Syllabus
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Course Code: DSES8-619 Course Name: Actuarial Statistics |
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| MODULE NO / UNIT | COURSE SYLLABUS CONTENTS OF MODULE | NOTES |
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| 1 | Probability Models, Loss distributions: modelling of individual and aggregate losses, fitting distributions to claims data, Risk models: models for individual claims and their sums, Distribution of aggregate claims, Compound distributions and applications, Introduction to Utility theory and Expected Utility Criterion. | |
| 2 | Survival function, curate future lifetime, force of mortality, life tables with examples. Multiple
life functions, joint life and last survivor status. Multiple decrement model. Principles of compound interest : Nominal and effective rates of interest and discount, force of interest and discount, compound interest, accumulation factor. |
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| 3 | Assurance and annuity contracts: definitions of benefits and premiums, various types of assurances and annuities and their relationships, present value, formulae for mean and variance of various continuous (payable immediately on death) and discrete (payable at the end of year of death) payments. | |
| 4 | Calculation of various payments from life tables: principle of equivalence, net premiums, prospective and retrospective provisions/reserves | |
