Notes
Lectures and exercises will be held in English.
Life-, Health- and Pension-Mathematics (PVM) (Zwiesler)
Dates
Tuesdays, 4 - 6 pm, H14
Thursdays, 2 - 6 pm, H14
First lecture: October 15, 2019
Exams
First Exam: March 2 2020, 8-11 am
Second Exam: April 7 2020, 8-11 am
Further information on exam:
- The exam will be carried out in written form.
- The exam will be open, i.e. you can also take the second without taking the first exam.
- Authorized auxiliaries: Pens, ruler and a non-programmable and non-graphic calculator.
Material
Additional material will be provided via Moodle.
Please sign up for the course in Moodle.
Course Information, etc
You are responsible for all material covered and announcements made in class, whether or not you attend class.
It is highly recommended to check the information available on Moodle regularly.
Topics
This introductory course deals with the mathematical fundamentals of life-, health- and pension-insurance. In particular, this course serves as an introduction to actuarial science / insurance economics. It covers basic probabilistic models for the computation of future lifetimes and life-tables, actuarial present values, expected payoffs and safety margins. With a focus on the German market, the course discusses:
- the calculation of premiums (principle of equivalence) for immediate and deferred life annuities, pure endowment, life insurance, health insurance and corporate pension schemes
- the calculation of actuarial reserves
- the distribution of surpluses.
DAV Exam
This lecture is accredited by the German actuarial society (Deutsche Aktuar Vereinigung DAV) as passing its exam in insurance mathematics ("Versicherungsmathematik").
The requirements for accreditation are passing this course and "Risk Theory 2", which will be offered in the next summer semester.
Passing the exams of the DAV is a crucial requirement for becoming a member of the DAV. The accreditation of university courses as DAV exams offers to all students wishing to work in this field (e.g. insurance companies, consulting firms, auditing firms or building societies) the immense advantage that they are enabled to pass DAV exams during their regular study (and not parallel to their work) - an important bonus for the start of their career.
Audience
The lecture is oriented at Bachelor and Master students of all fields with a major in mathematics or economics.
Prerequisites are:
- „Elementare Wahrscheinlichkeitsrechnung und Statistik“ (WiMa) or „Stochastik und Wirtschaftsstatistik“ (WiWi) (or comparable knowledge of probability theory)
- „Externes Rechnungswesen“ or comparable knowledge of accounting (advisable but not mandatory)
Literature
Life-, Health- and Pension-Mathematics:
- Führer, C., Grimmer, A.: Einführung in die Lebensversicherungsmathematik, 2010, HG 8781/2010 F
- Neuburger, E.: Mathematik und Technik betrieblicher Pensionszusagen, 1997, HG 8781/1997 N
- Neuburger, E.: Formeln der Pensionsversicherungsmathematik
Health Insurance Mathematics:
- Milbrodt, H.: Aktuarielle Methoden der deutschen Privaten Krankenversicherung, 2005, HG 8781/2005 Mb
- Bohn, K.: Die Mathematik der deutschen privaten Krankenversicherung, 1980, HG 8781/A1.11