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Actuarial Statistics
This paper aims at teaching the students to deal with asses risk in insurance and finance using statistical methods.
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Course |
Course Outcomes |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course Title |
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24STT324(B) |
Actuarial Statistics (Theory) |
CO 91: Evaluate actuarial science's role in the insurance business and apply statistical methods in modeling short-term risks. CO 92: Analyze Survival distribution to assess life expectancy and mortality risk. CO 93: Examine actuarial present value benefits in life insurance products. CO 94: Explore annuity concepts along with commutation functions and recursion for annuity calculations CO 95: Evaluate multiple decrement tables and premium to assess benefits and risks associated with insurance policies. CO 96: Contribute effectively in course-specific interaction. |
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.
- 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.
ESSENTIAL 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:
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
