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Lecturer(s)
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Jindrová Pavla, Mgr. Ph.D.
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Course content
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Actuarial calculations in life insurance. Graduation, its use for mortality modeling. Mortality tables and their use in life insurance. Models and calculations of insurance premiums for death, survival and mixed insurance. Insurance reserves and their calculation in insurance of persons. Pension insurance and health insurance models. Valuation of life insurance products. Valuation base - mortality, cost, interest rate, inflation, buy-outs. Valuation methods - present value method, profit testing. Profitability Criteria. Life insurance assets and liabilities valuation. Modeling future cash flows for life insurance using Sophas special software. Insurance risks in non-life insurance. Non-life insurance forms. Damage Indicators and their Relationship. Determination of premiums in property and liability insurance. Surcharge and discount systems. Non-life insurance technical reserves, creation and use.
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Learning activities and teaching methods
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unspecified, Monologic (reading, lecture, briefing), Dialogic (discussion, interview, brainstorming), Demonstration, Skills training
- Participation in classes
- 14 hours per semester
- Home preparation for classes
- 136 hours per semester
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Learning outcomes
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The aim of the course is to acquaint students with computational methods used in insurance, namely in life and non-life insurance calculations, using MS Excel, Statistica software and Sophas special software. The emphasis is put on the ability of practical application of these methods and correct interpretation of the results obtained
A student who has successfully completed the course can: to characterize actuarial calculations for life insurance; to characterize the methods and procedures of graduation and apply them to mortality data; explain and apply life insurance calculation models; to characterize pension and health insurance models; describe product valuation methods and valuation bases; to characterize models of future cash flows for life insurance; to characterize insurance risks in life insurance as well as forms of non-life insurance; to characterize the determination of premiums in property and liability insurance; to characterize non-life insurance technical reserves. A student who has successfully completed the course can: be familiar with actuarial calculations for life insurance; choose appropriate methods and procedures for graduation and implement them on mortality data; to choose and implement appropriate methods of calculating premiums for life insurance; create pension and health insurance models; use product valuation methods and valuation bases; model future cash flows for life insurance by using Sophas special software; realize insurance risks in life insurance as well as forms of non-life insurance; choose the right method for determining life insurance premiums with regard to the form of insurance; apply various methods of actuarial provisions in non-life insurance. The student who has successfully completed the course is able to: to decide on the source and extent of the information it needs for individual life and non-life insurance and reinsurance calculations; to communicate comprehensibly and convincingly to professionals and laymen information on the process of individual calculations used in insurance.
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Prerequisites
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unspecified
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Assessment methods and criteria
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Oral examination, Written examination, Home assignment evaluation, Student performance assessment
Credit: written form using MS Excel and Sophas. Examination: combined, i.e. written and oral.
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Recommended literature
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Cipra, Tomáš. Finanční a pojistné vzorce. Praha: Grada, 2006. ISBN 80-247-1633-X.
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Cipra, Tomáš. Pojistná matematika : teorie a praxe. Praha: Ekopress, 2006. ISBN 80-86929-11-6.
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Cipra, Tomáš. Praktický průvodce finanční a pojistnou matematikou. Praha: Ekopress, 2015.
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DICKSON, D. C. M., HARDY, M. R., WATERS, H. R. Actuarial Mathematics for Life Contingent Risks. Cambridge: Cambridge University Press, 2009.
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DUCHÁČKOVÁ, E.:. Pojištění a pojišťovnictví. Praha: Ekopress, 2015. ISBN 9788087865255.
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FECENKO, J.:. Neživotné poistenie.. Bratislava: EKONÓM, 2006.
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GRAY, R. J., PITTS, S. Risk modelling in general insurance: from principles to practice. Cambridge: Cambridge University Press, 2012.
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CHAN, W.-S., TSE, Y.-K. Financial Mathematics for Actuaries. Singapur: World Scientific Publishing Co., 2018.
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Sekerka, B., Jindrová, P. Finanční a pojistná matematika. Pardubice: Univerzita Pardubice, 2005.
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