily to both experts in detail and nonexperts in basic and comprehensible way, |
|||||
|
8 |
To be able to use international resources in English and in a second foreign language from the European Language Portfolio (at the level of B1) effectively and to keep knowledge up-to-date, to communicate comfortably with colleagues from Turkey and other countries, to follow periodic literature, |
|||||
|
9 |
To be familiar with computer programs used in the fields of mathematics and statistics and to be able to use at least one of them effectively at the European Computer Driving Licence Advanced Level, |
|||||
|
10 |
To be able to behave in accordance with social, scientific and ethical values in each step of the projects involved and to be able to introduce and apply projects in terms of civic engagement, |
|||||
|
11 |
To be able to evaluate all processes effectively and to have enough awareness about quality management by being conscious and having intellectual background in the universal sense, |
|||||
|
12 |
By having a way of abstract thinking, to be able to connect concrete events and to transfer solutions, to be able to design experiments, collect data, and analyze results by scientific methods and to interfere, |
|||||
|
13 |
To be able to continue lifelong learning by renewing the knowledge, the abilities and the compentencies which have been developed during the program, and being conscious about lifelong learning, |
|||||
|
14 |
To be able to adapt and transfer the knowledge gained in the areas of mathematics and statistics to the level of secondary school, |
|||||
|
15 |
To be able to conduct a research either as an individual or as a team member, and to be effective in each related step of the project, to take role in the decision process, to plan and manage the project by using time effectively. |
|||||
*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest
|
Activities |
Number |
Duration (Hours) |
Total Workload |
|
Course Hours (Including Exam Week: 16 x Total Hours) |
16 |
3 |
48 |
|
Laboratory |
- |
- |
- |
|
Application |
- |
- |
- |
|
Special Course Internship (Work Placement) |
- |
- |
- |
|
Field Work |
- |
- |
- |
|
Study Hours Out of Class |
16 |
2 |
32 |
|
Presentations / Seminar |
1 |
5 |
5 |
|
Project |
1 |
20 |
20 |
|
Homework Assignments |
5 |
2 |
10 |
|
Quizzes |
- |
- |
- |
|
Midterms / Oral Exams |
1 |
5 |
5 |
|
Final / Oral Exam |
1 |
10 |
10 |
|
|
|
Total Workload |
130 |