syllabus v45:b.sc.actuarial science - yashwantrao …ycmou.digitaluniversity.ac/webfiles/ycmou-ast...

A S T , Y C M O U , N A S H I K – 4 2 2 2 2 2 , M S , I N D I A

2011

Syllabus V46: M.Sc. Actuarial

Science

School of Architecture, Science and technology Yashwantrao Chavan Maharashtra Open University

Syllabus For V48: PG Dip (Actuarial Applications) Page 1

CONTENTS Basic Information ................................................................................................................... 5 Programme Calendar .............................................................................................................. 5 Eligibility and Fees .................................................................................................................. 6 Semesters and Courses ........................................................................................................... 6 Evaluation Pattern.................................................................................................................. 7

M. Sc. (Actuarial Science) ......................................................................................................... 8 S14011: Mathematics of Finance - I ........................................................................................ 8

Programme Information ........................................................................................................... 8 Course Information .................................................................................................................. 8 Presumed Knowledge and Learning Objectives ........................................................................ 8 Units ......................................................................................................................................... 8 Details Syllabus ......................................................................................................................... 9 Learning Resource Details ........................................................................................................ 9

S14012: Mathematics of Finance - II ..................................................................................... 10 Programme Information ......................................................................................................... 10 Course Information ................................................................................................................ 10 Presumed Knowledge and Learning Objectives ...................................................................... 10 Units ....................................................................................................................................... 10 Details Syllabus ....................................................................................................................... 11 Learning Resource Details ...................................................................................................... 11

S14013: Statistics for Actuaries - I ......................................................................................... 12 Programme Information ......................................................................................................... 12 Course Information ................................................................................................................ 12 Presumed Knowledge and Learning Objectives ...................................................................... 12 Units ....................................................................................................................................... 12 Details Syllabus ....................................................................................................................... 13 Learning Resource Details ...................................................................................................... 14

S14014: Statistics for Actuaries - II ........................................................................................ 15 Programme Information ......................................................................................................... 15 Course Information ................................................................................................................ 15 Presumed Knowledge and Learning Objectives ...................................................................... 15 Units ....................................................................................................................................... 15 Details Syllabus ....................................................................................................................... 16 Learning Resource Details ...................................................................................................... 16

S14015: Corporate Finance and Financial Reporting- I ........................................................... 18 Programme Information ......................................................................................................... 18 Course Information ................................................................................................................ 18 Presumed Knowledge and Learning Objectives ...................................................................... 18 Units ....................................................................................................................................... 18 Details Syllabus ....................................................................................................................... 19 Learning Resource Details ...................................................................................................... 19

S14016: Corporate Finance and Financial Reporting-II ........................................................... 21 Programme Information ......................................................................................................... 21 Course Information ................................................................................................................ 21 Presumed Knowledge and Learning Objectives ...................................................................... 21 Units ....................................................................................................................................... 21 Details Syllabus ....................................................................................................................... 22 Learning Resource Details ...................................................................................................... 22 Semester 02 ........................................................................................................................... 24

S14021: Actuarial Modeling - I .............................................................................................. 24


Programme Information ......................................................................................................... 24 Course Information ................................................................................................................ 24 Presumed Knowledge and Learning Objectives ...................................................................... 24 Units ....................................................................................................................................... 24 Details Syllabus ....................................................................................................................... 25 Learning Resource Details ...................................................................................................... 25

S14022: Actuarial Modeling - II ............................................................................................. 26 Programme Information ......................................................................................................... 26 Course Information ................................................................................................................ 26 Presumed Knowledge and Learning Objectives ...................................................................... 26 Units ....................................................................................................................................... 26 Details Syllabus ....................................................................................................................... 27 Learning Resource Details ...................................................................................................... 27

S14023: Casualty Actuarial Science and Time Series-I ............................................................ 28 Programme Information ......................................................................................................... 28 Course Information ................................................................................................................ 28 Presumed Knowledge and Learning Objectives ...................................................................... 28 Units ....................................................................................................................................... 28 Details Syllabus ....................................................................................................................... 29 Learning Resource Details ...................................................................................................... 29

S14024: Casualty Actuarial Science and Time Series-II ........................................................... 31 Programme Information ......................................................................................................... 31 Course Information ................................................................................................................ 31 Presumed Knowledge and Learning Objectives ...................................................................... 31 Units ....................................................................................................................................... 31 Details Syllabus ....................................................................................................................... 32 Learning Resource Details ...................................................................................................... 32

S14025: Actuarial Business Economics - I .............................................................................. 34 Programme Information ......................................................................................................... 34 Course Information ................................................................................................................ 34 Presumed Knowledge and Learning Objectives ...................................................................... 34 Units ....................................................................................................................................... 34 Details Syllabus ....................................................................................................................... 35 Learning Resource Details ...................................................................................................... 35

S14026: Actuarial Business Economics - II ............................................................................. 37 Programme Information ......................................................................................................... 37 Course Information ................................................................................................................ 37 Presumed Knowledge and Learning Objectives ...................................................................... 37 Units ....................................................................................................................................... 37 Details Syllabus ....................................................................................................................... 38 Learning Resource Details ...................................................................................................... 38 Semester 03 ........................................................................................................................... 40

S14031: Life Contingencies - I................................................................................................ 40 Programme Information ......................................................................................................... 40 Course Information ................................................................................................................ 40 Presumed Knowledge and Learning Objectives ...................................................................... 40 Units ....................................................................................................................................... 40 Details Syllabus ....................................................................................................................... 41 Learning Resource Details ...................................................................................................... 41

S14032: Life Contingencies - II............................................................................................... 42 Programme Information ......................................................................................................... 42 Course Information ................................................................................................................ 42


Presumed Knowledge and Learning Objectives ...................................................................... 42 Units ....................................................................................................................................... 42 Details Syllabus ....................................................................................................................... 43 Learning Resource Details ...................................................................................................... 43

S14033: Financial Economics - I ............................................................................................. 44 Programme Information ......................................................................................................... 44 Course Information ................................................................................................................ 44 Presumed Knowledge and Learning Objectives ...................................................................... 44 Units ....................................................................................................................................... 44 Details Syllabus ....................................................................................................................... 45 Learning Resource Details ...................................................................................................... 45

S14034: Financial Economics - II ............................................................................................ 46 Programme Information ......................................................................................................... 46 Course Information ................................................................................................................ 46 Presumed Knowledge and Learning Objectives ...................................................................... 46 Units ....................................................................................................................................... 46 Details Syllabus ....................................................................................................................... 47 Learning Resource Details ...................................................................................................... 47

S14035: Communication and Research Methodologies ......................................................... 48 Programme Information ......................................................................................................... 48 Course Information ................................................................................................................ 48 Presumed Knowledge and Learning Objectives ...................................................................... 48 Units ....................................................................................................................................... 48 Details Syllabus ....................................................................................................................... 49 Learning Resource Details ...................................................................................................... 49

S14036: Business Environment and Enterprise Risk Management ......................................... 51 Programme Information ......................................................................................................... 51 Course Information ................................................................................................................ 51 Presumed Knowledge and Learning Objectives ...................................................................... 51 Units ....................................................................................................................................... 51 Details Syllabus ....................................................................................................................... 52 Learning Resource Details ...................................................................................................... 52 Semester 04 ........................................................................................................................... 54

S14041: Asset and Liability Management - I ......................................................................... 54 Programme Information ......................................................................................................... 54 Course Information ................................................................................................................ 54 Presumed Knowledge and Learning Objectives ...................................................................... 54 Units ....................................................................................................................................... 54 Details Syllabus ....................................................................................................................... 55 Learning Resource Details ...................................................................................................... 55

S14042: Asset and Liability Management - I .......................................................................... 57 Programme Information ......................................................................................................... 57 Course Information ................................................................................................................ 57 Presumed Knowledge and Learning Objectives ...................................................................... 57 Units ....................................................................................................................................... 57 Details Syllabus ....................................................................................................................... 58 Learning Resource Details ...................................................................................................... 58

S14043: Asset and Liability Management - III ........................................................................ 60 Programme Information ......................................................................................................... 60 Course Information ................................................................................................................ 60 Presumed Knowledge and Learning Objectives ...................................................................... 60 Units ....................................................................................................................................... 60


Details Syllabus ....................................................................................................................... 61 Learning Resource Details ...................................................................................................... 61

S14044: EXCEL, MACROS With Visual Basic ........................................................................... 63 Programme Information ......................................................................................................... 63 Course Information ................................................................................................................ 63 Presumed Knowledge and Learning Objectives ...................................................................... 63 Units ....................................................................................................................................... 63 Details Syllabus ....................................................................................................................... 64 Learning Resource Details ...................................................................................................... 64

S14045: Actuarial Applications Using EXCEL .......................................................................... 66 Programme Information ......................................................................................................... 66 Course Information ................................................................................................................ 66 Presumed Knowledge and Learning Objectives ...................................................................... 66 Units ....................................................................................................................................... 66 Details Syllabus ....................................................................................................................... 67 Learning Resource Details ...................................................................................................... 67

S14046: Actuarial Project ...................................................................................................... 69 Programme Information ......................................................................................................... 69 Course Information ................................................................................................................ 69 Presumed Knowledge and Learning Objectives ...................................................................... 69 Activities ................................................................................................................................. 69 Detail Specifications ............................................................................................................... 70 Learning Resource Details ...................................................................................................... 72


SYLLABUS FOR V46: M.SC. ACTUARIAL SCIENCES)

BASIC INFORMATION 1. Mode of Education: Full time residential face-to-face mode of education enhanced with

ELearning support. 2. Minimum Programme Duration: 3 years after HSC (12th) or Equivalent 3. Required Study Efforts: 720 Hours in each semester 4. Medium of Instruction: English 5. Attendance: Minimum 75% attendance for all courses. 6. Equivalence Status:

a. UGC recognized and approved b. DEC recognized and approved c. Study centers approved by Directorate General of Shipping d. Recognized by Government of Maharashtra for MPSC jobs

PROGRAMME CALENDAR SN Activity Description Odd semesters like

01, 03, 05 and 07 From 01-Aug Till 31 Jan

Even semesters like 02, 04, 06 and 08

From 01-Feb Till 31-Jul

Admission

01 Further Admission From 05-Jun Till 05-Jul Not Offered

02 Fresh Admission From 05-Jun Till 05-Aug Not Offered

Teaching - Learning

03 Teaching - Learning From 01-Aug Till 13 Nov From 01-Feb Till 16-May

04 Teaching–Learning Backlog Clearing From 14-Nov to 04-Dec From 17-May to 04-Jun

End Exam (EE) Form Submission

05 EE Form Submission by students at SC On or Before 30-Sep On or Before 31-Mar

06 EE Form Submission by SCs at University On or Before 05-Oct On or Before 05-Apr

Continuous Assessment (CA) Submission

07 CA Availability on website From 01-Aug Till 30 Nov From 01-Feb Till 30-May

08 CA Submission by Students at SC 01-30 Nov 01-30 May

09 Provisional CA Report by SCs On or before 31-Dec On or before 30-Jun

10 Final CA Report Submission by SCs at University

On or before 31-Jan On or before 31-Jul

End Examination (EE)

11 EE for Theory Courses From 05-Dec Till 14-Dec From 05-Jun Till 14-Jun

12 EE for Practical, STW, SV or PW Courses Immediately after the last day of end exam for

theory courses, but positively before 05-Jan

Immediately after the last day of end exam for

theory courses, but positively before 05-Jul

Semester End Vacation

13 Semester End Vacation From 08-Jan Till 31-Jan From 08-Jul Till 31-Jul


ELIGIBILITY AND FEES Admission Eligibility Certification Eligibility Fees and Deposit / Semester

HSC (10+2) or equivalent pass + Aptitude Test

For Admission to

Successful completion

of all courses at following semester is

essential

Min 50% or as specified for the respective course in the syllabus

or better marks in total 24 courses (subjects)

of total 99 credit points at Semesters 01-04.

Aggregate performance and

Class in the programme shall be reported on the basis of only

semesters 01-04.

Desc INR USD

UF 15,600 1560

SCF 72,000 7,200

ATF 500 one time

50 one time

EF 1400/T/P 140/T/P Total ≈ 96,000 9,600

LD 2,000 200

SEMESTERS AND COURSES SN Code Name CA EE TM Type CPs Passing

%

Semester 01: 16 CPs

01 S14011 Mathematics of Finance- I 20 80 100 T 4 50%

02 S14012 Mathematics of Finance - II 20 80 100 T 4 50%

03 S14013 Statistics for Actuaries - I 20 80 100 T 4 50%

04 S14014 Statistics for Actuaries – II 20 80 100 T 4 50%

05 S14015 Corporate Finance and Financial Reporting-I 20 80 100 T 4 50%

06 S14016 Corporate Finance and Financial Reporting-II 20 80 100 T 4 50%

Semester 02: 16 CPs

07 S14021 Actuarial Modeling-I 20 80 100 T 4 50%

08 S14022 Actuarial Modeling-II 20 80 100 T 4 50%

09 S14023 Casualty Actuarial Science and Time Series-I 20 80 100 T 4 50%

10 S14024 Casualty Actuarial Science and Time Series-II 20 80 100 T 4 50%

11 S14025 Actuarial Business Economics-I 20 80 100 T 4 50%

12 S14026 Actuarial Business Economics-II 20 80 100 T 4 50%

Semester 03: 16 CPs

13 S14031 Life Contingencies-I 20 80 100 T 4 50%

14 S14032 Life Contingencies-II 20 80 100 T 4 50%

15 S14033 Financial Economics - I 20 80 100 T 4 50%

16 S14034 Financial Economics - II 20 80 100 T 4 50%

17 S14035 Communication and Research Methodology 20 80 100 T 4 50%

18 S14036 Business Environment and Enterprise Risk Management

20 80 100 T 4 50%

Semester 04: 16 CPs

19 S14041 Asset and Liability Management – I 20 80 100 T 4 50%

20 S14042 Asset and Liability Management – II 20 80 100 T 4 50%

21 S14043 Asset and Liability Management – III 20 80 100 T 4 50%

22 S14044 EXCEL, MACROS with Visual Basic 20 80 100 P 4 50%


SN Code Name CA EE TM Type CPs Passing %

23 S14045 Actuarial Applications Using EXCEL 20 80 100 P 4 50%

24 S14046 Actuarial Project 20 80 100 PW 4 50%

EVALUATION PATTERN SN Type of

Course Continuous Assessment End Examination

1 Theory (T) 1. Student is required to answer 1 of 1 SAQ, each of 5 marks, on each CP

2. Single attempt only 3. Marks: 5 Marks for each CP 4. Duration: Specified 1 Month 5. CAT: Continuous Assessment

Time is 1 hr for each C.P.

1. Student is required to answer 1 of 1 SAQ, each of 5 marks, on each CP

2. Student is required to answer 1 of 2 LAQs, each of 15 marks, on each CP

3. Maximum 5 Attempts only 4. Marks: 20 Marks for each CP 5. Duration: 45 minutes for each CP

2 Practical (P) 1. Student is required to submit “Activity Report” for each CP in the prescribed format.

2. Single Attempt only 3. Marks: 5 Marks for each CP 4. Duration: Specified 1 Month 5. CAT: Continuous Assessment


1. External and internal examiners shall assess each student based on: a. Conduct of One Randomly

Selected Practical Activity – 5 Marks

b. Viva-Voice - 5 Marks c. Journal (Workbook) - 5 Marks

and d. Report of Practical Activity - 5

Marks 2. Maximum 5 Attempts only 3. Marks: 20 Marks for each CP 4. Duration: 240 minutes for each CP

3 Project Work (PW)

6. Student is required to submit “Activity Report” for each CP in the prescribed format.

7. Single Attempt only 8. Marks: 5 Marks for each CP 9. Duration: Specified 1 Month 10. CAT: Continuous Assessment


5. External and internal examiners shall assess each student based on: a. Project Proposal and Review of

Literature - 5 Marks b. Project Results and Report - 5

Marks c. Presentation - 5 Marks and d. Viva-Voce - 5 Marks

6. Maximum 5 Attempts only 7. Marks: 20 Marks for each CP 8. Duration: 240 minutes for each CP

Actual CA and EE marks shall be used in computation of “Total Marks (TM)”. “Grace Factor” and “Total Marks (TM)” shall be used in computation of Percentile marks. Only percentile marks shall be reported for each course in the mark-statement. For successful completion, minimum 50% marks shall be essential for each course. Only best of the past performance shall be reported.


M. SC. (ACTUARIAL SCIENCE)

S14011: MATHEMATICS OF FINANCE - I

PROGRAMME INFORMATION SN Description Details

1 University Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/

2 School School of Architecture, Science and Technology

3 Discipline Science

4 Level UG

5 Course Used in V46: M.SC. (ACT. SC.)

COURSE INFORMATION Sem Code Course Name CP CST CAT ST CA EE M Type

01 S14011 Mathematics of Finance - I 4 40 4 120 20 80 100 T

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Learning Objectives

Course Prerequisites:

Basic Algebra and Calculus

Course Objectives: After successful completion of this course, student will be able to do:

Find present value, real value of money

Calculate simple interest, compound interest, total present value and accumulations of cash flows

Use them for decision making in various actuarial applications

Field Work and/or Home Assignment: Students are expected to complete 1 Field Work and/or Home Assignment having 20% weightage in total evaluation.

UNITS UN Name of the Unit CSs Questions

1 2

Time Value of Money

Interest Rates

CP Block 01

CSs 01-10

Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' LAQs in end exam on

these units.

4 5

Real and Money Interest Rates

Discounting and Accumulating of cashflows

CP Block 02

CSs 11-20


these units.

6 7

Immediate and Level Annuity:

Deferred and Increasing/Decreasing Annuities

CP Block 03

CSs

Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2'


21-30 LAQs in end exam on these units.

8 9

Equations of Value

Loan Repayment calculations

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS

UN Detail Syllabus of the Unit CP

Block

1 2

Time Value of Money: Simple interest, Compound Interest, Present value of a future payment

Cashflow Models

Interest Rates: Nominal rate, effective rate, force of interest

CP Bock

01

4 5

Real and Money Interest Rates: Effect of inflation on money rates

Discounting and Accumulating: Present value and accumulated value of a stream of payments using specified interest rates and net present value at a real rate of interest assuming a constant rate of inflation.

CP Bock

02

6 7

Immediate and Level Annuity: Compound interest functions-I

Deferred and Increasing/decreasing Annuities: Compound interest functions-II CP

Bock 03

8 9

Equations of Value: Definition and applications

Loan Schedules: Flat rate, Annual effective rate, Loan repayment schedules with payment of equal capital components or payment of equal installments with varying interest and capital components

CP Bock

04

LEARNING RESOURCE DETAILS

LR Code Title Author

Edition Year

ISBN Publisher

Text-Books

S14011-TB1

ActEd Study Material

Subject CT1

2010 Actuarial Education Company

[email protected]

S14011-TB2

Reference-Books

S14011-RB1 The Theory of Interest

Kellison

Jan

2006

0256091501

Irwin Mc-Graw Hill

S14011-RB2 Actuarial Mathematics

Bowers, L. Newton

2nd 0938959468

Society of Actuaries

CD / DVD

S14011-CD1

Web Links

S14011-WL1

S14011-WL2


S14012: MATHEMATICS OF FINANCE - II PROGRAMME INFORMATION

SN Description Details




4 Level UG


COURSE INFORMATION Sem Code Course Name CP CST CAT ST CA EE TM Type

01 S14012 Mathematics of Finance - II 4 40 4 120 20 80 100 T



Basic Algebra, Calculus and Statistics

S14011


Appraisal of projects for selecting the best

Analyse impact of series of cashflows

Understand behavior of interest rates for use in various actuarial applications



1

Project Evaluation and Appraisal

CP Block 01

CSs 01-10


these units.

2

Problems involving compound growths

CP Block 02

CSs 11-20


these units.

3 4

Investments

Term structure models of Interest Rates

CP Block 03

CSs 21-30


these units.


5 6

Arbitrage Pricing

Stochastic Models for Interest Rates

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1 Project Evaluation and Appraisal: Project Evaluation Methods: NPV, IRR, Payback Periods. Money-weighted and time-weighted rates of return and linked IRR on an investment or a fund

CP Bock

01

2 Problems Involving Compound Growths: Compound Interest Problems in various forms of actuarial applications

CP Bock

02

3 4

Investments: Government Securities, Other Fixed Interest Securities, Equities, Real Estate, Commodities, Numismatics, etc.

Term Structure Of Interest Rates: Par yield, yield to maturity, spot rates and forward rates. Duration and convexity of a cash flow sequence and their use in Redington’s immunization of portfolio of liabilities

CP Bock

03

5 6

Arbitrage Pricing, Derivatives: Forward and Future Contracts, their pricing; Options

Stochastic Models for Interest Rates : Fixed interest rate models and variable interest rate models with independent distributions for successive periods

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14012-TB1 ActEd Study Material

Subject CT1


[email protected]

S14012-TB2

Reference-Books

S14012-RB1 The Theory of Interest

Kellison

Jan

2006

0256091501

Irwin Mc-Graw Hill


Bowers L. Newton

2nd 0938959468


S14012-RB3

CD / DVD

S14012-CD1

S14012-CD2

Web Links

S14012-WL1

S14012-WL2


S14013: STATISTICS FOR ACTUARIES - I





4 Level UG



01 S14013 Statistics for Actuaries - I 4 40 4 120 20 80 100 T



Basic Algebra and Calculus


Calculate various statistical measures and Interpret them

Calculate probabilities of events

Define random variables and determine their distributions

in various actuarial applications



1 2 3 4 5

Data

Graphs And Diagrams

Measures Of Central Tendency And Location

Measures Of Dispersion

Moments And Measures Based On Moments

CP Block 01

CSs 01-10


these units.

6 7 8 9

Probability

Discrete Random Variables

Generating Functions: P.G.F., M.G.F. And C.G.F.

Standard Discrete Probability Distributions And Their Applications

CP Block 02

CSs 11-20


these units.

10 11 12

Joint Prob. Mass Function Of Discrete Random Variables

Continuous Random Variable And Its Distributions

Joint Distribution Of Continuous Random Variables

CP Block 03

CSs 21-30


these units.

13 Compound Distribution CP Block 04 Students have to answer


14 15

Standard Continuous Distributions

Central Limit Theorem

CSs

31-40

'1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' LAQs in end exam on

these units.

DETAILS SYLLABUS


Block

1 2 3 4 5

Data: Types, Sources, Classification, Frequency Distribution, Stem and Leaf diagram.

Graphs and Diagrams: Frequency Curve, Cumulative Frequency Curve

Measures of Central Tendency: Arithmetic Mean, Geometric Mean, Median, Mode.

Measures of Locations: Median, Quartiles, Percentiles, Box plot.

Measures of Dispersion: Range and its Coefficient, Semi inter-quartile range and its Coefficient, Mean Deviation and its Coefficient, Standard Deviation and Coefficient of Variation. Concepts of Skewness and Kurtosis. Raw and Central Moments. Measures of Central tendency, dispersion, skewness and kurtosis based on moments.

CP Bock

01

6 7 8 9

Probability: Probability of Simple and Compound Events, Conditional Probability, Independence of Events, Addition Theorem, Multiplication Theorem, Bayes’ Theorem.

Discrete Random Variables: Probability mass function, Cumulative probability distribution function, Mathematical Expectation, Variance, Moments, Median, Mode. Derivation of Probability mass function of a function of a random variable.

Generating Functions: Probability Generating Function, Moment Generating Function and Moments, Cumulant Generating Function and Cumulants.

Standard Discrete Probability Distributions And Their Applications: Standard discrete probability Discrete Uniform Distribution, Bernoulli’s Distribution, Binomial Distribution, Poisson Distribution, Geometric Distribution, Negative Binomial Distribution, Hypergeometric Distribution.

CP Bock

02

10 11 12

Joint Prob. Mass Function Of Discrete Random Variables: Joint probability mass function of discrete random variables, marginal and conditional probability functions. Covariance and Correlation Coefficient.

Continuous Random Variable And Its Distributions: Continuous Random Variable and its distributions. Probability Density Function, Cumulative Distribution Function, Expectation, Median, Percentiles, Mode, Variance, Moments.

Joint Distribution Of Continuous Random Variables: Derivation of Probability density functions of a function of a random variable. Joint probability density function of random variables, Marginal and conditional distributions, Covariance and Correlation Coefficient, Joint Moment generating function of two random variables.

Conditional expectation of one random variable given the value of another variable

Mean and Variance of a random variable from expected values and variance of values of conditional expectation/variance. M.G.F. of bi-variate distribution.

CP Bock

03

13 14

15

Compound Distribution: Concept, Expressions for Mean, Variance, M.G.F. and their use.

Standard continuous distributions: Uniform Distribution or Rectangular Distribution, Exponential Distribution, Gamma Distribution, Normal Distribution, Lognormal Distribution, Beta–I and Beta-II Distribution, Chi-square Distribution, t- Distribution and F – Distribution

CP Bock

04


Central Limit Theorem: Central Limit theorem and normal approximation

Central Limit theorem and its application in finding approximate probabilities.



Edition Year

ISBN Publisher

Text-Books

S14013-TB1 Descriptive Statistics

R. J. Shah

6th

2010

Sheth Publishers

Rs 125.00

S14013-TB2 Statistical Methods

R. J. Shah

2010

Sheth Publishers

Rs 120.00

Reference-Books

S14013-RB1

John Freund’s Mathematical Statistics with Applications

Miller, Miller

7th

2003

10:131427067

Prentice Hall India

S14013-RB2 Elementary Statistics

Mario Triola

Jan

2006

13:9780321369185

Prentice Hall

S14013-RB3 Statistics

M.G. Diwan and R. Ramkrishnan

2003

Insurance Institute of India

CD / DVD

S14013-CD1

S14013-CD2

Web Links

S14013-WL1 http://sofia.fhda.edu/gallery/statistics/resources.html

S14013-WL2

http://sofia.fhda.edu/gallery/statistics/resources.html



S14014: STATISTICS FOR ACTUARIES - II





4 Level UG



01 S14014 Statistics for Actuaries - II 4 40 4 120 20 80 100 T



S14013

Course Objectives: After successful completion of this course, student will be able to:

Estimate parameters in statistical models

Test hypotheses for significance

Lay strong foundation of statistical inference for a variety of applications including actuarial ones


UNITS

UN Name of the Unit CSs Questions

1 2

3

Order Statistic

Point And Interval Estimation

Methods Of Point Estimation

CP Block 01

CSs 01-10


these units.

4 5 6

Testing Of Hypothesis

Tests Of Significance

Large Sample Tests For Population Mean(S), Proportion(S) As Applications Of Normal Distribution

CP Block 02

CSs 11-20


these units.

7 8 9

Large Sample

Chi-Square Tests

Simulation

CP Block 03

CSs 21-30


these units.

10 T-Tests CP Block 04 Students have to answer


11 12

F-Tests, Anova

Bi-Variate Linear Correlation And Regression Analysis

CSs

31-40


these units.

DETAILS SYLLABUS


Block

1 2 3

Order Statistic: Concept, their p.d.f. for a single order statistic

Point and Interval Estimation: Concepts. Population, Sample, Parameter, Statistic, Estimator, Estimate, Bias, Mean Square Error, Standard Error. Unbiasedness, Consistency, Sufficiency. Confidence Interval, Confidence Coefficient.

Methods of Point Estimation: Method of Moments, Method of Maximum Likelihood Estimation. Properties of M.L.E. Cramer-Rao Lower Bound.

CP Bock

01

4 5 6

Testing of Hypothesis: Simple and composite hypothesis, Null and alternative hypothesis. Decision Criterion, Type I Error, Type II Error, Critical region, Level of Significance, Power.

Tests of Significance: Tests of Significance, Most Powerful test, NP Lemma, Uniformly Most Powerful Test.

Likelihood Ratio Tests

Large Sample Tests For Population Mean(S), Proportion(S) As Applications Of Normal Distribution: Sampling Distributions of sample mean and sample proportion. Large Sample Tests as Applications of Normal Distribution: Tests for One/Two Population Mean(s)/Proportion(s)/Correlation Coefficient(s)

CP Bock

02

7 8 9

Large Sample Tests For Population Correlation Coefficient(S) Using Fisher’s Z-Transformation: Large Sample Tests for Population Correlation Coefficient(s) using Fisher’s z-transformation

Chi-square tests: Test for One Normal Population Variance, Test for Goodness of Fit, Tests for Independence of Attributes

Simulation: Distribution of Y=F(x), Pseudo Random Numbers, Selecting random samples from discrete population, continuous population. Acceptance Rejection Method. Monte Carlo simulation.

CP Bock

03

10 11 12

t-tests : Tests for Mean(s) of One/Two Normal Population Mean(s), Paired t-test, Test for Significance of Bivariate Normal Population Correlation Coefficient, Test for Bivariate Normal Population Regression Coefficient

F-tests, ANOVA: Two Normal Population Variance Test, Several Population Means test as ANOVA

Bi-variate Linear Correlation and Regression Analysis: Karl Pearson’s Coefficient, Regression Coefficients and Regression lines. Test for Regression coefficient.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14014-TB1 Statistical Methods 2010 Sheth Publishers


R. J. Shah Rs 120.00

S14014-TB2

Reference-Books

S14014-RB1 Statistics

M.G. Diwan and R. Ramkrishnan

Insurance Institute of India

S14014-RB2

John Freund’s Mathematical Statistics with Applications

Miller, Miller

7th

2003

10:131427067

Prentice Hall India

S14014-RB3 Elementary Statistics

Mario Triola

Jan

2006

13:9780321369185

Prentice Hall

CD / DVD

S14014-CD1

S14014-CD2

Web Links

S14014-WL1 http://sofia.fhda.edu/gallery/statistics/resources.html

S14014-WL2




S14015: CORPORATE FINANCE AND FINANCIAL REPORTING- I





4 Level UG



01 S14015 Corporate Finance and Financial Reporting-I 4 40 4 120 20 80 100 T



None


Interpret the basic accounting items

Construct and analyse the base financial statements

Understand how the accounting statements of an insurance company would differ from the other companies



1 2 3

Introduction To Accounts

Basic Accounting Terms

The Main Accounts

CP Block 01

CSs 01-10


these units.

4 5

Generating Accounts

Depreciation

CP Block 02

CSs 11-20


these units.

6 7 8

Reserves

Group Accounts

Insurance Company Accounts

CP Block 03

CSs 21-30


these units.

9 Interpretation Of Accounts CP Block 04 Students have to answer


CSs

31-40


these units.

DETAILS SYLLABUS


Block

1 2 3

Introduction To Accounts: Introduction to Accounts and Accounting Standards. Basic Accounting Concepts. Contents of Annual Report. Director’s Report. Auditor’s report. International Financial Reporting Standards.

Basic Accounting Terms: Credit, Debit, Asset, Liability, Income, Expense.

The Main Accounts: Profit & Loss Account (PLA), Balance Sheet (BS) & Cash flow Statement (CFS).

CP Bock

01

4 5

Generating Accounts: Construct PLA, BS, and CFS.

Depreciation: Concept, Methods of calculation CP

Bock 02

6 7 8

Reserves: types and uses.

Group Accounts: Holding Company, Subsidiary Company, Minority holding, Consolidated Balance Sheet.

Insurance company accounts: Technical and Non-technical Account, PLA, BS.

CP Bock

03

9

Interpretation Of Accounts Using Accounting Ratios– Security Of Loan Capital, Shareholder Analysis: Accounting Ratios to assess security of loan capital and their interpretation. Accounting Ratios to enable shareholder analysis and their interpretation.

Limitations of Accounts.

Financial Institutions.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT2


[email protected]

S14015-TB2

Reference-Books

S14015-RB1 Accounting and financial fundamentals for nonfinancial executives Robert Rachlin & Allen Sweeny.

1996

AMACOM, New York

S14015-RB2 Accounting Fundamentals

William Ruland

2001

0324023618 Cincinnati, Ohio: South-Western College Pub.

S14015-RB3 Managerial Accounting Garrison, Noreen, Brewer

Jan

2005 Irwin Professional Pub

CD / DVD


S14015-CD1

S14015-CD2

Web Links

S14015-WL1 http://freevideolectures.com/business.html

S14015-WL2

http://freevideolectures.com/business.html


S14016: CORPORATE FINANCE AND FINANCIAL REPORTING-II





4 Level UG



01 S14016 Corporate Finance and Financial Reporting-II 4 40 4 120 20 80 100 T



S14011

S14015


Understand fundamentals of Corporate Finance

Evaluate projects

Determine right sources of finance for a project



1 2 3

Key Principles Of Finance

Company Ownership

Medium Term And Short Term Sources

CP Block 01

CSs 01-10


these units.

4 5 6 7

Taxation

Long Term Financial Instruments

Issue Of Shares

Uses Of Derivatives

CP Block 02

CSs 11-20


these units.

8 9

10

Weighted Average Cost Of Capital

Modigliani And Miller’s Two Propositions Capital Structure And Dividend Policy

CP Block 03

CSs 21-30


these units.

11 12 13

Project Appraisal Methods

Evaluation Of Risky Projects

Risk Analysis And Dealing With Risks

CP Block 04

CSs




DETAILS SYLLABUS


Block

1 2 3

Key Principles Of Finance: The key principles of finance, Role of Directors and Managers, Agency Theory

Company Ownership : Sole trader, partnership firm, limited company (private and public), limited liability partnership in UK

Medium Term And Short Term Sources: Medium Term And Short Term Sources of Finance for an Organization. Medium term sources: Hire purchase, credit sale, leasing, bank loans. Short term sources: Bank overdraft, trade credit, factoring, bill of exchange, commercial paper.

CP Bock

01

4 5 6 7

Taxation: Personal taxation, Company taxation, Capital Gains tax, other taxes, double taxation relief.

Financial Instruments: debenture stocks, unsecured loan stocks, Eurobonds, preference shares, ordinary shares, convertible unsecured loan stocks, convertible preference shares, warrants, floating-rate notes, subordinated debt, options issued by companies.

Methods of obtaining a quotation: offer for sale, offer for sale by tender, offer for subscription, placing, introduction.

Right Issue, Scrip Issue.

Derivatives: forward contracts, future contracts, options and swaps. Their characteristics and uses for hedging

CP Bock

02

8 9

10

Weighted Average Cost of Capital: Cost of equity, Cost of debt and WACC.

Modigliani And Miller’s Two Propositions: Modigliani and Miller’s two propositions of irrelevance Capital Asset Pricing Models (CAPM)

Capital Structure And Dividend Policy: Capital Structure and Dividend Policy, Share buyback.

CP Bock

03

11 12 13

Project Appraisal Methods: Cost of Capital for the Company, Cost of Capital for a project.

Methods of Project Evaluation: NPV, IRR, Payback Period, Discounted Payback Period, etc. Evaluation of risky projects

Risk Analysis And Dealing With Risks: Risk Analysis and dealing with risks. Risk matrices, Risk analysis, Stochastic modeling, Risk mitigation.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14016-TB1


Subject CT2


[email protected]

S14016-TB2


Reference-Books

S14016-RB1 Principles of Corporate Finance

Brealey, Myers, Allen

2006

13:9780073130828

Irwin Professional Pub

S14016-RB2 Essentials of Corporate Finance

Ross, Westerfield, Jordan

1996

13:9780072946734

Irwin Professional Pub

S14016-RB3

CD / DVD

S14016-CD1

S14016-CD2

Web Links

S14016-WL1 http://freevideolectures.com/business.html

S14016-WL2

http://freevideolectures.com/business.html


SEMESTER 02

S14021: ACTUARIAL MODELING - I





4 Level UG



01 S14021 Actuarial Modeling - I 4 40 4 120 20 80 100 T



S14013

S14014


Understand the basic characteristics of stochastic processes

Analyse actuarial models involving stochastic processes



1 2

Principles Of Actuarial Modeling

Stochastic Processes

CP Block 01

CSs 01-10


these units.

3

Markov Chains

CP Block 02

CSs 11-20


these units.

4 5

Two-State Markov Model

General Markov Model

CP Block 03

CSs 21-30


these units.


6

Markov Jump Processes

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1 2

Principles Of Actuarial Modeling: Principles of Actuarial Modeling

Stochastic Processes: Definition, types. Stationary Process, Weakly stationary process. Markov property, Filtration, Poisson process

CP Bock

01

3

Markov Chains: Basic features, Chapman-Kolmogorov Equations, Time-homogeneous and time-inhomogeneous Markov chains, Model for No Claim Discount policy, Simple Random Walk, A model for accident proneness, Stationary probability distribution, Irreducibility, Modeling using Markov Chains

CP Bock

02

4 5

Survival Models. Two-state Markov model: assumptions, analysis

General Markov Model: assumptions, analysis. A simple two decrement model CP

Bock 03

6 Markov Jump Processes: Time-homogeneous Markov jump processes. Structure of Markov jump processes. Time-inhomogeneous Markov jump processes. Applications to mortality and morbidity models

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT4


[email protected]

S14021-TB2

Reference-Books

S14021-RB1

Actuarial Mathematics

Bowers, L. Newton

2nd 0938959468


S14021-RB2 Survival models and their estimation, London

1988 Actex Publications

CD / DVD

S14021-CD1

S14021-CD2

Web Links

S14021-WL1

S14021-WL2


S14022: ACTUARIAL MODELING - II





4 Level UG



01 S14022 Actuarial Modeling - II 4 40 4 120 20 80 100 T



S14013

S14014


o Estimate values of various components of life table through deeper understanding of their constitution and processes involved in data collection and refining thereof



1 2

Survival Models

Exposed To Risk

CP Block 01

CSs 01-10


these units.

3 4

Distribution Of Future Lifetime, Censoring

Kaplan-Meier Model, Nelson-Aalen Model

CP Block 02

CSs 11-20


these units.

5 6

Cox Regression Model

Binomial And Poisson Models

CP Block 03

CSs 21-30


these units.

7 8

Graduation And Statistical Tests

Methods Of Graduation

CP Block 04

CSs




DETAILS SYLLABUS


Block

1 2

Survival Models: Distribution of Future Lifetime, Force of Mortality, Rates of Mortality, Expectations of Life, Gompertz’s law and Makeham’s law.

Exposed to Risk: Principle of Correspondence, Exact calculation of initial exposed to risk and central exposed to risk.

CP Bock

01

3 4

Distribution Of Future Lifetime, Censoring: Censoring in mortality investigation. Its various types and illustrations.

Kaplan-Meier Model, Nelson-Aalen Model: Estimating the lifetime distribution function using the Kaplan-Meier and Nelson-Aalen models.

CP Bock

02

5 6

Cox Regression Model: Parametric models for the hazard function. Covariates, Form of Cox model. Proportional hazard model, estimating regression parameters, partial likelihood, hypothesis testing.

Binomial Model: Basic model, Balducci’s assumption, generalized model, actuarial estimate, strengths and weaknesses. Poisson model. Comparison of the two models.

CP Bock

03

7

8

Graduation and statistical tests: Process of Graduation, Necessity, Desirable properties of graduated estimators. Tests: Chi-square test, standardized deviation test, sign test, cumulative deviation test, grouping of signs test, serial correlations test

Methods of Graduation: Graduation by parametric formula, Graduation by reference to a standard table, Graphical graduation. Effect of duplicate policies.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT4


[email protected]

Reference-Books


Bowers, L. Newton

2nd 0938959468


S14022-RB2 Survival models and their estimation

London

1988 Actex Publications

CD / DVD

S14022-CD1

S14022-CD2

Web Links

S14022-WL1

S14022-WL2


S14023: CASUALTY ACTUARIAL SCIENCE AND TIME SERIES-I PROGRAMME INFORMATION SN Description Details




4 Level UG



01 S14023 Casualty Actuarial Science and Time Series-I 4 40 4 120 20 80 100 T



S14013

S14014


Develop and analyse models for Portfolio losses in non-life insurance applications

Determine risk premium for such insurances

Use credible experience for premium decision in various non-life insurance applications



1 2

Decision Theory And Its Applications

Fundamental Concepts Of Bayesian Statistics

CP Block 01

CSs 01-10


these units.

3 4

Statistical Distributions

Reinsurance

CP Block 02

CSs 11-20


these units.

5 6 7

Classical Credibility Theory

Bayesian Credibility Theory

Empirical Bayesian Credibility Theory

CP Block 03

CSs 21-30



these units.

8 9

10

Compound Distributions

Risk Models-I

Risk Models-II

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1 2

Decision Theory And Its Applications: Decision Theory and its applications

Fundamental concepts of Bayesian statistics: Prior distribution, posterior distribution and conjugate prior distribution.

Derivation of posterior distribution for a parameter in simple cases.

Loss function, Bayesian estimates of parameters using simple loss functions

CP Bock

01

3 4

Statistical Distributions: Exponential, Gamma, Pareto, Generalized Pareto, Normal, Lognormal, Weibull and Burr distributions.

Reinsurance: Excesses (deductibles), Excess of Loss reinsurance and retention limits. Proportionate reinsurance. Derive the operations of simple forms of proportional and excess of loss reinsurance.

CP Bock

02

5 6 7

Classical Credibility Theory: Credibility premium and Credibility Factor. Minimum sample size needed for full credibility.

Bayesian Credibility Theory: Bayesian Credibility theory, Individual premium, collective premium and Bayesian premium. Optimality property of the Bayesian premium. Calculation of Bayesian credibility estimate.

Empirical Bayesian Credibility Theory: Bayesian Credibility theory vs. Credibility theory. Empirical Bayesian credibility approach as an imitation of Buhlmann credibility approach. EBCT Model I and EBCT Model II.

CP Bock

03

8

9

10

Compound Distributions: Their applications to Aggregate Loss Distributions

Risk Models-I: Derive the distribution and corresponding moments of the claim amounts paid by the insurer and the reinsurer in the presence of excesses (deductibles) and reinsurance Estimate parameters of Failure time or Loss distribution when the data is complete/incomplete, using maximum likelihood and method of moments

Risk Models-II: Risk models appropriate to short term insurance contracts.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT6


[email protected]

S14023-TB2

Reference-Books


S14023-RB1 Construction of Actuarial Models

Michael Gauger, Michael Hosking

4th BPP Professional Education, Inc.


Bowers, L. Newton

2nd

0938959468


S14023-RB3 Introduction to Statistical Modeling

Dobson

1983 Chapman and Hall

S14023-RB4

Introductory Statistics with Applications in General Insurance

Hoss, Ian, Zehnwirth

2nd

Cambridge University Press

S14023-RB5 Loss Models : From Data to Decisions

Klugman, Panjer, Willmot

1988 John Wiley & Sons

CD / DVD

S14023-CD1

S14023-CD2

Web Links

S14023-WL1

S14023-WL2


S14024: CASUALTY ACTUARIAL SCIENCE AND TIME SERIES-II





4 Level UG



01 S14024 Casualty Actuarial Science and Time Series-II 4 40 4 120 20 80 100 T



S14013

S14014

S14021

S14023


Use experience rating for determining discounts in the premium

Estimate reserve needed for specified level of solvency

Analyse time series models



1

Ruin Theory

CP Block 01

CSs 01-10


these units.

2 3

Simple Experience Rating Systems

Reserving Methods

CP Block 02

CSs 11-20


these units.

3 4

Generalized Linear Models

Simulation

CP Block 03

CSs 21-30


these units.

5 6

Time Series-I

Time Series-II

CP Block 04

CSs




DETAILS SYLLABUS


Block

1 Ruin for a risk model: Probability of ruin in infinite / finite and continuous / discrete time and state and explain relationships between the different probabilities of ruin.

CP Bock

01

2 3

Simple Experience Rating Systems: Simple experience rating systems (NCD systems)

Describe and apply techniques for analyzing a delay (or run-off) triangle and determining the ultimate reserve losses and thereby the reserve requirements. Reserving Methods: Basic Chain Ladder Method, Inflation-adjusted Chain Ladder Method, Average Cost Per Claim Method, Bornheutter-Ferguson Method.

CP Bock

02

4 5

Generalized Linear Models: Generalized Linear Model (GLM) and its applications.

Simulation: Distribution of Y=F(x), Pseudo Random Numbers, Selecting random samples from discrete population, continuous population. Acceptance Rejection Method. Monte Carlo simulation. Determination of number of simulations.

CP Bock

03

5

6

Time Series: Stationary, I (0), and integrated, I (1), univariate time series. Stationary random series, Filter applied to a stationary random series. Backwards shift operator, backwards difference operator and the roots of the characteristic equations of time series.

Autoregressive (AR), moving averages (MA), autoregressive moving averages (ARMA) and autoregressive integrated moving average (ARIMA) time series.

Time Series-II: Discrete random walks and random walks with normally distributed increments with / without drift. Time series in the frequency domain. Multivariate autoregressive model. Cointegrated time series. Demonstration of certain univariate time series models having Markov properties. Rearrangement of a univariate time series model as multivariate Markov model. Identification, estimation and diagnosis of a time series with the criteria for choosing between the models. Diagnosis test applicable to the residuals of a time series after estimations. Transfer function model. Other non-stationary, non-linear time series models. Simple applications of a time series model, including random walk, autoregressive and cointegrated models as applied to investment variables.

Deterministic Forecasts from time series data, using simple extrapolation and moving average models, applying smoothing techniques and seasonal adjustments.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14024-TB1 ActEd Study Material 2010 Actuarial Education


Subject CT6 Company

[email protected]

S14024-TB2

Reference-Books

S14024-RB1 Introduction to Statistical Modeling

Dobson

1983 Chapman and Hall

S14024-RB2

Introductory Statistics with Applications in General Insurance

Hoss, Ian, Zehnwirth

2nd

1986


S14024-RB3 Loss Models : From Data to Decisions

Klugman, Panjer, Willmot

1988 John Wiley & Sons

CD / DVD

S14024-CD1

S14024-CD2

Web Links

S14024-WL1

S14024-WL2


S14025: ACTUARIAL BUSINESS ECONOMICS - I





4 Level UG



01 S14025 Actuarial Business Economics - I 4 40 4 120 20 80 100 T



Simple Algebra and Calculus

Course Objectives: After successful completion of this course, student will be able to Use knowledge of the business economics and microeconomic principles to increase their understanding of the markets in which we operate, the regulatory issues and the ramification of strategic decisions.



1 2 3

Economic Concepts

Demand And Supply

Elasticity And Uncertainty

CP Block 01

CSs 01-10


these units.

4

Consumer Demand

CP Block 02

CSs 11-20


these units.

5

Perfect Competition

CP Block 03

CSs 21-30


these units.

6

Products , Marketing And Advertising

CP Block 04

CSs




DETAILS SYLLABUS


Block

1 2 3

Economic concepts: Scope of economics in terms of allocation of scarce resources

Demand and Supply : Demand Determinants, Demand function and Demand Curve, Supply function and supply curve, Market and Equilibrium between Supply and Demand

Effect of Controls on Market

Elasticity and Uncertainty: Definition, Implications, Factors influencing elasticity

CP Bock

01

4

Consumer Demand : Consumer demand and Uncertainty

Production and Costs

Revenue and Profit

CP Bock

02

5 Perfect Competition: Perfect Competition and Monopoly

Imperfect Competition CP

Bock 03

6

Products , Marketing And Advertising: Products , marketing and advertising

Growth strategy and globalization

Pricing Strategies

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT7


[email protected]

S14025-TB2

Reference-Books

S14025-RB1

Economics by Begg David, Stanley Fischer and Rudiger Dornbusch

7th

2003

007 7099478

McGraw Hill

S14025-RB2 Economics Samuelson Paul A, Northadus William D

17th

2001

McGraw Hill

S14025-RB3 Economics Wonnacott Paul Wonnacott Ronald

4th

1990

John Wiley

S14024-RB3 Principles of Economics Lipsey Richard Chrystal Alec

9th

1999

Oxford University Press

CD / DVD

S14025-CD1


S14025-CD2

Web Links

S14025-WL1

S14025-WL2


S14026: ACTUARIAL BUSINESS ECONOMICS - II





4 Level UG



01 S14026 Actuarial Business Economics - II 4 40 4 120 20 80 100 T



None

Course Objectives: After successful completion of this course, student will be able to

Understand how Government or regulator can handle money supply to control inflation and enhance growth prospects

Use knowledge of the macroeconomic principles to interpret the economic environment and to make informed judgments as to suitable assumptions to make regarding future inflation, returns on investment, stock market behavior, exchange rates and economic growth needed for actuarial estimation.



1

Government Intervention

CP Block 01

CSs 01-10


these units.

2

International Trade

CP Block 02

CSs 11-20


these units.


3

Macroeconomic Environment

CP Block 03

CSs 21-30


these units.

4

Business Activity

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1

Government Intervention: Government intervention in markets

Government and the firm

Supply-side policy

CP Bock

01

2 International Trade: International trade

Balance of Payments and Exchange Rates CP

Bock 02

3 Macroeconomic Environment: The Macroeconomic environment

Money and interest rates CP

Bock 03

4 Business Activity: Business activity, unemployment and inflation

Demand-side macroeconomic policy

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14026-TB1


Subject CT7


[email protected]

S14026-TB2

Economics for Business by John Sloman and Kevin Hinde

4th

2007

978-0-273-70908-4

Prentice Hall

Reference-Books

S14026-RB1

Economics by Begg David, Stanley Fischer and Rudiger Dornbusch

7th

2003

007 7099478

McGraw Hill

S14026-RB2

Economics

Samuelson Paul A,

Northadus William D

17th

2001

McGraw Hill

S14026-RB3 Economics 4th John Wiley


Wonnacott Paul

Wonnacott Ronald

1990

S14026-RB4

Principles of Economics

Lipsey Richard

Chrystal Alec

9th

1999

Oxford University Press

CD / DVD

S14026-CD1

S14026-CD2

Web Links

S14026-WL1 http://freevideolectures.com/economics.html

S14026-WL2

http://freevideolectures.com/economics.html


SEMESTER 03

S14031: LIFE CONTINGENCIES - I





4 Level UG



01 S14031 Life Contingencies - I 4 40 4 120 20 80 100 T



S14011

S14013

S14022


Construct Life Table

Determine premiums for life insurance plans

Determine premiums/benefits for benefit plans For individual life coverage plans



1

Life Assurance Contracts

CP Block 01

CSs 01-10


these units.

2

Evaluation Of Assurances

CP Block 02

CSs 11-20


these units.

3

Net Premiums

CP Block 03

CSs




4

Variable Benefits CP Block 04

CSs

31-40


these units.

DETAILS SYLLABUS


Block

1 Life Assurance Contracts: Life Assurance Contracts

Life Annuity Contracts CP

Bock 01

2 Evaluation Of Assurances: Evaluation of assurances and annuities

Life Table CP

Bock 02

3 Net Premiums: Net Premiums and Provisions CP Bock

03

4 Variable Benefits: Variable benefits and With-profit policies

Gross premiums and provisions for fixed and variable benefit contracts

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14031-TB1


Subject CT5


[email protected]

S14031-TB2 Reference-Books

S14031-RB1

Actuarial Mathematics

Bowers, L. Newton

2nd

1997

0938959468


S14031-RB2 Life Contingencies Neill

Alistair

1977 Heinemann

S14031-RB3 The analysis of Mortality and other actuarial statistics

Faculty of Actuaries

CD / DVD

S14031-CD1

S14031-CD2

Web Links

S14031-WL1


S14032: LIFE CONTINGENCIES - II





4 Level UG



01 S14032 Life Contingencies - II 4 40 4 120 20 80 100 T



S14011

S14013

S14022

S14031


Construct Life Table

Determine premiums for life insurance plans

Determine premiums/benefits for benefit plans For joint life coverage plans



1

Simple Annuities

CP Block 01

CSs 01-10


these units.

2

Profit Testing CP Block 02

CSs

11-20


these units.

3

Competing Risks CP Block 03

CSs

21-30


these units.


4

Pension Funds CP Block 04

CSs

31-40


these units.

DETAILS SYLLABUS


Block

1 Simple Annuities : Simple annuities and assurances involving two lives

Contingent and revisionary benefits CP

Bock 01

2 Profit Testing: Profit testing

Determining provisions using profit testing CP

Bock 02

3 Competing Risks : Competing risks

Multiple decrement tables CP

Bock 03

4 Pension Funds: Pension funds

Mortality, selection and standardization

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14032-TB1


Subject CT5


[email protected]



Bowers, L. Newton

2nd

1997

0938959468


S14032-RB2 Life Contingencies Neill, Alistair 1977 Heinemann

S14032-RB3 The analysis of Mortality and other actuarial statistics Benjamin, Pollard

Faculty of Actuaries

CD / DVD

S14032-CD1

S14032-CD2

Web Links

S14032-WL1

S14032-WL2


S14033: FINANCIAL ECONOMICS - I





4 Level UG



01 S14033 Financial Economics - I 4 40 4 120 20 80 100 T



S14013

S14022


Understand efficient capital market environment

Develop Portfolio designing techniques

Understand Stochastic Calculus mechanism

Develop understanding of stochastic models of security prices



1

Introduction To Financial Economics

CP Block 01

CSs 01-10


these units.

2

Measures Of Investment Risk

CP Block 02

CSs 11-20


these units.

3

Models Of Asset Returns

CP Block 03

CSs 21-30



these units.

4

Stochastic Calculus And Models

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1

Introduction To Financial Economics: Introduction to financial economics

Efficient Market Hypothesis

Utility Theory and Stochastic Dominance

CP Bock

01

2 Measures Of Investment Risk: Measures of Investment Risk

Modern Portfolio theory CP

Bock 02

3 Models Of Asset Returns: Models of asset returns

Asset pricing models CP

Bock 03

4

Stochastic Calculus And Models: Brownian motion and martingales

Stochastic Calculus and Ito Processes

Stochastic models of security prices

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14033-TB1


Subject CT8


[email protected]


S14033-RB1

Financial economics with applications to investments, insurance and pensions

Panjer

2nd

1997

The Actuarial Foundation

S14033-RB2

Modern Portfolio Theory and Investment Analysis

Elton, Gurber, Brown

John Wiley & Sons

S14033-RB3 CD / DVD

S14033-CD1

S14033-CD2

Web Links

S14033-WL1

S14033-WL2


S14034: FINANCIAL ECONOMICS - II





4 Level UG



01 S14034 Financial Economics - II 4 40 4 120 20 80 100 T



S14011

S14013

S14022

S14033


Price derivatives

Design hedging strategies

Analyse interest rate models and use them for better estimation of future values in various actuarial applications



1

Introduction To Derivatives

CP Block 01

CSs 01-10


these units.

2

Binomial Model

CP Block 02

CSs 11-20


these units.

3

Black-Sholes Option Pricing Formula

CP Block 03

CSs 21-30


these units.


4

Interest Rate Models CP Block 04

CSs

31-40


these units.

DETAILS SYLLABUS


Block

1 Introduction To Derivatives: Introduction to derivatives

The Greeks CP

Bock 01

2 Binomial Model: The Binomial Model

The 5-step method in discrete time CP

Bock 02

3

Black-Sholes Option Pricing Formula: The Black-Sholes Option Pricing Formula

The 5-step method in continuous time

Arbitrage-free pricing and 5-step method with the Black-Sholes model

CP Bock

03

4 Interest Rate Models: Interest rate models

Credit Risk models

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT8

2010 Actuarial Education Company [email protected]


S14034-RB1 Options, Futures and Other Derivatives

Hull

6th

2006

Prentice Hall of India

S14034-RB2 Financial Calculus, an Introduction to Derivative Pricing Baxter, Rennie


S14034-RB3 CD / DVD

S14034-CD1

S14034-CD2

Web Links

S14034-WL1

S14034-WL2


S14035: COMMUNICATION AND RESEARCH METHODOLOGIES PROGRAMME INFORMATION SN Description Details




4 Level UG



01 S14035 Communication and Research Methodologies

4 40 4

120 20 80

100 T



None

Course Objectives: After successful completion of this course, student will be able to understand:



1

Research Methodology

CP Block 01

CSs 01-10


these units.

2

Summarizing A Report CP Block 02

CSs

11-20


these units.

3

Making A Power Point Presentation

CP Block 03

CSs 21-30


these units.

4 5

How To Write A Resume

Preparation For Interview

CP Block 04

CSs 31-40


these units.


DETAILS SYLLABUS


Block

1

Research Methodology: survey, data collection to analysis, modern technology on surveys, citations.

Writing a Research Paper, Reading a research Paper, throughput planning.

CP Bock

01

2

Writing a business letter involving actuarial subject: Communication with current/potential Policyholder, Communication with non-technical head in the organization.

Summarizing a report having actuarial content – emphasis on communicating complex topics in simple ways.

CP Bock

02

3 Making A Power Point Presentation: Power point presentations – do’s and don’ts, animation, slide simplicity, delivery to an audience, slide notes.

CP Bock

03

4

5

How to write a Resume : standard formats, presentation of unique traits

Preparation for Interview : Responding to Behavioral questions and technical questions, Body Language

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14035-TB1


Subject CT8


[email protected]


S14035-RB1


CA3


[email protected]

S14035-RB2

Basics of Research Paper Writing and

Publishing

Michael Derntl

2009 License: Creative Commons Attribution-Noncommercial-Share Alike 3.0

S14035-RB3 Communication in Organisation

Dalmar, Fisher

Jaico Publications

S14035-RB4 Business Communication: Process and Product

Mary, Allen, Guffey

South Western College Publication

S14035-RB5

Research Methodology-A Step-by-Step Guide for Beginners

Kumar Ranjit

2nd.ed,

2005

Pearson Education, Singapore

S14035-RB6 Resume Magic: Trade Secrets of a Professional Resume Writer

4th Edition

JIST Works


Susan Britter Whitcomb

S14035-RB7 Winning at Interviews

Edgar Thorpe and Showick Thorpe

2nd Edition

Pearson Education

CD / DVD

S14035-CD1

S14035-CD2

Web Links

S14035-WL1

http//www.damngood.com

www.damngood.com/jobseekers/tips.html

www.damngood.com/catalog/exmpl/coverLtrGuide.html

S14035-WL2 http//www.internationalgraduate.net

www.internationalgraduate.net/resume.htm


S14036: BUSINESS ENVIRONMENT AND ENTERPRISE RISK MANAGEMENT PROGRAMME INFORMATION SN Description Details




4 Level UG



01 S14036 Business Environment and Enterprise Risk Management

4 40 4

120 20 80

100 T



None


Analyse Case studies in business in general and strategic planning in particular

Understand the risks faced by an organization as a whole

Use an integrated approach for managing the risk faced by an enterprise



1

Financial System

CP Block 01

CSs 01-10


these units.

2

Professionalism

CP Block 02

CSs 11-20


these units.

3

Introduction To ERM

CP Block 03

CSs




4

Operational Risk

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1

Financial System : Environment, Markets and Instruments, Intermediaries

Macro economy and Financial Service Industry

Strategic Planning and Strategic Management with Case studies for illustrations

CP Bock

01

2

Professionalism: Professionalism

Role of Actuary in Financial services Industry

Actuarial Applications into different areas with case studies

Actuaries Act India

CP Bock

02

3

Introduction To ERM: Introduction to ERM

ERM in Context

ERM in Practice

ERM Framework

Hazard Risk

Financial Risk

CP Bock

03

4

Operational Risk: Operational Risk

Strategic Risk

Risk Metrics

Application of ERM

COSO Pros and Cons

Conclusion

CP Bock

04



Edition Year

ISBN Publisher

Text-Books

S14036-TB1 S14036-TB2 Reference-Books

S14036-RB1

Strategic Management : Concepts and Cases

Fred David

11th

2006

8120331464

Prentice Hall of India

Rs. 525

S14036-RB2 Strategic Management :

Competitiveness and Globalization, Concepts and

2006 0324275285

South-West College


Cases

Hitt, Ireland, Hoskisson

Pub

S14036-RB3 Enterprise Risk Management : From Incentives to Control Lam James

2003 0471430005

John Wiley & Sons

S14036-RB4 Overview of Enterprise Risk Management

Casualty Actuarial Society ERM Committee

2003 Casualty Actuarial Society

CD / DVD

S14036-CD1

S14036-CD2

Web Links

S14036-WL1

S14036-WL2


SEMESTER 04

S14041: ASSET AND LIABILITY MANAGEMENT - I





4 Level UG



01 S14041 Asset and Liability Management - I 4 40 4 120 20 80 100 T



S14011-S14016

S14021-S14026

S14031-S14034


Evaluate benefits from insurance coverages

Understand Investment options and impact of various factors on their values

Design investment strategies



1

Actuarial Control Cycle

CP Block 01

CSs 01-10


these units.

2

Stakeholders

CP Block 02

CSs 11-20


these units.

3

Introduction To Financial Products

CP Block 03

CSs 21-30



these units.

4

Project Management

CP Block 04

CSs 31-40


these units.

DETAILS SYLLABUS


Block

1

Actuarial Control Cycle: Actuarial Control Cycle

Overview

Working Professionally

CP Bock

01

2

Stakeholders: Stakeholders

Providers of Benefits

Regulation

External Environment

CP Bock

02

3

Introduction To Financial Products: Role of Insurance and Reinsurance

Introduction to Financial Products and Customer Needs

Life Insurance Products

General Insurance Products

CP Bock

03

4

Project Management: Cashflows of Simple Products

Contract Design

Project Management

Capital Project Appraisal

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CA1



S14041-RB1

Demystefying Capital Management in the Life Assurance Industry

Gemmell, McAusland, Shah, Silby

2002 SIAS

London

S14041-RB2 The Control Cycle: Financial Control of a Life Assurance Company Goford

1985 JSS, 28

S14041-RB3 CD / DVD

S14041-CD1

S14041-CD2


Web Links

S14041-WL1

S14041-WL2


S14042: ASSET AND LIABILITY MANAGEMENT - I





4 Level UG



01 S14042 Asset and Liability Management-II 4 40 4 120 20 80 100 T



S14011-S14016

S14021-S14026

S14031-S14034


Correlate between Assets and Liabilities

Actuarially value liabilities

Value a company to determine goodwill on acquisition/merger



1

Markets

CP Block 01

CSs 01-10


these units.

2

Futures And Options

CP Block 02

CSs 11-20


these units.

3

Investment Markets

CP Block 03

CSs 21-30


these units.

4 Investment Strategies CP Block 04

Students have to answer '1 of 1' SAQ in CA and


CSs 31-40

'1 of 1' SAQ & '1 of 2' LAQs in end exam on

these units.

DETAILS SYLLABUS


Block

1

Markets: Money Markets

Bond Markets

Credit Risk and Credit Rating

Property Markets

Equity Markets

CP Bock

01

2

Futures And Options: Futures and Options

Collective Investment Vehicles

Overseas Markets

Investment Indices

CP Bock

02

3

Investment Markets: Economic Influence on Investment Markets

Other Influence on Investment Markets

Valuation of Individual Investments

Relationship between returns on investment classes

Valuation of Asset classes and Portfolios

CP Bock

03

4

Investment Strategies: Investment Strategies for Institutions

Investment Strategies for Individuals

Developing an Investment Strategy

Relationship between Assets and Liabilities

Asset Management

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CT5



S14042-RB1

Demystefying Capital Management in the Life Assurance Industry

Gemmell, McAusland, Shah, Silby

2002 SIAS

London


1985 JSS, 28

S14042-RB3 CD / DVD


S14042-CD1

S14042-CD2

Web Links

S14042-WL1

S14042-WL2


S14043: ASSET AND LIABILITY MANAGEMENT - III





4 Level UG



01 S14043 Asset and Liability Management - III 4 40 4 120 20 80 100 T



S14011-S14016

S14021-S14026

S14031-S14034


Correlate between Assets and Liabilities

Actuarially value liabilities

Value a company to determine goodwill on acquisition/merger



1

Data & Modeling

CP Block 01

CSs 01-10


these units.

2

Setting The Discount Rate

CP Block 02

CSs 11-20


these units.

3

Risk Management

CP Block 03

CSs 21-30


these units.

4 Capital And Capital Management CP Block 04



CSs 31-40


these units.

DETAILS SYLLABUS


Block

1

Data & Modeling: Data

Modeling

Setting Assumptions

Costing, Pricing and Funding

Valuing Liabilities

CP Bock

01

2

Setting The Discount Rate: Setting the discount rate

Setting discontinuance benefits

Expenses

Monitoring investment strategy

CP Bock

02

3

Risk Management: Risks in Benefit Schemes

Risks in insurance

Risk Management Process

Risk Management Tools

CP Bock

03

4

Capital And Capital Management: Capital and capital management

Insolvency and Closure

Merger and Acquisitions

Accounting

Surplus and surplus management

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


Subject CA



S14043-RB1 Demystefying Capital Management in the Life Assurance Industry Gemmell, McAusland, Shah, Silby

2002 SIAS

London


1985 JSS, 28

S14043-RB3 CD / DVD

S14043-CD1


S14043-CD2

Web Links

S14043-WL1

S14043-WL2


S14044: EXCEL, MACROS WITH VISUAL BASIC PROGRAMME INFORMATION SN Description Details




4 Level UG



01 S14044 EXCEL, MACROS With Visual Basic 4 40 4 120 20 80 100 P



None

Course Objectives: After successful completion of this course, student will be able to :

Understand working with Excel worksheet

Learn various Excel functions useful in actuarial analytics

Build Excel macros using visual basic



1 2

Introduction To Microsoft EXCEL

Creating And Operating On Worksheets

CP Block 01

CSs 01-15


these units.

3

Working With Formats And Functions CP Block 02

CSs

16-30


these units.

4 5

Creating Charts And Graphics

Advanced Features

CP Block 03

CSs 31-45


these units.

6 Programming EXCEL With VBA CP Block 04



CSs 46-60


these units.

DETAILS SYLLABUS


Block

1 2

Introduction to Microsoft EXCEL: Utility, Specifications. Create your first worksheet.

Creating and Operating on worksheets: Entering data, editing data, Window view controls, working with cells and ranges, Introducing Table, formatting worksheets, using and creating Templates, printing from worksheets.

CP Bock

01

3

Working with formats and functions: Introducing formulas and functions.

Creating formulas using functions useful for text manipulation, date and time related applications, counting and summing, formulas to LookUp values, useful for financial and statistical applications and formulas with array functions.

CP Bock

02

4 5

Creating charts and graphics: create and edit charts of the following types: Column, Bar, Line, Pie, XY charts.

Advanced Features: Creating and using outlines, linking and consolidating worksheets, sharing data with other applications, analyzing data using MS Query with external database files, performing what-if analysis, analyzing data using Goal Seek and Solver

CP Bock

03

6 Programming EXCEL with VBA: Introduction of VBA Macros, VBA sub procedures and VBA functions, Create VBA Macros, record actions to create them. Write VBA Code. VBA Functions. VBA Examples.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


S14044-RB1 2007 Microsoft Excel Bible,

John Walkenbach

2007 Wiley

S14044-RB2 Professor Teaches Word, Excel, & Power Point 2007

Individual Software, Inc.

S14044-RB3

Learn Excel 2007 Essential Skills with the Smart Method

Mike Smart

2008 www.amazon.com

CD / DVD

S14044-CD1

S14044-CD2

Web Links

S14044-WL1 http://www.soa.org


http://www.soa.org/files/pdf/071_bk-ny04.pdf

S14044-WL2

http://www.comaroundfree.com

http://www.comaroundfree.com/Office_applications/Microsoft_Excel/Excel_2007

S14044-WL2

http://www.fileguru.com

http://www.fileguru.com/apps/run_web_based_application_using_vba_macro/p4


S14045: ACTUARIAL APPLICATIONS USING EXCEL PROGRAMME INFORMATION SN Description Details




4 Level UG



01 S14045 Actuarial Applications Using EXCEL 4 40 4 120 20 80 100 P



None


Deal with mathematical analysis involving differentiation, integration, limits

Handle various actuarial applications using them



1

Data Cleaning

CP Block 01

CSs 01-15


these units.

2

Using EXCEL, Develop Actuarial Applications

CP Block 02

CSs 16-30


these units.

3 4

Pension, Employee Benefits

Healthcare

CP Block 03

CSs 31-45


these units.

5 6

Capital Market

Project Appraisal And Other Applications

CP Block 04



CSs 46-60


these units.

DETAILS SYLLABUS


Block

1 Data Cleaning: Understanding of Data. Real-life data. Data cleaning- meaning, need and methodology.

CP Bock

01

2

Using EXCEL, Develop Actuarial Applications:

Life Insurance: Fitting of Mortality curves, Graduation applications. Estimation of CDF of Lifespan and plotting observed data and confidence limits. Preparing columns of life table, Calculation of Gross Premium, Net Premium, Profit testing, Joint life applications, calculating unit prices and unit movements. Calculating simple embedded values.

General Insurance: Scatter plot for loss data, fitting of loss distribution, distribution for aggregate losses, ruin probability, pricing, experience rating, reserving, GLM. Calculating simple embedded values.

CP Bock

02

3 4

Pension, Employee Benefits: Calculating expected liability for employee benefits such as Gratuity, Leave Encashment, Pension (Defined benefit), disclosures under accounting standards, reconciliation and experience adjustments, Funding requirement, Expected Pension based on Defined Contribution, Calculating profits of annuity products.

Healthcare: Expected losses payable on a healthcare policy for different kinds of loss events. Aggregate benefits payable on healthcare policies. Pricing of health policies using burning cost model floater principles

CP Bock

03

5

6

Capital Market: Calculating Beta from one year’s period for share prices. CAPM, calculating volatility. Computing option prices using binomial model and Black-Scholes model. Accounting disclosures using ESOP guidance note. Interest Rate model applications.

Project Appraisal And Other Applications: Calculation of Discounted Payback period, IRR and NPV. Solving simple and compound interest rate problems. Demonstrating a comprehension of scenario and stress tests and analysis of sensitivity. Evaluating effects of internal and external factors on discount rates.

CP Bock

04



Edition Year

ISBN Publisher

Text-Books


S14045-RB1 Actuarial Tables 2006 [email protected]

S14045-RB2

Regression Modeling with Actuarial and Financial Applications

Edward W. Frees

Cambridge

S14045-RB3 Loss Models : From Data to Decisions Wiley


S. A. Klugman, H. H. Panjer and G.E. Willmot

S14045-RB4 Modern Actuarial Theory and Practice

Phillip Booth

2nd

Chapman and Hall

S14045-RB5 Actuarial Models : The Mathematics of Insurance Vladimir I. Rotar

Chapman and Hall

S14045-RB6 S14045-RB7 CD / DVD

S14045-CD1

S14045-CD2

Web Links

S14045-WL1 www.palisade.com

S14045-WL2 http://www.palisade.com/cases/actuarial_society.asp


S14046: ACTUARIAL PROJECT PROGRAMME INFORMATION SN Description Details




4 Level UG



01 S14046 Actuarial Project 4 40 4 120 20 80 100 PW



All courses at Semesters 1-3

All other courses at Semester 4


Explore solutions for the real problems, encountered in a real life job, in the complete project execution from start to finish, by applying basic concepts, principles and skills.


ACTIVITIES CS Details of Activities

1 Selection of the Project and Project Guide

2 Preparation of Project Execution Plan : Time and Resource Allocation

3 Guidance by the Project Guide, for the self-study of relevant actuarial aspects and concepts by the student.

4 Self-study of relevant actuarial topics and techniques by the student.

5 Specification by the student of the Project goal/objective, practicality, data collection plan, choice of Actuarial model to analyse, software needed for the same.

6 Guidance and approval by Project Guide for Project goal/objective, practicality, data collection plan, choice of Actuarial model to analyse, software needed for the same.

7 Decide on the size of the data to be collected vis-à-vis accuracy desired and ensure that it is practically feasible.

8 Let the student execute the data collection now as per the plan. Examine the quality and quantity of data collected. Address to the problems encountered in the data collection, if any.

9 After satisfactory completion of data collection, let student work on modeling and come up with a well-defined actuarial model statement.


10 Approval of the model by the guide.

11 Analysis of the model by the student with the intermittent help from the guide.

12 Run the analysis with the data and achieve the desired kind of result.

13 Examine if there are surprises or the possibility of an error in the process.

14 If no errors are envisaged, prepare the report.

15 Preparation of Project Report draft listing details of all the steps carried out.

16 Discussion of the Project Report draft with the Project Guide. Address all the issues of ambiguity. Suggestions for improvement/completeness.

17 Come up with the final project Report and the final submission of the same.

DETAIL SPECIFICATIONS UN Detail Specifications

1 The “Project Work” course envisages exposing the students to actual work environment, work practices during the implementation of a project. The aim is to imbibe in students the principle that working is learning. Learning and working are two sides of the same coin and thus, work experience enhances the learning.

2 The Project Work must involve practical work related to Actuarial Analysis.

3 Students are expected to work on “Project Work” for about 6 hours per week (About 4 hour’s self-study at residence or time spent in the data collection and 2 hours in counseling session at study center), for minimum 20 days in a semester. Thus only those projects, demanding such study efforts on all those activities, listed in above, should be selected.

4 As students have to finance expenditure on “Project Work”, normally only those projects should be selected, which involve maximum expenditure up to Rs 1000/-.

5 The original design requirements are not essential, although highly encouraged. Hence, normally, projects should not be repeated. The same project undertaken in recent past, by past students, should be avoided. But it is most important that, students must put his independent study efforts on the project. Thus, student should gain practical project execution knowledge about making some useful product, after he goes through all projects completion steps listed above.

6 A single student will normally do a project. The university also encourages large Joint projects, requiring the participation of a small team of students. However, in such cases, clear delegation of work and responsibilities, among the students, must be clearly stated in the “Project Report”. Maximum number of students, in a team for joint project, should not exceed 3.

7 The student invests his energy, time and resources in a project. The project therefore should, if possible, have important bearing on some practical aspect. This will help student to justify his efforts on project.

8 Employed Students are allowed to complete “Project Work” in the industry where he is employed or his place of choice. Such a student has to identify a resource person in industry, who can take responsibility of guiding him in project work. Such person should be eligible to work as “Project Guide”.

9 Study center should assist unemployed students, in locating sponsored “Projects” from local industries. Students are encouraged to locate sponsored projects from the local industries. But, in case, a student is unable to locate such project, he is also allowed to complete “Project Work” at his study center.

10 Each “Project Guide” may be assigned maximum 5 students.


UN Detail Specifications

11 Specimen of Pages

Specimen 1

Project Title

M. Sc. in

Actuarial Science

Submitted by

Name of Student

Project Guide

Name of Project Guide

Name of the Study Center

Yashwantrao Chavan Maharashtra

Open University

2011

Specimen 2

Certificate

This is to certify that

Mr/Ms ................... ....................

..................... (SIN: ...................)

has successfully completed a project entitled

"..................................................."

in partial fulfillment for the requirement of

M. Sc. in

Actuarial Science

Signature with Date

Project Guide

SC Coordinator

Internal Examiner

External Examiner

Specimen 3

Contents

1. Introduction

1.1 Objective and Scope

1.2 Need

1.3 Brief Idea

2. Data Requirement

2.1 Data items

2.2 Size

2.3 Source

2.4 Methods

2.5 Time frame of collection

3. Model Design

3.1 Model components

3.2 Component Characteristics

3.3 Component relationships

4. Model Analysis

4.1 Assumptions

4.2 Parameter estimation

4.3 Hypothesis testing

5. Result and Conclusion

6. Reference

12 Project Report Format:

1. The project report should be printed on only right side of A4 size (210 mm ´ 297 mm) paper. There is no minimum or maximum page number limit for the “Project Report”, but report of minimum 15–20 page is expected. University recommends only flexible binding for the “Project Report”. But, if student wishes, he may also use spiral binding.

2. Margins should be as follows :·


UN Detail Specifications

Left Margin : 40 mm

Right Margin : 20 mm

Top Margin : 20 mm

Bottom Margin : 27 mm

3. Header should not be used. Footer, containing page number at the center should only be used, with footer margin of 25 mm.

4. Text should be printed in font size of 12 points and at interline distance of 18 points. (That is 1.5 line spacing). Normally, figures should be embedded in the text, where their first reference occurs. But if necessary, figures may be grouped on separate pages. Figure should be numbered as ‘Fig C.F’, where ‘C’ is chapter number and ‘F’ is figure number. Figure number ‘F’ is reset back to 1 for each new chapter.

5. Page Sequence: (1) Cover page as per specimen 1 (2) Certificate page as per specimen 2 (3) Acknowledgement page for the help offered by individuals and institution (4) Content page as per specimen 3. Following suggested scheme of chapters in project report then follows these first 4 pages.

13 Suggested Scheme of Chapters in Project Report:

1. Chapter 1: Introduction: Background of the project, Need for the project, Brief idea of the project

2. Chapter 2: Data Requirement: List the data items the values of which would be needed. Ascertain the number of on observations to be collected based on the desired accuracy of the results. Plan from where (the source) and how (the method) the data are to be collected with the budgeted time frame for data collection.

3. Chapter 3: Model Design: Specify the Model statement involving component parameters, their characteristics and interrelationships.

4. Chapter 4: Model Analysis: State the assumptions needed to analyse. The analysis may involve estimation of some parameters and testing of some hypothesis.

5. Chapter 5: Results and Conclusions: Analyze the observations and arrive at the results of the project. Discuss why the specifications were not met or the reasons for the failure, if any. Discussed the problems and difficulties encountered and how they were / can be eliminated. Discuss any extension work or modifications, which you want to suggest.

6. Chapter 6: References: List the books, magazines and data manuals used.

14 Submission Process: Student should prepare 2 copies of the Project Report. At the beginning, the respective Project Guide must approve both copies positively before the end examination. Then respective Study Center Coordinator approves both copies of the Project Report. Student should submit one of these approved copies to the study center. The student should retain remaining one of these approved copies. Study center should preserve their copy of, all project reports, till the end examination. Even student must bring his own copy during this end examination.



Edition Year

ISBN Publisher

Text-Books

S14046-TB1 ActEd Study Materials

Subject CA1 CT1-CT8



[email protected]


S14046-RB1 S14046-RB2 CD / DVD

S14046-CD1

S14046-CD2

Web Links

S14046-WL1

S14046-WL2

END OF DOCUMENT

syllabus v45:b.sc.actuarial science - yashwantrao …ycmou.digitaluniversity.ac/webfiles/ycmou-ast...

Documents