Course: AMT 312 2.0 Actuarial Science (Compulsory)
Course content:
survival function, curtate future lifetime, force of mortality, Life table and its relationship with survival function, examples, assumptions for fractional ages, some analytical laws of mortality, select and ultimate tables, Principles of compound interest: Nominal and effective rates of interest and discount, force of interest and discount, compound interest, accumulation factor, continuous compounding. Life insurance: Insurance payable at the moments of death and at the end of the year of death-level benefit insurance, endowment insurance, differed insurance and varying benefit insurance, recursions, commutation functions, Life annuities: Single payment, continuous life annuities, discrete life annuities, life annuities with monthly payments, commutation functions, varying annuities, recursions, complete annuities-immediate and apportion able annuities-due.
Recommended Readings:
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- N. L. Bowers, H. U. Gerber, J. C. Hickman, D. A. Jones and C. J. Nesbitt, (1986), Actuarial Mathematics’, Society of Actuaries, Itasca, IIIinois, U. S. A. Second Edition (1997)
- A Reading of the Theory of Life Contingency, Models: Marcel B. Finan, Arkansas Tech University (e-book)