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Actuarial Statistics
Objective: This paper aims at teaching the students to deal with asses risk in insurance and finance using statistical methods.
Students will able to
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Course |
Learning outcomes (at course level |
Learning and teaching strategies |
Assessment Strategies
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Paper Code |
Paper Title |
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STT-324(B) |
Actuarial Statistics |
CO 78: Assess the suitability of actuarial, financial and economic models in solving actuarial problems.
CO 79: Analyze actuarial data using advanced statistical techniques.
CO 80: Calculate quantities such as premiums, reserves and superannuation contribution rates using actuarial techniques.
CO 81: Increase management skills for dealing with organizations, teams and policy issues;
CO 82: Expand their applied knowledge in various specialized areas of actuarial studies and statistics. |
Approach in teaching: Interactive Lectures, Group Discussion, Classroom Assignment Problem Solving Sessions
Learning activities for the students: Assignments Seminar Presentation Subject based Activities |
Classroom Quiz Assignments Class Test Individual Presentation |
Actuarial Science: Concept, scope, Introduction to insurance business, concept of risk, role of statistics in insurance. Risk models for short term: expected value principle, notation of utility risk model for short term
Survival Distribution: Future life time distribution and life table, future life time random variable, curate future life time, complete life table, assumption of fraction ages, force of mortality
Life Insurance: Actuarial present value benefit in life insurance product, compound interest, discount factor, benefit payable at the moment of death, relation between A and pure endowment. Sickness benefit, disability benefit, widows pension, benefit dependent on marriage
Annuity: Introduction, life annuity: single payment, continuous life annuity, discrete life annuity, life annuity with monthly payments, commutation function, varying annuity recursion, complete annuity: immediate and apportionable annuities- due
Multiple decrement tables, force of decrement, construction of decrement table. Premium: continuous and discrete premium, true monthly payment premium, apportionable premium, commutation functions, accumulation type benefits.
● Atkinson, M.E. & Dickson, D.C.M. (2011). An Introduction to Actuarial Studies, Elgar Publ, second edition.
● Daykin, C.D, Pentikainen, T & Pesonen, M. (1994). Practical Risk Theory for Actuaries, Chapman & Hall.
● Dickson, C.M.D. (2005): Insurance Risk and Ruin(International Series On Acturial Science), Cambridge University Press
● Bowers, N.L., Gerber, H.U., Hickman, J.C., Jones, D.A., Nesbitt, C.J.(1997): Actuarial Mathematics, Society of Actuaries, Itasca, Illinois, U.S.A.
SUGGESTED READINGS:
● Atkinson, M.E. & Dickson, D.C.M. (2011). An Introduction to Actuarial Studies, Elgar Publ, second edition.
● Daykin, C.D, Pentikainen, T & Pesonen, M. (1994). Practical Risk Theory for Actuaries, Chapman & Hall.
e-RESOURCES:
· https://epgp.inflibnet.ac.in/
JOURNALS:
· Sankhya The Indian Journal of Statistics, Indian Statistical Institute
· Aligarh Journal of Statistics, Department of Statistics and Operations Research, Aligarh Muslim University
· Afrika Statistika, Saint-Louis Senega University
· International Journal of Statistics and Reliability Engineering, Indian Association for Reliability and Statistic
· Journal of the Indian Society for Probability and Statistics, Indian Society for Probability and Statistics
· Journal of the Indian Statistical Association, Indian Statistical Association
· Statistica, Department of Statistical Sciences Paolo Fortunato, University of Bologna
· Statistics and Applications, Society of Statistics, Computer and Applications
· Stochastic Modeling and Applications, MUK Publications and Distributions
