2011 Syllabus V46: M.Sc. Actuarial
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School of Architecture, Science and technology Yashwantrao Chavan Maharashtra Open University Syllabus V46: M.Sc. Actuarial Science 2011 AST, YCMOU, NASHIK – 422 222, MS, INDIA 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 Syllabus For V48: PG Dip (Actuarial Applications) Page 1 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 Syllabus For V48: PG Dip (Actuarial Applications) Page 2 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 Syllabus For V48: PG Dip (Actuarial Applications) Page 3 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 V48: PG Dip (Actuarial Applications) Page 4 SYLLABUS FOR V46: M.SC. ACTUARIAL SCIENCES) BASIC INFORMATION 1. 2. 3. 4. 5. 6. Mode of Education: Full time residential face-to-face mode of education enhanced with ELearning support. Minimum Programme Duration: 3 years after HSC (12th) or Equivalent Required Study Efforts: 720 Hours in each semester Medium of Instruction: English Attendance: Minimum 75% attendance for all courses. 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 Admission 01 Further Admission 02 Fresh Admission Teaching - Learning 03 Teaching - Learning 04 Teaching–Learning Backlog Clearing End Exam (EE) Form Submission 05 EE Form Submission by students at SC 06 EE Form Submission by SCs at University Continuous Assessment (CA) Submission 07 CA Availability on website 08 CA Submission by Students at SC 09 Provisional CA Report by SCs 10 Final CA Report Submission by SCs at University End Examination (EE) 11 EE for Theory Courses 12 EE for Practical, STW, SV or PW Courses Semester End Vacation 13 Semester End Vacation 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 From 05-Jun Till 05-Jul From 05-Jun Till 05-Aug Not Offered Not Offered From 01-Aug Till 13 Nov From 01-Feb Till 16-May From 14-Nov to 04-Dec From 17-May to 04-Jun On or Before 30-Sep On or Before 05-Oct On or Before 31-Mar On or Before 05-Apr From 01-Aug Till 30 Nov From 01-Feb Till 30-May 01-30 Nov 01-30 May On or before 31-Dec On or before 30-Jun On or before 31-Jan On or before 31-Jul From 05-Dec Till 14-Dec From 05-Jun Till 14-Jun Immediately after the Immediately after the last day of end exam for last day of end exam for theory courses, but theory courses, but positively before 05-Jan positively before 05-Jul From 08-Jan Till 31-Jan Syllabus For V48: PG Dip (Actuarial Applications) From 08-Jul Till 31-Jul Page 5 ELIGIBILITY AND FEES Admission Eligibility Certification Eligibility Fees and Deposit / Semester HSC (10+2) or equivalent pass + Min 50% or as specified for the Desc INR USD Aptitude Test respective course in the syllabus UF 15,600 1560 or better marks For Successful SCF 72,000 7,200 in total 24 courses (subjects) Admission to completion ATF 500 one 50 one of total 99 credit points of all courses time time at Semesters 01-04. at following EF 1400/T/P 140/T/P semester is Total ≈ 96,000 9,600 Aggregate performance and essential LD 2,000 200 Class in the programme shall be reported on the basis of only semesters 01-04. 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 Semester 02: 16 CPs 07 S14021 Actuarial Modeling-I 20 80 100 T 4 50% 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 Semester 03: 16 CPs 13 S14031 Life Contingencies-I 20 80 100 T 4 50% 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% 80 100 T 4 50% Business Environment and Enterprise Risk 18 S14036 20 Management 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% Syllabus For V48: PG Dip (Actuarial Applications) Page 6 SN Code Name CA EE 23 S14045 Actuarial Applications Using EXCEL 20 80 TM Type CPs Passing % 100 P 4 50% 24 S14046 Actuarial Project 20 80 100 PW 4 50% EVALUATION PATTERN SN 1 Type of Course Theory (T) Continuous Assessment 1. Student is required to answer 1 of 1 SAQ, each of 5 marks, on each CP Single attempt only Marks: 5 Marks for each CP Duration: Specified 1 Month CAT: Continuous Assessment Time is 1 hr for each C.P. Student is required to submit “Activity Report” for each CP in the prescribed format. Single Attempt only Marks: 5 Marks for each CP Duration: Specified 1 Month CAT: Continuous Assessment Time is 1 hr for each C.P. End Examination 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. 2 LAQs, each of 15 marks, on each 3. CP 4. 3. Maximum 5 Attempts only 5. 4. Marks: 20 Marks for each CP 5. Duration: 45 minutes for each CP 2 Practical (P) 1. 1. External and internal examiners shall assess each student based on: a. Conduct of One Randomly 2. Selected Practical Activity – 5 3. Marks 4. b. Viva-Voice - 5 Marks 5. 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 6. Student is required to submit 5. External and internal examiners shall (PW) “Activity Report” for each CP assess each student based on: in the prescribed format. a. Project Proposal and Review of 7. Single Attempt only Literature - 5 Marks 8. Marks: 5 Marks for each CP b. Project Results and Report - 5 9. Duration: Specified 1 Month Marks 10. CAT: Continuous Assessment c. Presentation - 5 Marks and Time is 1 hr for each C.P. 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. Syllabus For V48: PG Dip (Actuarial Applications) 1. Page 7 M. SC. (ACTUARIAL SCIENCE) S14011: MATHEMATICS OF FINANCE - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14011 Mathematics of Finance - I CP CST CAT ST CA 4 40 4 120 20 EE 80 M Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: Basic Algebra and Calculus Learning Objectives 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 1 Time Value of Money 2 Interest Rates 4 Real and Money Interest Rates 5 Discounting and Accumulating of cashflows 6 Immediate and Level Annuity: 7 Deferred and Increasing/Decreasing Annuities Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs Questions 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' Page 8 21-30 8 Equations of Value 9 Loan Repayment calculations CP Block 04 CSs 31-40 LAQs in end exam on these units. 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Time Value of Money: Simple interest, Compound Interest, Present value of a future 1 payment CP 2 Cashflow Models Bock 01 Interest Rates: Nominal rate, effective rate, force of interest Real and Money Interest Rates: Effect of inflation on money rates 4 Discounting and Accumulating: Present value and accumulated value of a stream of CP 5 payments using specified interest rates and net present value at a real rate of interest Bock 02 assuming a constant rate of inflation. 6 Immediate and Level Annuity: Compound interest functions-I 7 Deferred and Increasing/decreasing Annuities: Compound interest functions-II CP Bock 03 Equations of Value: Definition and applications CP 8 Loan Schedules: Flat rate, Annual effective rate, Loan repayment schedules with Bock 9 payment of equal capital components or payment of equal installments with varying 04 interest and capital components LEARNING RESOURCE DETAILS Title Author Edition Year ActEd Study Material S14011-TB1 Subject CT1 2010 Actuarial Company acted@bpp.com Jan 2006 0256091501 Irwin Mc-Graw Hill 2nd 0938959468 Society of Actuaries LR Code ISBN Publisher Text-Books S14011-TB2 Reference-Books The Theory of Interest S14011-RB1 Kellison S14011-RB2 Actuarial Mathematics Bowers, L. Newton Education CD / DVD S14011-CD1 Web Links S14011-WL1 S14011-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 9 S14012: MATHEMATICS OF FINANCE - II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14012 Mathematics of Finance - II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: Basic Algebra, Calculus and Statistics S14011 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Appraisal of projects for selecting the best Analyse impact of series of cashflows Understand behavior of interest rates for use 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 1 Project Evaluation and Appraisal 2 Problems involving compound growths 3 Investments 4 Term structure models of Interest Rates Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions Students have to answer CP Block 01 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 01-10 these units. Students have to answer CP Block 02 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 11-20 these units. Students have to answer CP Block 03 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 21-30 these units. Page 10 5 Arbitrage Pricing 6 Stochastic Models for Interest Rates CP Block 04 CSs 31-40 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Project Evaluation and Appraisal: Project Evaluation Methods: NPV, IRR, Payback CP 1 Periods. Money-weighted and time-weighted rates of return and linked IRR on an Bock investment or a fund 01 2 Problems Involving Compound Growths: Compound Interest Problems in various forms CP of actuarial applications Bock 02 Investments: Government Securities, Other Fixed Interest Securities, Equities, Real Estate, Commodities, Numismatics, etc. 3 Term Structure Of Interest Rates: Par yield, yield to maturity, spot rates and forward CP 4 Bock rates. Duration and convexity of a cash flow sequence and their use in Redington’s 03 immunization of portfolio of liabilities Arbitrage Pricing, Derivatives: Forward and Future Contracts, their pricing; Options CP 5 Stochastic Models for Interest Rates : Fixed interest rate models and variable interest Bock 6 04 rate models with independent distributions for successive periods LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14012-TB1 ActEd Study Material Subject CT1 S14012-TB2 Reference-Books The Theory of Interest S14012-RB1 Kellison S14012-RB2 Actuarial Mathematics Bowers L. Newton 2010 Actuarial Company acted@bpp.com Education Jan 2006 0256091501 Irwin Mc-Graw Hill 2nd 0938959468 Society of Actuaries S14012-RB3 CD / DVD S14012-CD1 S14012-CD2 Web Links S14012-WL1 S14012-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 11 S14013: STATISTICS FOR ACTUARIES - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14013 Statistics for Actuaries - I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: Basic Algebra and Calculus Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Calculate various statistical measures and Interpret them Calculate probabilities of events Define random variables and determine their distributions 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 1 Data 2 Graphs And Diagrams 3 Measures Of Central Tendency And Location 4 Measures Of Dispersion 5 Moments And Measures Based On Moments CSs CP Block 01 CSs 01-10 Questions 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. Probability Students have to answer 6 CP Block 02 Discrete Random Variables '1 of 1' SAQ in CA and 7 '1 of 1' SAQ & '1 of 2' Generating Functions: P.G.F., M.G.F. And C.G.F. 8 CSs LAQs in end exam on Standard Discrete Probability Distributions And 9 11-20 these units. Their Applications Joint Prob. Mass Function Of Discrete Random CP Block 03 Students have to answer 10 Variables '1 of 1' SAQ in CA and 11 Continuous Random Variable And Its Distributions '1 of 1' SAQ & '1 of 2' CSs 12 Joint Distribution Of Continuous Random Variables LAQs in end exam on 21-30 these units. 13 Compound Distribution CP Block 04 Students have to answer Syllabus For V48: PG Dip (Actuarial Applications) Page 12 14 Standard Continuous Distributions 15 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 UN Detail Syllabus of the Unit CP 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. CP Measures of Locations: Median, Quartiles, Percentiles, Box plot. Measures of Dispersion: Range and its Coefficient, Semi inter-quartile range and its Bock Coefficient, Mean Deviation and its Coefficient, Standard Deviation and Coefficient of 01 Variation. Concepts of Skewness and Kurtosis. Raw and Central Moments. Measures of Central tendency, dispersion, skewness and kurtosis based on moments. 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. CP Generating Functions: Probability Generating Function, Moment Generating Function Bock and Moments, Cumulant Generating Function and Cumulants. 02 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. 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, 10 Expectation, Median, Percentiles, Mode, Variance, Moments. 11 Joint Distribution Of Continuous Random Variables: Derivation of Probability density CP 12 functions of a function of a random variable. Joint probability density function of Bock random variables, Marginal and conditional distributions, Covariance and Correlation 03 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. 13 Compound Distribution: Concept, Expressions for Mean, Variance, M.G.F. and their use. 14 Standard continuous distributions: Uniform Distribution or Rectangular Distribution, CP Exponential Distribution, Gamma Distribution, Normal Distribution, Lognormal Bock Distribution, Beta–I and Beta-II Distribution, Chi-square Distribution, t- Distribution and 04 15 F – Distribution Syllabus For V48: PG Dip (Actuarial Applications) Page 13 Central Limit Theorem: Central Limit theorem and normal approximation Central Limit theorem and its application in finding approximate probabilities. LEARNING RESOURCE DETAILS LR Code Title Author Edition ISBN Year Publisher Text-Books S14013-TB1 Descriptive Statistics R. J. Shah 6th Sheth Publishers 2010 Rs 125.00 Statistical Methods R. J. Shah 2010 Reference-Books John Freund’s Mathematical Statistics with 7th S14013-RB1 Applications 2003 Miller, Miller S14013-TB2 S14013-RB2 Elementary Statistics Mario Triola Sheth Publishers Rs 120.00 10:131427067 Prentice Hall India Jan 13:9780321369185 2006 Prentice Hall S14013-RB3 Statistics Insurance Institute of M.G. Diwan and R. Ramkrishnan 2003 India CD / DVD S14013-CD1 S14013-CD2 Web Links http://sofia.fhda.edu/gallery/statistics/resources.ht S14013-WL1 ml S14013-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 14 S14014: STATISTICS FOR ACTUARIES - II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14014 Statistics for Actuaries - II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14013 Learning Objectives 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 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 1 Order Statistic 2 Point And Interval Estimation 3 Methods Of Point Estimation Testing Of Hypothesis 4 Tests Of Significance 5 Large Sample Tests For Population Mean(S), 6 Proportion(S) As Applications Of Normal Distribution 7 Large Sample 8 Chi-Square Tests 9 Simulation 10 T-Tests Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs 21-30 CP Block 04 Questions 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. 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. 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. Students have to answer Page 15 11 F-Tests, Anova 12 Bi-Variate Linear Correlation And Regression Analysis 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 CP Block UN Detail Syllabus of the Unit Order Statistic: Concept, their p.d.f. for a single order statistic Point and Interval Estimation: Concepts. Population, Sample, Parameter, Statistic, 1 Estimator, Estimate, Bias, Mean Square Error, Standard Error. Unbiasedness, CP 2 Consistency, Sufficiency. Confidence Interval, Confidence Coefficient. Bock 3 Methods of Point Estimation: Method of Moments, Method of Maximum Likelihood 01 Estimation. Properties of M.L.E. Cramer-Rao Lower Bound. 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 4 Most Powerful Test. CP 5 Bock Likelihood Ratio Tests 6 Large Sample Tests For Population Mean(S), Proportion(S) As Applications Of Normal 02 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) Large Sample Tests For Population Correlation Coefficient(S) Using Fisher’s ZTransformation: Large Sample Tests for Population Correlation Coefficient(s) using Fisher’s z-transformation 7 Chi-square tests: Test for One Normal Population Variance, Test for Goodness of Fit, CP 8 Tests for Independence of Attributes Bock 9 Simulation: Distribution of Y=F(x), Pseudo Random Numbers, Selecting random samples 03 from discrete population, continuous population. Acceptance Rejection Method. Monte Carlo simulation. 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 10 Normal Population Regression Coefficient CP 11 F-tests, ANOVA: Two Normal Population Variance Test, Several Population Means test Bock 12 as ANOVA 04 Bi-variate Linear Correlation and Regression Analysis: Karl Pearson’s Coefficient, Regression Coefficients and Regression lines. Test for Regression coefficient. LEARNING RESOURCE DETAILS LR Code Title Author Text-Books S14014-TB1 Statistical Methods Syllabus For V48: PG Dip (Actuarial Applications) Edition ISBN Year Publisher 2010 Sheth Publishers Page 16 R. J. Shah Rs 120.00 S14014-TB2 Reference-Books Statistics S14014-RB1 M.G. Diwan and R. Ramkrishnan Insurance Institute of India John Freund’s Mathematical Statistics with 7th 10:131427067 S14014-RB2 Applications 2003 Prentice Hall India Miller, Miller S14014-RB3 Elementary Statistics Jan 13:9780321369185 Mario Triola 2006 Prentice Hall CD / DVD S14014-CD1 S14014-CD2 Web Links http://sofia.fhda.edu/gallery/statistics/resources.ht S14014-WL1 ml S14014-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 17 S14015: CORPORATE FINANCE AND FINANCIAL REPORTING- I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14015 Corporate Finance and Financial Reporting-I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: None Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: 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 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 1 Introduction To Accounts 2 Basic Accounting Terms 3 The Main Accounts 4 Generating Accounts 5 Depreciation 6 Reserves 7 Group Accounts 8 Insurance Company Accounts 9 Interpretation Of Accounts Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs 21-30 CP Block 04 Questions 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. 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. 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. Students have to answer Page 18 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 CP Block UN Detail Syllabus of the Unit Introduction To Accounts: Introduction to Accounts and Accounting Standards. Basic Accounting Concepts. Contents of Annual Report. Director’s Report. Auditor’s report. 1 International Financial Reporting Standards. CP 2 Basic Accounting Terms: Credit, Debit, Asset, Liability, Income, Expense. Bock 3 The Main Accounts: Profit & Loss Account (PLA), Balance Sheet (BS) & Cash flow 01 Statement (CFS). 4 Generating Accounts: Construct PLA, BS, and CFS. 5 Depreciation: Concept, Methods of calculation CP Bock 02 Reserves: types and uses. 6 Group Accounts: Holding Company, Subsidiary Company, Minority holding, CP 7 Consolidated Balance Sheet. Bock 8 Insurance company accounts: Technical and Non-technical Account, PLA, BS. 03 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 CP 9 interpretation. Bock 04 Limitations of Accounts. Financial Institutions. LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14015-TB1 ActEd Study Material Subject CT2 S14015-TB2 Reference-Books Accounting and financial fundamentals for S14015-RB1 nonfinancial executives Robert Rachlin & Allen Sweeny. Accounting Fundamentals S14015-RB2 William Ruland S14015-RB3 Managerial Accounting Garrison, Noreen, Brewer 2010 Actuarial Company acted@bpp.com Education AMACOM, New York 1996 2001 Jan 2005 0324023618 Cincinnati, Ohio: SouthWestern College Pub. Irwin Professional Pub CD / DVD Syllabus For V48: PG Dip (Actuarial Applications) Page 19 S14015-CD1 S14015-CD2 Web Links S14015-WL1 http://freevideolectures.com/business.html S14015-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 20 S14016: CORPORATE FINANCE AND FINANCIAL REPORTING-II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14016 Corporate Finance and Financial Reporting-II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011 S14015 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Understand fundamentals of Corporate Finance Evaluate projects Determine right sources of finance for a project 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 1 Key Principles Of Finance 2 Company Ownership 3 Medium Term And Short Term Sources 4 5 6 7 Taxation Long Term Financial Instruments Issue Of Shares Uses Of Derivatives 8 Weighted Average Cost Of Capital 9 Modigliani And Miller’s Two Propositions 10 Capital Structure And Dividend Policy 11 Project Appraisal Methods 12 Evaluation Of Risky Projects 13 Risk Analysis And Dealing With Risks Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs 21-30 CP Block 04 CSs Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' Page 21 31-40 LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit 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 1 public), limited liability partnership in UK CP 2 Medium Term And Short Term Sources: Medium Term And Short Term Sources of Bock 3 Finance for an Organization. Medium term sources: Hire purchase, credit sale, leasing, 01 bank loans. Short term sources: Bank overdraft, trade credit, factoring, bill of exchange, commercial paper. 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. CP Methods of obtaining a quotation: offer for sale, offer for sale by tender, offer for Bock subscription, placing, introduction. 02 Right Issue, Scrip Issue. Derivatives: forward contracts, future contracts, options and swaps. Their characteristics and uses for hedging Weighted Average Cost of Capital: Cost of equity, Cost of debt and WACC. 8 Modigliani And Miller’s Two Propositions: Modigliani and Miller’s two propositions of CP 9 irrelevance Capital Asset Pricing Models (CAPM) 10 Capital Structure And Dividend Policy: Capital Structure and Dividend Policy, Share Bock 03 buyback. Project Appraisal Methods: Cost of Capital for the Company, Cost of Capital for a project. 11 CP Methods of Project Evaluation: NPV, IRR, Payback Period, Discounted Payback Period, 12 Bock etc. Evaluation of risky projects 13 04 Risk Analysis And Dealing With Risks: Risk Analysis and dealing with risks. Risk matrices, Risk analysis, Stochastic modeling, Risk mitigation. LEARNING RESOURCE DETAILS LR Code Title Author Edition ISBN Year Publisher Text-Books S14016-TB1 ActEd Study Material Subject CT2 Education 2010 Actuarial Company acted@bpp.com S14016-TB2 Syllabus For V48: PG Dip (Actuarial Applications) Page 22 Reference-Books Principles of Corporate Finance S14016-RB1 Brealey, Myers, Allen 13:9780073130828 2006 Irwin Professional Pub Essentials of Corporate Finance Ross, Westerfield, Jordan 13:9780072946734 1996 Irwin Professional Pub S14016-RB2 S14016-RB3 CD / DVD S14016-CD1 S14016-CD2 Web Links S14016-WL1 http://freevideolectures.com/business.html S14016-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 23 SEMESTER 02 S14021: ACTUARIAL MODELING - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14021 Actuarial Modeling - I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14013 S14014 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Understand the basic characteristics of stochastic processes Analyse actuarial models involving stochastic processes 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 1 Principles Of Actuarial Modeling 2 Stochastic Processes CSs CP Block 01 CSs 01-10 CP Block 02 3 Markov Chains 4 Two-State Markov Model 5 General Markov Model Syllabus For V48: PG Dip (Actuarial Applications) CSs 11-20 CP Block 03 CSs 21-30 Questions 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. 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. 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. Page 24 CP Block 04 6 Markov Jump Processes CSs 31-40 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Principles Of Actuarial Modeling: Principles of Actuarial Modeling 1 CP Stochastic Processes: Definition, types. Stationary Process, Weakly stationary process. 2 Bock Markov property, Filtration, Poisson process 01 Markov Chains: Basic features, Chapman-Kolmogorov Equations, Time-homogeneous and time-inhomogeneous Markov chains, Model for No Claim Discount policy, Simple CP 3 Random Walk, A model for accident proneness, Stationary probability distribution, Bock Irreducibility, Modeling using Markov Chains 02 4 Survival Models. Two-state Markov model: assumptions, analysis 5 General Markov Model: assumptions, analysis. A simple two decrement model CP Bock 03 Markov Jump Processes: Time-homogeneous Markov jump processes. Structure of CP 6 Markov jump processes. Time-inhomogeneous Markov jump processes. Applications to Bock mortality and morbidity models 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14021-TB1 2010 ActEd Study Material Subject CT4 S14021-TB2 Reference-Books Actuarial Mathematics S14021-RB1 Bowers, L. Newton S14021-RB2 Survival London models and their estimation, Actuarial Company acted@bpp.com Education 2nd 0938959468 Society of Actuaries 1988 Actex Publications CD / DVD S14021-CD1 S14021-CD2 Web Links S14021-WL1 S14021-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 25 S14022: ACTUARIAL MODELING - II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14022 Actuarial Modeling - II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14013 S14014 Learning Objectives Course Objectives: After successful completion of this course, student will be able to: o Estimate values of various components of life table through deeper understanding of their constitution and processes involved in data collection and refining thereof 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 1 Survival Models 2 Exposed To Risk 3 Distribution Of Future Lifetime, Censoring 4 Kaplan-Meier Model, Nelson-Aalen Model 5 Cox Regression Model 6 Binomial And Poisson Models 7 Graduation And Statistical Tests 8 Methods Of Graduation Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs 21-30 CP Block 04 CSs Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' Page 26 31-40 LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Survival Models: Distribution of Future Lifetime, Force of Mortality, Rates of Mortality, 1 Expectations of Life, Gompertz’s law and Makeham’s law. CP 2 Exposed to Risk: Principle of Correspondence, Exact calculation of initial exposed to risk Bock and central exposed to risk. 01 Distribution Of Future Lifetime, Censoring: Censoring in mortality investigation. Its 3 various types and illustrations. CP 4 Kaplan-Meier Model, Nelson-Aalen Model: Estimating the lifetime distribution function Bock using the Kaplan-Meier and Nelson-Aalen models. 02 Cox Regression Model: Parametric models for the hazard function. Covariates, Form of Cox model. Proportional hazard model, estimating regression parameters, partial 5 CP likelihood, hypothesis testing. 6 Bock Binomial Model: Basic model, Balducci’s assumption, generalized model, actuarial 03 estimate, strengths and weaknesses. Poisson model. Comparison of the two models. Graduation and statistical tests: Process of Graduation, Necessity, Desirable properties of graduated estimators. Tests: Chi-square test, standardized deviation test, sign test, CP 7 cumulative deviation test, grouping of signs test, serial correlations test Bock 8 Methods of Graduation: Graduation by parametric formula, Graduation by reference to 04 a standard table, Graphical graduation. Effect of duplicate policies. LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14022-TB1 ActEd Study Material Subject CT4 Reference-Books Actuarial Mathematics S14022-RB1 Bowers, L. Newton S14022-RB2 Survival models and their estimation London 2010 Actuarial Company acted@bpp.com Education 2nd 0938959468 Society of Actuaries 1988 Actex Publications CD / DVD S14022-CD1 S14022-CD2 Web Links S14022-WL1 S14022-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 27 S14023: CASUALTY ACTUARIAL SCIENCE AND TIME SERIES-I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14023 Casualty Actuarial Science and Time Series-I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14013 S14014 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: 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 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 1 Decision Theory And Its Applications 2 Fundamental Concepts Of Bayesian Statistics 3 Statistical Distributions 4 Reinsurance 5 Classical Credibility Theory 6 Bayesian Credibility Theory 7 Empirical Bayesian Credibility Theory Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs 21-30 Questions 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' LAQs in end exam on Page 28 8 Compound Distributions 9 Risk Models-I 10 Risk Models-II CP Block 04 CSs 31-40 these units. 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Decision Theory And Its Applications: Decision Theory and its applications Fundamental concepts of Bayesian statistics: Prior distribution, posterior distribution 1 CP and conjugate prior distribution. 2 Bock Derivation of posterior distribution for a parameter in simple cases. 01 Loss function, Bayesian estimates of parameters using simple loss functions Statistical Distributions: Exponential, Gamma, Pareto, Generalized Pareto, Normal, Lognormal, Weibull and Burr distributions. 3 Reinsurance: Excesses (deductibles), Excess of Loss reinsurance and retention limits. CP 4 Proportionate reinsurance. Derive the operations of simple forms of proportional and Bock 02 excess of loss reinsurance. Classical Credibility Theory: Credibility premium and Credibility Factor. Minimum sample size needed for full credibility. Bayesian Credibility Theory: Bayesian Credibility theory, Individual premium, collective 5 premium and Bayesian premium. Optimality property of the Bayesian premium. CP 6 Calculation of Bayesian credibility estimate. Bock 7 Empirical Bayesian Credibility Theory: Bayesian Credibility theory vs. 03 Credibility theory. Empirical Bayesian credibility approach as an imitation of Buhlmann credibility approach. EBCT Model I and EBCT Model II. Compound Distributions: Their applications to Aggregate Loss Distributions 8 Risk Models-I: Derive the distribution and corresponding moments of the claim CP amounts paid by the insurer and the reinsurer in the presence of excesses (deductibles) 9 Bock and reinsurance Estimate parameters of Failure time or Loss distribution when the data 04 10 is complete/incomplete, using maximum likelihood and method of moments Risk Models-II: Risk models appropriate to short term insurance contracts. LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14023-TB1 ActEd Study Material Subject CT6 2010 Actuarial Company acted@bpp.com Education S14023-TB2 Reference-Books Syllabus For V48: PG Dip (Actuarial Applications) Page 29 S14023-RB1 Construction of Actuarial Models Michael Gauger, Michael Hosking 4th BPP Professional Education, Inc. S14023-RB2 Actuarial Mathematics Bowers, L. Newton 2nd 0938959468 Society of Actuaries S14023-RB3 Introduction to Statistical Modeling Dobson 1983 Chapman and Hall Introductory Statistics with Applications in S14023-RB4 General Insurance Hoss, Ian, Zehnwirth S14023-RB5 Loss Models : From Data to Decisions Klugman, Panjer, Willmot 2nd 1988 Cambridge University Press John Wiley & Sons CD / DVD S14023-CD1 S14023-CD2 Web Links S14023-WL1 S14023-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 30 S14024: CASUALTY ACTUARIAL SCIENCE AND TIME SERIES-II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14024 Casualty Actuarial Science and Time Series-II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14013 S14014 S14021 S14023 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Use experience rating for determining discounts in the premium Estimate reserve needed for specified level of solvency Analyse time series models 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 CP Block 01 1 Ruin Theory 2 Simple Experience Rating Systems 3 Reserving Methods 3 Generalized Linear Models 4 Simulation 5 Time Series-I 6 Time Series-II Syllabus For V48: PG Dip (Actuarial Applications) CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 CSs 21-30 CP Block 04 CSs Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' Page 31 31-40 LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit 1 Ruin for a risk model: Probability of ruin in infinite / finite and continuous / discrete CP time and state and explain relationships between the different probabilities of ruin. Bock 01 Simple Experience Rating Systems: Simple experience rating systems (NCD systems) Describe and apply techniques for analyzing a delay (or run-off) triangle and 2 determining the ultimate reserve losses and thereby the reserve requirements. CP 3 Reserving Methods: Basic Chain Ladder Method, Inflation-adjusted Chain Ladder Bock 02 Method, Average Cost Per Claim Method, Bornheutter-Ferguson Method. Generalized Linear Models: Generalized Linear Model (GLM) and its applications. 4 Simulation: Distribution of Y=F(x), Pseudo Random Numbers, Selecting random samples CP 5 from discrete population, continuous population. Acceptance Rejection Method. Monte Bock Carlo simulation. Determination of number of simulations. 03 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. CP 5 Cointegrated time series. Bock 6 Demonstration of certain univariate time series models having Markov properties. 04 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. LEARNING RESOURCE DETAILS Title Author Edition Year ISBN Publisher Text-Books S14024-TB1 ActEd Study Material 2010 Actuarial LR Code Syllabus For V48: PG Dip (Actuarial Applications) Education Page 32 Subject CT6 S14024-TB2 Reference-Books Introduction to Statistical Modeling S14024-RB1 Dobson Introductory Statistics with Applications in S14024-RB2 General Insurance Hoss, Ian, Zehnwirth S14024-RB3 Loss Models : From Data to Decisions Klugman, Panjer, Willmot Company acted@bpp.com 1983 Chapman and Hall 2nd 1986 Cambridge University Press 1988 John Wiley & Sons CD / DVD S14024-CD1 S14024-CD2 Web Links S14024-WL1 S14024-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 33 S14025: ACTUARIAL BUSINESS ECONOMICS - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14025 Actuarial Business Economics - I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: Simple Algebra and Calculus Learning Objectives 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. 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 1 Economic Concepts 2 Demand And Supply 3 Elasticity And Uncertainty CSs CP Block 01 CSs 01-10 CP Block 02 4 Consumer Demand CSs 11-20 CP Block 03 5 Perfect Competition CSs 21-30 CP Block 04 6 Products , Marketing And Advertising Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' Page 34 31-40 LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Economic concepts: Scope of economics in terms of allocation of scarce resources 1 Demand and Supply : Demand Determinants, Demand function and Demand Curve, 2 Supply function and supply curve, Market and Equilibrium between Supply and Demand CP Bock 3 Effect of Controls on Market 01 Elasticity and Uncertainty: Definition, Implications, Factors influencing elasticity Consumer Demand : Consumer demand and Uncertainty 4 Production and Costs Revenue and Profit 5 CP Bock 02 Perfect Competition: Perfect Competition and Monopoly Imperfect Competition CP Bock 03 Products , Marketing And Advertising: Products , marketing and advertising 6 Growth strategy and globalization Pricing Strategies CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14025-TB1 ActEd Study Material Subject CT7 S14025-TB2 Reference-Books Economics by Begg David, S14025-RB1 Stanley Fischer and Rudiger Dornbusch Economics S14025-RB2 Samuelson Paul A, Northadus William D Economics S14025-RB3 Wonnacott Paul Wonnacott Ronald Principles of Economics S14024-RB3 Lipsey Richard Chrystal Alec CD / DVD 2010 Actuarial Company acted@bpp.com Education 7th 2003 007 7099478 McGraw Hill 17th 2001 McGraw Hill 4th 1990 John Wiley 9th 1999 Oxford University Press S14025-CD1 Syllabus For V48: PG Dip (Actuarial Applications) Page 35 S14025-CD2 Web Links S14025-WL1 S14025-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 36 S14026: ACTUARIAL BUSINESS ECONOMICS - II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14026 Actuarial Business Economics - II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: None Learning Objectives 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. 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 1 Government Intervention 2 International Trade Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions Students have to answer CP Block 01 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 01-10 these units. Students have to answer CP Block 02 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 11-20 these units. Page 37 Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 21-30 these units. Students have to answer CP Block 04 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 31-40 these units. CP Block 03 3 Macroeconomic Environment 4 Business Activity DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Government Intervention: Government intervention in markets 1 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 Business Activity: Business activity, unemployment and inflation 4 Demand-side macroeconomic policy CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition ISBN Year Publisher Text-Books ActEd Study Material S14026-TB1 Subject CT7 2010 Actuarial Education Company acted@bpp.com Economics for Business by John Sloman and S14026-TB2 Kevin Hinde 4th 2007 978-0-273-70908-4 Prentice Hall Reference-Books Economics by Begg David, Stanley Fischer and S14026-RB1 Rudiger Dornbusch 7th 2003 007 7099478 McGraw Hill 17th 2001 McGraw Hill 4th John Wiley Economics S14026-RB2 Samuelson Paul A, Northadus William D S14026-RB3 Economics Syllabus For V48: PG Dip (Actuarial Applications) Page 38 Wonnacott Paul Wonnacott Ronald Principles of Economics S14026-RB4 Lipsey Richard Chrystal Alec CD / DVD 1990 9th 1999 Oxford University Press S14026-CD1 S14026-CD2 Web Links S14026-WL1 http://freevideolectures.com/economics.html S14026-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 39 SEMESTER 03 S14031: LIFE CONTINGENCIES - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14031 Life Contingencies - I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011 S14013 S14022 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Construct Life Table Determine premiums for life insurance plans Determine premiums/benefits for benefit plans For individual life coverage plans 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 CP Block 01 1 Life Assurance Contracts CSs 01-10 CP Block 02 2 Evaluation Of Assurances CSs 11-20 CP Block 03 3 Net Premiums Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' Page 40 21-30 4 Variable Benefits CP Block 04 CSs 31-40 LAQs in end exam on these units. 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit 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 CP Bock 03 CP Bock 04 3 Net Premiums: Net Premiums and Provisions Variable Benefits: Variable benefits and With-profit policies 4 Gross premiums and provisions for fixed and variable benefit contracts LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books ActEd Study Material S14031-TB1 Subject CT5 S14031-TB2 Reference-Books Actuarial Mathematics S14031-RB1 Bowers, L. Newton S14031-RB2 Life Contingencies Neill Alistair S14031-RB3 The analysis of Mortality and other actuarial statistics 2010 Actuarial Company acted@bpp.com Education 2nd 1997 0938959468 Society of Actuaries 1977 Heinemann Faculty of Actuaries CD / DVD S14031-CD1 S14031-CD2 Web Links S14031-WL1 Syllabus For V48: PG Dip (Actuarial Applications) Page 41 S14032: LIFE CONTINGENCIES - II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14032 Life Contingencies - II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011 S14013 S14022 S14031 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Construct Life Table Determine premiums for life insurance plans Determine premiums/benefits for benefit plans For joint life coverage plans 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 1 2 3 Simple Annuities Profit Testing Competing Risks Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 01-10 these units. Students have to answer CP Block 02 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 11-20 these units. Students have to answer CP Block 03 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 21-30 these units. CP Block 01 Page 42 4 Pension Funds CP Block 04 CSs 31-40 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit 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 CP Bock 04 Pension Funds: Pension funds 4 Mortality, selection and standardization LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books 2010 Actuarial Company acted@bpp.com S14032-TB2 Reference-Books Actuarial Mathematics S14032-RB1 Bowers, L. Newton 2nd 1997 0938959468 Society of Actuaries S14032-RB2 Life Contingencies Neill, Alistair 1977 Heinemann ActEd Study Material S14032-TB1 Subject CT5 The analysis of Mortality and other actuarial S14032-RB3 statistics Benjamin, Pollard CD / DVD Education Faculty of Actuaries S14032-CD1 S14032-CD2 Web Links S14032-WL1 S14032-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 43 S14033: FINANCIAL ECONOMICS - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14033 Financial Economics - I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14013 S14022 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Understand efficient capital market environment Develop Portfolio designing techniques Understand Stochastic Calculus mechanism Develop understanding of stochastic models of security prices 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 1 Introduction To Financial Economics 2 Measures Of Investment Risk 3 Models Of Asset Returns Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions Students have to answer CP Block 01 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 01-10 these units. Students have to answer CP Block 02 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 11-20 these units. CP Block 03 Students have to answer '1 of 1' SAQ in CA and CSs '1 of 1' SAQ & '1 of 2' 21-30 LAQs in end exam on Page 44 CP Block 04 4 Stochastic Calculus And Models CSs 31-40 these units. 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Introduction To Financial Economics: Introduction to financial economics 1 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 Stochastic Calculus And Models: Brownian motion and martingales 4 Stochastic Calculus and Ito Processes Stochastic models of security prices CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books ActEd Study Material S14033-TB1 Subject CT8 S14033-TB2 Reference-Books Financial economics with applications to S14033-RB1 investments, insurance and pensions Panjer Modern Portfolio Theory and Investment S14033-RB2 Analysis Elton, Gurber, Brown S14033-RB3 CD / DVD 2010 Actuarial Company acted@bpp.com Education 2nd 1997 The Actuarial Foundation John Wiley & Sons S14033-CD1 S14033-CD2 Web Links S14033-WL1 S14033-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 45 S14034: FINANCIAL ECONOMICS - II PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14034 Financial Economics - II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011 S14013 S14022 S14033 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Price derivatives Design hedging strategies Analyse interest rate models and use them for better estimation of future values 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 CP Block 01 1 Introduction To Derivatives CSs 01-10 CP Block 02 2 Binomial Model CSs 11-20 CP Block 03 3 Black-Sholes Option Pricing Formula Syllabus For V48: PG Dip (Actuarial Applications) CSs 21-30 Questions 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. 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. 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. Page 46 4 Interest Rate Models CP Block 04 CSs 31-40 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit 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 Black-Sholes Option Pricing Formula: The Black-Sholes Option Pricing Formula 3 The 5-step method in continuous time Arbitrage-free pricing and 5-step method with the Black-Sholes model 4 CP Bock 03 CP Bock 04 Interest Rate Models: Interest rate models Credit Risk models LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14034-TB1 ActEd Study Material Subject CT8 S14034-TB2 Reference-Books Options, Futures and Other Derivatives S14034-RB1 Hull S14034-RB2 Financial Calculus, an Introduction Derivative Pricing Baxter, Rennie to 2010 Actuarial Education Company acted@bpp.com 6th 2006 Prentice Hall of India Cambridge University Press S14034-RB3 CD / DVD S14034-CD1 S14034-CD2 Web Links S14034-WL1 S14034-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 47 S14035: COMMUNICATION AND RESEARCH METHODOLOGIES PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name Communication 01 S14035 Methodologies and Research CP CST CAT ST CA 4 20 4 40 120 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: None Learning Objectives Course Objectives: After successful completion of this course, student will be able to understand: 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 CP Block 01 1 Research Methodology 2 Summarizing A Report CSs 01-10 CP Block 02 CSs 11-20 CP Block 03 3 Making A Power Point Presentation How To Write A Resume 4 5 Preparation For Interview Syllabus For V48: PG Dip (Actuarial Applications) CSs 21-30 CP Block 04 CSs 31-40 Questions 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. 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. 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. 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. Page 48 DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Research Methodology: survey, data collection to analysis, modern technology on CP 1 surveys, citations. Bock Writing a Research Paper, Reading a research Paper, throughput planning. 01 Writing a business letter involving actuarial subject: Communication with current/potential Policyholder, Communication with non-technical head in the CP 2 organization. Bock Summarizing a report having actuarial content – emphasis on communicating complex 02 topics in simple ways. 3 Making A Power Point Presentation: Power point presentations – do’s and don’ts, CP animation, slide simplicity, delivery to an audience, slide notes. Bock 03 How to write a Resume : standard formats, presentation of unique traits CP 4 Preparation for Interview : Responding to Behavioral questions and technical questions, Bock 5 04 Body Language LEARNING RESOURCE DETAILS LR Code Title Author Edition ISBN Year Publisher Text-Books S14035-TB1 ActEd Study Material Subject CT8 S14035-TB2 Reference-Books ActEd Study Material S14035-RB1 CA3 Education 2010 Actuarial Company acted@bpp.com Education 2010 Actuarial Company acted@bpp.com Creative 2009 License: Commons AttributionNoncommercial-Share Alike 3.0 S14035-RB2 Basics of Research Paper Writing and Publishing Michael Derntl 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 2nd.ed, Pearson Education, Beginners 2005 Singapore Kumar Ranjit S14035-RB6 Resume Magic: Trade Secrets of a Professional 4th JIST Works Resume Writer Edition Syllabus For V48: PG Dip (Actuarial Applications) Page 49 Susan Britter Whitcomb S14035-RB7 Winning at Interviews Edgar Thorpe and Showick Thorpe 2nd Pearson Education Edition 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/coverLtrGuid e.html S14035-WL2 http//www.internationalgraduate.net www.internationalgraduate.net/resume.htm Syllabus For V48: PG Dip (Actuarial Applications) Page 50 S14036: BUSINESS ENVIRONMENT AND ENTERPRISE RISK MANAGEMENT PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name CP CST CAT ST CA Business Environment and Enterprise Risk 4 20 01 S14036 4 40 120 Management EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: None Learning Objectives Course Objectives: After successful completion of this course, student will be able to: 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 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 1 Financial System 2 Professionalism 3 Introduction To ERM Syllabus For V48: PG Dip (Actuarial Applications) CSs Questions Students have to answer CP Block 01 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 01-10 these units. Students have to answer CP Block 02 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 11-20 these units. CP Block 03 Students have to answer '1 of 1' SAQ in CA and CSs '1 of 1' SAQ & '1 of 2' Page 51 21-30 4 Operational Risk LAQs in end exam on these units. Students have to answer CP Block 04 '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' CSs LAQs in end exam on 31-40 these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Financial System : Environment, Markets and Instruments, Intermediaries 1 Macro economy and Financial Service Industry Strategic Planning and Strategic Management with Case studies for illustrations Professionalism: Professionalism Role of Actuary in Financial services Industry 2 Actuarial Applications into different areas with case studies Actuaries Act India CP Bock 01 CP Bock 02 Introduction To ERM: Introduction to ERM ERM in Context ERM in Practice 3 ERM Framework Hazard Risk Financial Risk CP Bock 03 Operational Risk: Operational Risk Strategic Risk Risk Metrics 4 Application of ERM COSO Pros and Cons Conclusion CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition ISBN Year Publisher Text-Books S14036-TB1 S14036-TB2 Reference-Books Strategic Management : Concepts and Cases S14036-RB1 Fred David 11th 8120331464 2006 Prentice Hall of India Rs. 525 Strategic Management : 2006 0324275285 S14036-RB2 South-West College Competitiveness and Globalization, Concepts and Syllabus For V48: PG Dip (Actuarial Applications) Page 52 Cases Hitt, Ireland, Hoskisson Pub S14036-RB3 Enterprise Risk Management : From Incentives to 2003 0471430005 Control Lam James John Wiley & Sons S14036-RB4 Overview of Enterprise Risk Management Casualty Actuarial Society ERM Committee 2003 Casualty Society Actuarial CD / DVD S14036-CD1 S14036-CD2 Web Links S14036-WL1 S14036-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 53 SEMESTER 04 S14041: ASSET AND LIABILITY MANAGEMENT - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14041 Asset and Liability Management - I CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011-S14016 S14021-S14026 S14031-S14034 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Evaluate benefits from insurance coverages Understand Investment options and impact of various factors on their values Design investment strategies 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 CP Block 01 1 Actuarial Control Cycle CSs 01-10 CP Block 02 2 Stakeholders CSs 11-20 CP Block 03 3 Introduction To Financial Products Syllabus For V48: PG Dip (Actuarial Applications) CSs 21-30 Questions 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. 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. Students have to answer '1 of 1' SAQ in CA and '1 of 1' SAQ & '1 of 2' LAQs in end exam on Page 54 CP Block 04 4 Project Management CSs 31-40 these units. 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. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Actuarial Control Cycle: Actuarial Control Cycle 1 Overview Working Professionally CP Bock 01 Stakeholders: Stakeholders Providers of Benefits 2 Regulation External Environment CP Bock 02 Introduction To Financial Products: Role of Insurance and Reinsurance Introduction to Financial Products and Customer Needs 3 Life Insurance Products General Insurance Products CP Bock 03 Project Management: Cashflows of Simple Products Contract Design 4 Project Management Capital Project Appraisal CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14041-TB1 ActEd Study Material Subject CA1 S14041-TB2 Reference-Books Demystefying Capital Management in the S14041-RB1 Life Assurance Industry Gemmell, McAusland, Shah, Silby S14041-RB2 The Control Cycle: Financial Control of a Life Assurance Company Goford 2010 Actuarial Education Company acted@bpp.com 2002 SIAS London 1985 JSS, 28 S14041-RB3 CD / DVD S14041-CD1 S14041-CD2 Syllabus For V48: PG Dip (Actuarial Applications) Page 55 Web Links S14041-WL1 S14041-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 56 S14042: ASSET AND LIABILITY MANAGEMENT - I PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14042 Asset and Liability Management-II CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011-S14016 S14021-S14026 S14031-S14034 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Correlate between Assets and Liabilities Actuarially value liabilities Value a company to determine goodwill on acquisition/merger 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 CP Block 01 1 Markets CSs 01-10 CP Block 02 2 Futures And Options CSs 11-20 CP Block 03 3 Investment Markets 4 Investment Strategies Syllabus For V48: PG Dip (Actuarial Applications) CSs 21-30 CP Block 04 Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and Page 57 CSs 31-40 '1 of 1' SAQ & '1 of 2' LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Markets: Money Markets Bond Markets 1 Credit Risk and Credit Rating Property Markets Equity Markets CP Bock 01 Futures And Options: Futures and Options Collective Investment Vehicles 2 Overseas Markets Investment Indices CP Bock 02 Investment Markets: Economic Influence on Investment Markets Other Influence on Investment Markets 3 Valuation of Individual Investments Relationship between returns on investment classes Valuation of Asset classes and Portfolios 4 CP Bock 03 Investment Strategies: Investment Strategies for Institutions Investment Strategies for Individuals Developing an Investment Strategy Relationship between Assets and Liabilities Asset Management CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14042-TB1 ActEd Study Material Subject CT5 S14042-TB2 Reference-Books Demystefying Capital Management in the S14042-RB1 Life Assurance Industry Gemmell, McAusland, Shah, Silby S14042-RB2 The Control Cycle: Financial Control of a Life Assurance Company Goford 2010 Actuarial Education Company acted@bpp.com 2002 SIAS London 1985 JSS, 28 S14042-RB3 CD / DVD Syllabus For V48: PG Dip (Actuarial Applications) Page 58 S14042-CD1 S14042-CD2 Web Links S14042-WL1 S14042-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 59 S14043: ASSET AND LIABILITY MANAGEMENT - III PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14043 Asset and Liability Management - III CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 T PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: S14011-S14016 S14021-S14026 S14031-S14034 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Correlate between Assets and Liabilities Actuarially value liabilities Value a company to determine goodwill on acquisition/merger 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 CP Block 01 1 Data & Modeling CSs 01-10 CP Block 02 2 Setting The Discount Rate CSs 11-20 CP Block 03 3 Risk Management 4 Capital And Capital Management Syllabus For V48: PG Dip (Actuarial Applications) CSs 21-30 CP Block 04 Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and Page 60 CSs 31-40 '1 of 1' SAQ & '1 of 2' LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Data & Modeling: Data Modeling 1 Setting Assumptions Costing, Pricing and Funding Valuing Liabilities CP Bock 01 Setting The Discount Rate: Setting the discount rate Setting discontinuance benefits 2 Expenses Monitoring investment strategy CP Bock 02 Risk Management: Risks in Benefit Schemes Risks in insurance 3 Risk Management Process Risk Management Tools CP Bock 03 Capital And Capital Management: Capital and capital management Insolvency and Closure 4 Merger and Acquisitions Accounting Surplus and surplus management CP Bock 04 LEARNING RESOURCE DETAILS LR Code Title Author Edition Year ISBN Publisher Text-Books S14043-TB1 ActEd Study Material Subject CA S14043-TB2 Reference-Books Demystefying Capital Management in the S14043-RB1 Life Assurance Industry Gemmell, McAusland, Shah, Silby S14043-RB2 The Control Cycle: Financial Control of a Life Assurance Company Goford 2010 Actuarial Education Company acted@bpp.com 2002 SIAS London 1985 JSS, 28 S14043-RB3 CD / DVD S14043-CD1 Syllabus For V48: PG Dip (Actuarial Applications) Page 61 S14043-CD2 Web Links S14043-WL1 S14043-WL2 Syllabus For V48: PG Dip (Actuarial Applications) Page 62 S14044: EXCEL, MACROS WITH VISUAL BASIC PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14044 EXCEL, MACROS With Visual Basic CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 P PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: None Learning Objectives 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 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 1 Introduction To Microsoft EXCEL 2 Creating And Operating On Worksheets 3 Working With Formats And Functions 4 Creating Charts And Graphics 5 Advanced Features 6 Programming EXCEL With VBA Syllabus For V48: PG Dip (Actuarial Applications) CSs CP Block 01 CSs 01-15 CP Block 02 CSs 16-30 CP Block 03 CSs 31-45 CP Block 04 Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and Page 63 CSs 46-60 '1 of 1' SAQ & '1 of 2' LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit Introduction to Microsoft EXCEL: Utility, Specifications. Create your first worksheet. 1 Creating and Operating on worksheets: Entering data, editing data, Window view CP 2 controls, working with cells and ranges, Introducing Table, formatting worksheets, using Bock and creating Templates, printing from worksheets. 01 3 Working with formats and functions: Introducing formulas and functions. Creating formulas using functions useful for text manipulation, date and time related CP applications, counting and summing, formulas to LookUp values, useful for financial and Bock statistical applications and formulas with array functions. 02 Creating charts and graphics: create and edit charts of the following types: Column, Bar, Line, Pie, XY charts. 4 CP Advanced Features: Creating and using outlines, linking and consolidating worksheets, 5 sharing data with other applications, analyzing data using MS Query with external Bock 03 database files, performing what-if analysis, analyzing data using Goal Seek and Solver Programming EXCEL with VBA: Introduction of VBA Macros, VBA sub procedures and CP 6 VBA functions, Create VBA Macros, record actions to create them. Write VBA Code. VBA Bock Functions. VBA Examples. 04 LEARNING RESOURCE DETAILS LR Code Title Author Text-Books S14044-TB1 S14044-TB2 Reference-Books 2007 Microsoft Excel Bible, S14044-RB1 John Walkenbach S14044-RB2 Edition Year 2007 Professor Teaches Word, Excel, & Power Point 2007 Learn Excel 2007 Essential Skills with S14044-RB3 the Smart Method Mike Smart CD / DVD ISBN Publisher Wiley Individual Software, Inc. 2008 www.amazon.com S14044-CD1 S14044-CD2 Web Links S14044-WL1 http://www.soa.org Syllabus For V48: PG Dip (Actuarial Applications) Page 64 http://www.soa.org/files/pdf/071_bk -ny04.pdf http://www.comaroundfree.com http://www.comaroundfree.com/Offi S14044-WL2 ce_applications/Microsoft_Excel/Exce l_2007 http://www.fileguru.com http://www.fileguru.com/apps/run_ S14044-WL2 web_based_application_using_vba_m acro/p4 Syllabus For V48: PG Dip (Actuarial Applications) Page 65 S14045: ACTUARIAL APPLICATIONS USING EXCEL PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14045 Actuarial Applications Using EXCEL CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 P PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: None Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: Deal with mathematical analysis involving differentiation, integration, limits Handle various actuarial applications using them 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 CP Block 01 1 Data Cleaning CSs 01-15 CP Block 02 2 Using EXCEL, Develop Actuarial Applications 3 Pension, Employee Benefits 4 Healthcare 5 Capital Market 6 Project Appraisal And Other Applications Syllabus For V48: PG Dip (Actuarial Applications) CSs 16-30 CP Block 03 CSs 31-45 CP Block 04 Questions 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. 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. 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. Students have to answer '1 of 1' SAQ in CA and Page 66 CSs 46-60 '1 of 1' SAQ & '1 of 2' LAQs in end exam on these units. DETAILS SYLLABUS CP Block UN Detail Syllabus of the Unit 1 Data Cleaning: Understanding of Data. Real-life data. Data cleaning- meaning, need and CP methodology. Bock 01 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, CP 2 calculating unit prices and unit movements. Calculating simple embedded values. Bock General Insurance: Scatter plot for loss data, fitting of loss distribution, distribution for 02 aggregate losses, ruin probability, pricing, experience rating, reserving, GLM. Calculating simple embedded values. 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 3 CP Pension based on Defined Contribution, Calculating profits of annuity products. 4 Bock Healthcare: Expected losses payable on a healthcare policy for different kinds of loss 03 events. Aggregate benefits payable on healthcare policies. Pricing of health policies using burning cost model floater principles 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 CP 5 applications. Bock 6 Project Appraisal And Other Applications: Calculation of Discounted Payback period, 04 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. LEARNING RESOURCE DETAILS LR Code Title Author Text-Books S14045-TB1 S14045-TB2 Reference-Books S14045-RB1 Actuarial Tables Edition ISBN Year Publisher 2006 Acted@bpp.com Cambridge S14045-RB2 Regression Modeling with Actuarial and Financial Applications Edward W. Frees S14045-RB3 Loss Models : From Data to Decisions Wiley Syllabus For V48: PG Dip (Actuarial Applications) Page 67 S. A. Klugman, H. H. Panjer and G.E. Willmot S14045-RB4 Modern Actuarial Theory and Practice Phillip Booth S14045-RB5 Actuarial Models : The Mathematics of Insurance Vladimir I. Rotar 2nd Chapman and Hall Chapman and Hall S14045-RB6 S14045-RB7 CD / DVD S14045-CD1 S14045-CD2 Web Links S14045-WL1 S14045-WL2 www.palisade.com http://www.palisade.com/cases/actuarial_societ y.asp Syllabus For V48: PG Dip (Actuarial Applications) Page 68 S14046: ACTUARIAL PROJECT PROGRAMME INFORMATION SN Description 1 University 2 3 4 5 School Discipline Level Course Used in Details Yashwantrao Chavan Maharashtra Open University Nashik - 422 222, Maharashtra, India Website: http://www.ycmou.com/ School of Architecture, Science and Technology Science UG V46: M.SC. (ACT. SC.) COURSE INFORMATION Sem Code Course Name 01 S14046 Actuarial Project CP CST CAT ST CA 4 40 4 120 20 EE 80 TM Type 100 PW PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES Presumed Knowledge Course Prerequisites: All courses at Semesters 1-3 All other courses at Semester 4 Learning Objectives Course Objectives: After successful completion of this course, student will be able to do: 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. Field Work and/or Home Assignment: Students are expected to complete 1 Field Work and/or Home Assignment having 20% weightage in total evaluation. 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. Syllabus For V48: PG Dip (Actuarial Applications) Page 69 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. Syllabus For V48: PG Dip (Actuarial Applications) Page 70 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 :· Syllabus For V48: PG Dip (Actuarial Applications) Page 71 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. LEARNING RESOURCE DETAILS LR Code Title Author Edition ISBN Year Publisher Text-Books S14046-TB1 ActEd Study Materials Subject CA1 CT1-CT8 Syllabus For V48: PG Dip (Actuarial Applications) 2010 Actuarial Company Education Page 72 acted@bpp.com S14046-TB2 Reference-Books S14046-RB1 S14046-RB2 CD / DVD S14046-CD1 S14046-CD2 Web Links S14046-WL1 S14046-WL2 END OF DOCUMENT Syllabus For V48: PG Dip (Actuarial Applications) Page 73
