Fdocuments - Us - Syllabus V45bscactuarial Science Yashwantrao Ycmou Syllabussyllabus

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
Units ....................................................................................................................................... 12
S14014: Statistics for Actuaries - II ........................................................................................ 15
Units ....................................................................................................................................... 15
S14015: Corporate Finance and Financial Reporting- I ........................................................... 18
Units ....................................................................................................................................... 18
S14016: Corporate Finance and Financial Reporting-II ........................................................... 21
Units ....................................................................................................................................... 21
Semester 02 ........................................................................................................................... 24
S14021: Actuarial Modeling - I .............................................................................................. 24
Syllabus For V48: PG Dip (Actuarial Applications) Page 1
Units ....................................................................................................................................... 24
S14022: Actuarial Modeling - II ............................................................................................. 26
Units ....................................................................................................................................... 26
S14023: Casualty Actuarial Science and Time Series-I ............................................................ 28
Units ....................................................................................................................................... 28
S14024: Casualty Actuarial Science and Time Series-II ........................................................... 31
Units ....................................................................................................................................... 31
S14025: Actuarial Business Economics - I .............................................................................. 34
Units ....................................................................................................................................... 34
S14026: Actuarial Business Economics - II ............................................................................. 37
Units ....................................................................................................................................... 37
Semester 03 ........................................................................................................................... 40
S14031: Life Contingencies - I................................................................................................ 40
Units ....................................................................................................................................... 40
S14032: Life Contingencies - II............................................................................................... 42
Units ....................................................................................................................................... 42
S14033: Financial Economics - I ............................................................................................. 44
Units ....................................................................................................................................... 44
S14034: Financial Economics - II ............................................................................................ 46
Units ....................................................................................................................................... 46
S14035: Communication and Research Methodologies ......................................................... 48
Units ....................................................................................................................................... 48
S14036: Business Environment and Enterprise Risk Management ......................................... 51
Units ....................................................................................................................................... 51
Semester 04 ........................................................................................................................... 54
S14041: Asset and Liability Management - I ......................................................................... 54
Units ....................................................................................................................................... 54
S14042: Asset and Liability Management - I .......................................................................... 57
Units ....................................................................................................................................... 57
S14043: Asset and Liability Management - III ........................................................................ 60
Units ....................................................................................................................................... 60
S14044: EXCEL, MACROS With Visual Basic ........................................................................... 63
Units ....................................................................................................................................... 63
S14045: Actuarial Applications Using EXCEL .......................................................................... 66
Units ....................................................................................................................................... 66
S14046: Actuarial Project...................................................................................................... 69
Activities ................................................................................................................................. 69
Detail Specifications ............................................................................................................... 70

SYLLABUS FOR
V46: M.SC. ACTUARIAL SCIENCES)
BASIC INFORMATION
1. Mode of Education: Full time residential face-to-face mode of education enhanced with
ELearning support.
2. Minimum Programme Duration: 3 years after HSC (12th) or Equivalent
3. Required Study Efforts: 720 Hours in each semester
4. Medium of Instruction: English
5. Attendance: Minimum 75% attendance for all courses.
6. Equivalence Status:
a. UGC recognized and approved
b. DEC recognized and approved
c. Study centers approved by Directorate General of Shipping
d. Recognized by Government of Maharashtra for MPSC jobs
PROGRAMME CALENDAR
SN Activity Description Odd semesters like Even semesters like
01, 03, 05 and 07 02, 04, 06 and 08
From 01-Aug Till 31 Jan From 01-Feb Till 31-Jul
Admission
01 Further Admission From 05-Jun Till 05-Jul Not Offered
02 Fresh Admission From 05-Jun Till 05-Aug Not Offered
Teaching - Learning
03 Teaching - Learning From 01-Aug Till 13 Nov From 01-Feb Till 16-May
04 Teaching–Learning Backlog Clearing From 14-Nov to 04-Dec From 17-May to 04-Jun
End Exam (EE) Form Submission
05 EE Form Submission by students at SC On or Before 30-Sep On or Before 31-Mar
06 EE Form Submission by SCs at University On or Before 05-Oct On or Before 05-Apr
Continuous Assessment (CA) Submission
07 CA Availability on website From 01-Aug Till 30 Nov From 01-Feb Till 30-May
08 CA Submission by Students at SC 01-30 Nov 01-30 May
09 Provisional CA Report by SCs On or before 31-Dec On or before 30-Jun
10 Final CA Report Submission by SCs at On or before 31-Jan On or before 31-Jul
University
End Examination (EE)
11 EE for Theory Courses From 05-Dec Till 14-Dec From 05-Jun Till 14-Jun
12 EE for Practical, STW, SV or PW Courses Immediately after the 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
Semester End Vacation
13 Semester End Vacation From 08-Jan Till 31-Jan From 08-Jul Till 31-Jul

ELIGIBILITY AND FEES
Admission Eligibility Certification Eligibility Fees and Deposit / Semester
HSC (10+2) or equivalent pass + Min 50% or as specified for the Desc INR USD
Aptitude Test respective course in the syllabus UF 15,600 1560
For Successful or better marks SCF 72,000 7,200
Admission to completion in total 24 courses (subjects) ATF 500 one 50 one
of all courses of total 99 credit points time time
at following at Semesters 01-04. EF 1400/T/P 140/T/P
semester is Total ≈ 96,000 9,600
essential Aggregate performance and 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 20 80 100 T 4 50%
Semester 02: 16 CPs
07 S14021 Actuarial Modeling-I 20 80 100 T 4 50%
08 S14022 Actuarial Modeling-II 20 80 100 T 4 50%
09 S14023 Casualty Actuarial Science and Time Series-I 20 80 100 T 4 50%
10 S14024 Casualty Actuarial Science and Time Series-II 20 80 100 T 4 50%
11 S14025 Actuarial Business Economics-I 20 80 100 T 4 50%
12 S14026 Actuarial Business Economics-II 20 80 100 T 4 50%
Semester 03: 16 CPs
13 S14031 Life Contingencies-I 20 80 100 T 4 50%
14 S14032 Life Contingencies-II 20 80 100 T 4 50%
15 S14033 Financial Economics - I 20 80 100 T 4 50%
16 S14034 Financial Economics - II 20 80 100 T 4 50%
17 S14035 Communication and Research Methodology 20 80 100 T 4 50%
Business Environment and Enterprise Risk
18 S14036 20 80 100 T 4 50%
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%

SN Code Name CA EE TM Type CPs Passing
%
23 S14045 Actuarial Applications Using EXCEL 20 80 100 P 4 50%
24 S14046 Actuarial Project 20 80 100 PW 4 50%
EVALUATION PATTERN
SN Type of Continuous Assessment End Examination
Course
1 Theory (T) 1. Student is required to answer 1. Student is required to answer 1 of
1 of 1 SAQ, each of 5 marks, 1 SAQ, each of 5 marks, on each CP
on each CP 2. Student is required to answer 1 of
2. Single attempt only 2 LAQs, each of 15 marks, on each
3. Marks: 5 Marks for each CP CP
4. Duration: Specified 1 Month 3. Maximum 5 Attempts only
5. CAT: Continuous Assessment 4. Marks: 20 Marks for each CP
Time is 1 hr for each C.P. 5. Duration: 45 minutes for each CP
2 Practical (P) 1. Student is required to submit 1. External and internal examiners shall
“Activity Report” for each CP assess each student based on:
in the prescribed format. a. Conduct of One Randomly
2. Single Attempt only Selected Practical Activity – 5
3. Marks: 5 Marks for each CP Marks
4. Duration: Specified 1 Month b. Viva-Voice - 5 Marks
5. CAT: Continuous Assessment c. Journal (Workbook) - 5 Marks
Time is 1 hr for each C.P. 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.

M. SC. (ACTUARIAL SCIENCE)
S14011: MATHEMATICS OF FINANCE - I
PROGRAMME INFORMATION
SN Description Details
1 University Nashik - 422 222, Maharashtra, India
Website: http://www.ycmou.com/
2 School School of Architecture, Science and Technology
3 Discipline Science
4 Level UG
5 Course Used in V46: M.SC. (ACT. SC.)
COURSE INFORMATION
Sem Code Course Name CP CST CAT ST CA EE M Type
01 S14011 Mathematics of Finance - I 4 40 4 120 20 80 100 T
PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Presumed Knowledge Learning Objectives
Course Prerequisites: Course Objectives: After successful completion
 Basic Algebra and Calculus of this course, student will be able to do:
 Find present value, real value of
money
 Calculate simple interest, compound
interest, total present value and
accumulations of cash flows
 Use them for decision making in
various actuarial applications
Field Work and/or Home Assignment: Students are expected to complete 1 Field Work and/or
Home Assignment having 20% weightage in total evaluation.
UNITS
UN Name of the Unit CSs Questions
Students have to answer
CP Block 01
'1 of 1' SAQ in CA and
1 Time Value of Money
'1 of 1' SAQ & '1 of 2'
2 Interest Rates CSs
LAQs in end exam on
01-10
these units.
CP Block 02
4 Real and Money Interest Rates
'1 of 1' SAQ & '1 of 2'
5 Discounting and Accumulating of cashflows CSs
LAQs in end exam on
11-20
these units.
CP Block 03 Students have to answer
6 Immediate and Level Annuity:
7 Deferred and Increasing/Decreasing Annuities
CSs '1 of 1' SAQ & '1 of 2'

21-30 LAQs in end exam on
these units.
CP Block 04
8 Equations of Value
'1 of 1' SAQ & '1 of 2'
9 Loan Repayment calculations CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
UN Detail Syllabus of the Unit
Block
Time Value of Money: Simple interest, Compound Interest, Present value of a future
1 payment CP
2 Cashflow Models Bock
Interest Rates: Nominal rate, effective rate, force of interest 01
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
assuming a constant rate of inflation. 02
6 Immediate and Level Annuity: Compound interest functions-I CP

7 Deferred and Increasing/decreasing Annuities: Compound interest functions-II 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 Edition ISBN
LR Code
Author Year Publisher
Text-Books
ActEd Study Material 2010 Actuarial Education
S14011-TB1 Subject CT1 Company
acted@bpp.com
S14011-TB2
Reference-Books
The Theory of Interest Jan 0256091501
S14011-RB1
Kellison 2006 Irwin Mc-Graw Hill
Actuarial Mathematics 2nd 0938959468
S14011-RB2
Bowers, L. Newton Society of Actuaries
CD / DVD
S14011-CD1
Web Links
S14011-WL1
S14011-WL2

S14012: MATHEMATICS OF FINANCE - II
4 Level UG
COURSE INFORMATION
Sem Code Course Name CP CST CAT ST CA EE TM Type
01 S14012 Mathematics of Finance - II 4 40 4 120 20 80 100 T

 Basic Algebra, Calculus and Statistics of this course, student will be able to do:
 S14011  Appraisal of projects for selecting the
best
 Analyse impact of series of cashflows
 Understand behavior of interest rates
for use in various actuarial
applications
UNITS
CP Block 01
1 Project Evaluation and Appraisal '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Problems involving compound growths '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
3 Investments
'1 of 1' SAQ & '1 of 2'
4 Term structure models of Interest Rates CSs
LAQs in end exam on
21-30
these units.

CP Block 04
5 Arbitrage Pricing
'1 of 1' SAQ & '1 of 2'
6 Stochastic Models for Interest Rates CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
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
Problems Involving Compound Growths: Compound Interest Problems in various forms CP

2
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
immunization of portfolio of liabilities 03
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
rate models with independent distributions for successive periods 04

Title Edition ISBN
LR Code
Text-Books
2010 Actuarial Education
ActEd Study Material
S14012-TB1 Company
Subject CT1
acted@bpp.com
S14012-TB2
Reference-Books
The Theory of Interest Jan 0256091501
S14012-RB1
Kellison 2006 Irwin Mc-Graw Hill
S14012-RB2
Bowers L. Newton Society of Actuaries
S14012-RB3
CD / DVD
S14012-CD1
S14012-CD2
Web Links
S14012-WL1
S14012-WL2

S14013: STATISTICS FOR ACTUARIES - I
4 Level UG
COURSE INFORMATION
01 S14013 Statistics for Actuaries - I 4 40 4 120 20 80 100 T

 Basic Algebra and Calculus 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
UNITS
1 Data Students have to answer
CP Block 01
2 Graphs And Diagrams '1 of 1' SAQ in CA and
3 Measures Of Central Tendency And Location '1 of 1' SAQ & '1 of 2'
CSs
4 Measures Of Dispersion LAQs in end exam on
01-10
5 Moments And Measures Based On Moments these units.
Probability Students have to answer
6 CP Block 02
Discrete Random Variables '1 of 1' SAQ in CA and
7
Generating Functions: P.G.F., M.G.F. And C.G.F. '1 of 1' SAQ & '1 of 2'
8 CSs
Standard Discrete Probability Distributions And LAQs in end exam on
9 11-20
Their Applications these units.
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

14 Standard Continuous Distributions '1 of 1' SAQ in CA and
15 Central Limit Theorem CSs '1 of 1' SAQ & '1 of 2'
these units.
DETAILS SYLLABUS
CP
Block
Data: Types, Sources, Classification, Frequency Distribution, Stem and Leaf diagram.
Graphs and Diagrams: Frequency Curve, Cumulative Frequency Curve
1
Measures of Central Tendency: Arithmetic Mean, Geometric Mean, Median, Mode.
2
Measures of Locations: Median, Quartiles, Percentiles, Box plot. CP
3
4 Measures of Dispersion: Range and its Coefficient, Semi inter-quartile range and its Bock
5 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.
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.
6
Derivation of Probability mass function of a function of a random variable.
7 CP
Generating Functions: Probability Generating Function, Moment Generating Function
8 Bock
and Moments, Cumulant Generating Function and Cumulants.
9 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

Central Limit Theorem: Central Limit theorem and normal approximation
Central Limit theorem and its application in finding approximate probabilities.

Title Edition ISBN
LR Code
Text-Books
Descriptive Statistics 6th Sheth Publishers
S14013-TB1
R. J. Shah 2010 Rs 125.00
Statistical Methods Sheth Publishers
S14013-TB2
R. J. Shah 2010 Rs 120.00
Reference-Books
John Freund’s Mathematical Statistics with 7th 10:131427067
S14013-RB1 Applications 2003 Prentice Hall India
Miller, Miller
Elementary Statistics Jan 13:9780321369185
S14013-RB2
Mario Triola 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

S14014: STATISTICS FOR ACTUARIES - II
4 Level UG
COURSE INFORMATION
01 S14014 Statistics for Actuaries - II 4 40 4 120 20 80 100 T

 S14013 of this course, student will be able to:
 Estimate parameters in statistical
models
 Test hypotheses for significance
 Lay strong foundation of statistical
inference for a variety of applications
including actuarial ones
UNITS
Name of the Unit CSs Questions
UN
CP Block 01
1 Order Statistic '1 of 1' SAQ in CA and
2 Point And Interval Estimation '1 of 1' SAQ & '1 of 2'
CSs
3 Methods Of Point Estimation LAQs in end exam on
01-10
these units.
Testing Of Hypothesis Students have to answer
CP Block 02
4 Tests Of Significance '1 of 1' SAQ in CA and
5 Large Sample Tests For Population Mean(S), '1 of 1' SAQ & '1 of 2'
CSs
6 Proportion(S) As Applications Of Normal LAQs in end exam on
11-20
Distribution these units.
CP Block 03
7 Large Sample '1 of 1' SAQ in CA and
8 Chi-Square Tests '1 of 1' SAQ & '1 of 2'
CSs
9 Simulation LAQs in end exam on
21-30
these units.
10 T-Tests CP Block 04 Students have to answer

11 F-Tests, Anova '1 of 1' SAQ in CA and
12 Bi-Variate Linear Correlation And Regression CSs '1 of 1' SAQ & '1 of 2'
Analysis 31-40 LAQs in end exam on
these units.
DETAILS SYLLABUS
CP
Block
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
Likelihood Ratio Tests Bock
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 Z-

Transformation: 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.

Title Edition ISBN
LR Code
Text-Books
S14014-TB1 Statistical Methods 2010 Sheth Publishers

R. J. Shah Rs 120.00
S14014-TB2
Reference-Books
Statistics Insurance Institute of
S14014-RB1
M.G. Diwan and R. Ramkrishnan 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

S14015: CORPORATE FINANCE AND FINANCIAL REPORTING- I
4 Level UG
COURSE INFORMATION
01 S14015 Corporate Finance and Financial Reporting-I 4 40 4 120 20 80 100 T

 None 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
UNITS
CP Block 01
1 Introduction To Accounts '1 of 1' SAQ in CA and
2 Basic Accounting Terms '1 of 1' SAQ & '1 of 2'
CSs
3 The Main Accounts LAQs in end exam on
01-10
these units.
CP Block 02
4 Generating Accounts
'1 of 1' SAQ & '1 of 2'
5 Depreciation CSs
LAQs in end exam on
11-20
these units.
CP Block 03
6 Reserves '1 of 1' SAQ in CA and
7 Group Accounts '1 of 1' SAQ & '1 of 2'
CSs
8 LAQs in end exam on
Insurance Company Accounts 21-30
these units.
9 Interpretation Of Accounts CP Block 04 Students have to answer

CSs '1 of 1' SAQ & '1 of 2'
these units.
DETAILS SYLLABUS
CP
Block
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. CP

5 Depreciation: Concept, Methods of calculation 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.

Title Edition ISBN
LR Code
Text-Books
S14015-TB1 Company
Subject CT2
acted@bpp.com
S14015-TB2
Reference-Books
Accounting and financial fundamentals for AMACOM, New York
S14015-RB1 nonfinancial executives Robert Rachlin & 1996
Allen Sweeny.
Accounting Fundamentals 0324023618
S14015-RB2 William Ruland 2001 Cincinnati, Ohio: South-
Western College Pub.
Managerial Accounting Jan Irwin Professional Pub
S14015-RB3
Garrison, Noreen, Brewer 2005
CD / DVD

S14015-CD1
S14015-CD2
Web Links
http://freevideolectures.com/business.html
S14015-WL1
S14015-WL2

S14016: CORPORATE FINANCE AND FINANCIAL REPORTING-II
4 Level UG
COURSE INFORMATION
01 S14016 Corporate Finance and Financial Reporting-II 4 40 4 120 20 80 100 T

 S14011 of this course, student will be able to do:
 S14015  Understand fundamentals of
Corporate Finance
 Evaluate projects
 Determine right sources of finance
for a project
UNITS
CP Block 01
1 Key Principles Of Finance '1 of 1' SAQ in CA and
2 Company Ownership '1 of 1' SAQ & '1 of 2'
CSs
3 Medium Term And Short Term Sources LAQs in end exam on
01-10
these units.
Taxation Students have to answer
4 CP Block 02
Long Term Financial Instruments '1 of 1' SAQ in CA and
5
Issue Of Shares '1 of 1' SAQ & '1 of 2'
6 CSs
LAQs in end exam on
7 Uses Of Derivatives 11-20
these units.
CP Block 03
8 Weighted Average Cost Of Capital '1 of 1' SAQ in CA and
9 Modigliani And Miller’s Two Propositions '1 of 1' SAQ & '1 of 2'
CSs
10 Capital Structure And Dividend Policy LAQs in end exam on
21-30
these units.
11 Project Appraisal Methods CP Block 04 Students have to answer
12 Evaluation Of Risky Projects '1 of 1' SAQ in CA and
13 Risk Analysis And Dealing With Risks CSs '1 of 1' SAQ & '1 of 2'

these units.
DETAILS SYLLABUS
CP
Block
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
3 Medium Term And Short Term Sources: Medium Term And Short Term Sources of Bock
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.
Taxation: Personal taxation, Company taxation, Capital Gains tax, other taxes, double
taxation relief.
Financial Instruments: debenture stocks, unsecured loan stocks, Eurobonds, preference
4 shares, ordinary shares, convertible unsecured loan stocks, convertible preference
5 shares, warrants, floating-rate notes, subordinated debt, options issued by companies. CP
6 Methods of obtaining a quotation: offer for sale, offer for sale by tender, offer for Bock
7 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
9 irrelevance Capital Asset Pricing Models (CAPM) CP
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.

Title Edition ISBN
LR Code
Text-Books
acted@bpp.com
S14016-TB2

Reference-Books
Principles of Corporate Finance 13:9780073130828
S14016-RB1
Brealey, Myers, Allen 2006 Irwin Professional Pub
Essentials of Corporate Finance 13:9780072946734
S14016-RB2
Ross, Westerfield, Jordan 1996 Irwin Professional Pub
S14016-RB3
CD / DVD
S14016-CD1
S14016-CD2
Web Links
http://freevideolectures.com/business.html
S14016-WL1
S14016-WL2

SEMESTER 02
S14021: ACTUARIAL MODELING - I
4 Level UG
COURSE INFORMATION
01 S14021 Actuarial Modeling - I 4 40 4 120 20 80 100 T

 S14014  Understand the basic characteristics
of stochastic processes
 Analyse actuarial models involving
stochastic processes
UNITS
CP Block 01
1 Principles Of Actuarial Modeling
'1 of 1' SAQ & '1 of 2'
2 Stochastic Processes CSs
LAQs in end exam on
01-10
these units.
CP Block 02
3 Markov Chains '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
4 Two-State Markov Model
'1 of 1' SAQ & '1 of 2'
5 General Markov Model CSs
LAQs in end exam on
21-30
these units.

CP Block 04
6 Markov Jump Processes '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
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 CP

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

Title Edition ISBN
LR Code
Text-Books
S14021-TB1 Company
Subject CT4
acted@bpp.com
S14021-TB2
Reference-Books
S14021-RB1 Bowers, L. Newton Society of Actuaries
Survival models and their estimation, 1988 Actex Publications

S14021-RB2
London
CD / DVD
S14021-CD1
S14021-CD2
Web Links
S14021-WL1
S14021-WL2

S14022: ACTUARIAL MODELING - II
4 Level UG
COURSE INFORMATION
01 S14022 Actuarial Modeling - II 4 40 4 120 20 80 100 T

 S14013 of this course, student will be able to:
 S14014 o Estimate values of various
components of life table through
deeper understanding of their
constitution and processes involved
in data collection and refining thereof
UNITS
CP Block 01
1 Survival Models
'1 of 1' SAQ & '1 of 2'
2 Exposed To Risk CSs
LAQs in end exam on
01-10
these units.
CP Block 02
3 Distribution Of Future Lifetime, Censoring
'1 of 1' SAQ & '1 of 2'
4 Kaplan-Meier Model, Nelson-Aalen Model CSs
LAQs in end exam on
11-20
these units.
CP Block 03
5 Cox Regression Model
'1 of 1' SAQ & '1 of 2'
6 Binomial And Poisson Models CSs
LAQs in end exam on
21-30
these units.
7 Graduation And Statistical Tests
8 Methods Of Graduation
CSs '1 of 1' SAQ & '1 of 2'

these units.
DETAILS SYLLABUS
CP
Block
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
estimate, strengths and weaknesses. Poisson model. Comparison of the two models. 03
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.

Title Edition ISBN
LR Code
Text-Books
S14022-TB1 Company
Subject CT4
acted@bpp.com
Reference-Books
S14022-RB1
Survival models and their estimation 1988 Actex Publications
S14022-RB2
London
CD / DVD
S14022-CD1
S14022-CD2
Web Links
S14022-WL1
S14022-WL2

S14023: CASUALTY ACTUARIAL SCIENCE AND TIME SERIES-I
4 Level UG
COURSE INFORMATION
01 S14023 Casualty Actuarial Science and Time Series-I 4 40 4 120 20 80 100 T

 S14014  Develop and analyse models for
Portfolio losses in non-life insurance
applications
 Determine risk premium for such
insurances
 Use credible experience for premium
decision in various non-life insurance
applications
UNITS
CP Block 01
1 Decision Theory And Its Applications
'1 of 1' SAQ & '1 of 2'
2 Fundamental Concepts Of Bayesian Statistics CSs
LAQs in end exam on
01-10
these units.
CP Block 02
3 Statistical Distributions
'1 of 1' SAQ & '1 of 2'
4 Reinsurance CSs
LAQs in end exam on
11-20
these units.
5 Classical Credibility Theory
6 Bayesian Credibility Theory
CSs '1 of 1' SAQ & '1 of 2'
7 Empirical Bayesian Credibility Theory

these units.
CP Block 04
8 Compound Distributions '1 of 1' SAQ in CA and
9 Risk Models-I '1 of 1' SAQ & '1 of 2'
CSs
10 Risk Models-II LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
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
10 is complete/incomplete, using maximum likelihood and method of moments 04
Risk Models-II: Risk models appropriate to short term insurance contracts.

Title Edition ISBN
LR Code
Text-Books
S14023-TB1 Company
Subject CT6
acted@bpp.com
S14023-TB2
Reference-Books

Construction of Actuarial Models 4th BPP Professional Education,
S14023-RB1
Michael Gauger, Michael Hosking Inc.
S14023-RB2
Introduction to Statistical Modeling 1983 Chapman and Hall
S14023-RB3
Dobson
Introductory Statistics with Applications in 2nd Cambridge University Press
S14023-RB4 General Insurance
Hoss, Ian, Zehnwirth
Loss Models : From Data to Decisions 1988 John Wiley & Sons
S14023-RB5
Klugman, Panjer, Willmot
CD / DVD
S14023-CD1
S14023-CD2
Web Links
S14023-WL1
S14023-WL2

S14024: CASUALTY ACTUARIAL SCIENCE AND TIME SERIES-II
4 Level UG
COURSE INFORMATION
01 S14024 Casualty Actuarial Science and Time Series-II 4 40 4 120 20 80 100 T

 S14014  Use experience rating for determining
 S14021 discounts in the premium
 S14023  Estimate reserve needed for specified
level of solvency
 Analyse time series models
UNITS
CP Block 01
1 Ruin Theory '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Simple Experience Rating Systems
'1 of 1' SAQ & '1 of 2'
3 Reserving Methods CSs
LAQs in end exam on
11-20
these units.
CP Block 03
3 Generalized Linear Models
'1 of 1' SAQ & '1 of 2'
4 Simulation CSs
LAQs in end exam on
21-30
these units.
5 Time Series-I
6 Time Series-II
CSs '1 of 1' SAQ & '1 of 2'

these units.
DETAILS SYLLABUS
CP
Block
Ruin for a risk model: Probability of ruin in infinite / finite and continuous / discrete CP
1
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.

Title Edition ISBN
LR Code
Text-Books
S14024-TB1 ActEd Study Material 2010 Actuarial Education

Subject CT6 Company
acted@bpp.com
S14024-TB2
Reference-Books
Introduction to Statistical Modeling 1983 Chapman and Hall
S14024-RB1
Dobson
Introductory Statistics with Applications in 2nd Cambridge University Press
S14024-RB2 General Insurance 1986
Hoss, Ian, Zehnwirth
Loss Models : From Data to Decisions 1988 John Wiley & Sons
S14024-RB3
Klugman, Panjer, Willmot
CD / DVD
S14024-CD1
S14024-CD2
Web Links
S14024-WL1
S14024-WL2

S14025: ACTUARIAL BUSINESS ECONOMICS - I
4 Level UG
COURSE INFORMATION
01 S14025 Actuarial Business Economics - I 4 40 4 120 20 80 100 T

 Simple Algebra and Calculus 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.
UNITS
CP Block 01
1 Economic Concepts '1 of 1' SAQ in CA and
2 Demand And Supply '1 of 1' SAQ & '1 of 2'
CSs
3 Elasticity And Uncertainty LAQs in end exam on
01-10
these units.
CP Block 02
4 Consumer Demand '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
5 Perfect Competition '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.
6 Products , Marketing And Advertising '1 of 1' SAQ in CA and
CSs '1 of 1' SAQ & '1 of 2'

these units.
DETAILS SYLLABUS
CP
Block
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
3 Effect of Controls on Market Bock
01
Elasticity and Uncertainty: Definition, Implications, Factors influencing elasticity
Consumer Demand : Consumer demand and Uncertainty

4 Production and Costs CP
Bock
Revenue and Profit
02
Perfect Competition: Perfect Competition and Monopoly CP

5
Imperfect Competition Bock
03
Products , Marketing And Advertising: Products , marketing and advertising CP
6 Growth strategy and globalization Bock
Pricing Strategies 04

Title Edition ISBN
LR Code
Text-Books
S14025-TB1 Company
Subject CT7
acted@bpp.com
S14025-TB2
Reference-Books
Economics by Begg David, 7th 007 7099478
S14025-RB1 Stanley Fischer and Rudiger Dornbusch 2003 McGraw Hill
Economics 17th McGraw Hill

S14025-RB2 Samuelson Paul A, 2001
Northadus William D
Economics 4th John Wiley
S14025-RB3 Wonnacott Paul 1990
Wonnacott Ronald
Principles of Economics 9th Oxford University Press
S14024-RB3 Lipsey Richard 1999
Chrystal Alec
CD / DVD
S14025-CD1

S14025-CD2
Web Links
S14025-WL1
S14025-WL2

S14026: ACTUARIAL BUSINESS ECONOMICS - II
4 Level UG
COURSE INFORMATION
01 S14026 Actuarial Business Economics - II 4 40 4 120 20 80 100 T

 None 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.
UNITS
CP Block 01
1 Government Intervention '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 International Trade '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.

CP Block 03
3 Macroeconomic Environment '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.
CP Block 04
4 Business Activity '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Government Intervention: Government intervention in markets
1 Government and the firm CP
Bock
Supply-side policy
01
International Trade: International trade CP

2
Balance of Payments and Exchange Rates Bock
02
Macroeconomic Environment: The Macroeconomic environment CP
3
Money and interest rates Bock
03
Business Activity: Business activity, unemployment and inflation CP
4 Demand-side macroeconomic policy Bock
04

Title Edition ISBN
LR Code
Text-Books
acted@bpp.com
Economics for Business by John Sloman and 4th 978-0-273-70908-4
S14026-TB2 Kevin Hinde 2007 Prentice Hall
Reference-Books
Economics by Begg David, Stanley Fischer and 7th 007 7099478
S14026-RB1 Rudiger Dornbusch 2003 McGraw Hill
Economics 17th McGraw Hill

S14026-RB2 Samuelson Paul A, 2001
Northadus William D
S14026-RB3 Economics 4th John Wiley

Wonnacott Paul 1990
Wonnacott Ronald
Principles of Economics 9th Oxford University Press
S14026-RB4 Lipsey Richard 1999
Chrystal Alec
CD / DVD
S14026-CD1
S14026-CD2
Web Links
S14026-WL1 http://freevideolectures.com/economics.html
S14026-WL2

SEMESTER 03
S14031: LIFE CONTINGENCIES - I
4 Level UG
COURSE INFORMATION
01 S14031 Life Contingencies - I 4 40 4 120 20 80 100 T

 S14013  Construct Life Table
 S14022  Determine premiums for life
insurance plans
 Determine premiums/benefits for
benefit plans For individual life
coverage plans
UNITS
CP Block 01
1 Life Assurance Contracts '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Evaluation Of Assurances '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
3 Net Premiums '1 of 1' SAQ in CA and
CSs '1 of 1' SAQ & '1 of 2'

these units.
CP Block 04
Variable Benefits '1 of 1' SAQ in CA and
4 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Life Assurance Contracts: Life Assurance Contracts CP
1
Life Annuity Contracts Bock
01
Evaluation Of Assurances: Evaluation of assurances and annuities CP
2
Life Table Bock
02
3 Net Premiums: Net Premiums and Provisions CP
Bock
03
Variable Benefits: Variable benefits and With-profit policies CP
4 Gross premiums and provisions for fixed and variable benefit contracts Bock
04

Title Edition ISBN
LR Code
Text-Books
acted@bpp.com
S14031-TB2
Reference-Books
S14031-RB1 Bowers, L. Newton 1997 Society of Actuaries
Life Contingencies Neill 1977 Heinemann

S14031-RB2
Alistair
The analysis of Mortality and other actuarial Faculty of Actuaries
S14031-RB3
statistics
CD / DVD
S14031-CD1
S14031-CD2
Web Links
S14031-WL1

S14032: LIFE CONTINGENCIES - II
4 Level UG
COURSE INFORMATION
01 S14032 Life Contingencies - II 4 40 4 120 20 80 100 T

 S14013  Construct Life Table
 S14022  Determine premiums for life
 S14031 insurance plans
 Determine premiums/benefits for
benefit plans For joint life coverage
plans
UNITS
CP Block 01
Simple Annuities '1 of 1' SAQ in CA and
1 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
Profit Testing '1 of 1' SAQ in CA and
2 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
Competing Risks '1 of 1' SAQ in CA and
3 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.

CP Block 04
Pension Funds '1 of 1' SAQ in CA and
4 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Simple Annuities : Simple annuities and assurances involving two lives CP
1
Contingent and revisionary benefits Bock
01
Profit Testing: Profit testing CP
2
Determining provisions using profit testing Bock
02
Competing Risks : Competing risks CP
3
Multiple decrement tables Bock
03
Pension Funds: Pension funds CP
4 Mortality, selection and standardization Bock
04

Title Edition ISBN
LR Code
Text-Books
acted@bpp.com
S14032-TB2
Reference-Books
S14032-RB1
Bowers, L. Newton 1997 Society of Actuaries
S14032-RB2 Life Contingencies Neill, Alistair 1977 Heinemann
The analysis of Mortality and other actuarial Faculty of Actuaries
S14032-RB3
statistics Benjamin, Pollard
CD / DVD
S14032-CD1
S14032-CD2
Web Links
S14032-WL1
S14032-WL2

S14033: FINANCIAL ECONOMICS - I
4 Level UG
COURSE INFORMATION
01 S14033 Financial Economics - I 4 40 4 120 20 80 100 T

 S14022  Understand efficient capital market
environment
 Develop Portfolio designing
techniques
 Understand Stochastic Calculus
mechanism
 Develop understanding of stochastic
models of security prices
UNITS
CP Block 01
1 Introduction To Financial Economics '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Measures Of Investment Risk '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
3 Models Of Asset Returns
CSs '1 of 1' SAQ & '1 of 2'

these units.
CP Block 04
4 Stochastic Calculus And Models '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Introduction To Financial Economics: Introduction to financial economics
1 Efficient Market Hypothesis CP
Bock
Utility Theory and Stochastic Dominance
01
Measures Of Investment Risk: Measures of Investment Risk CP

2
Modern Portfolio theory Bock
02
Models Of Asset Returns: Models of asset returns CP
3
Asset pricing models Bock
03
Stochastic Calculus And Models: Brownian motion and martingales CP
4 Stochastic Calculus and Ito Processes Bock
Stochastic models of security prices 04

Title Edition ISBN
LR Code
Text-Books
acted@bpp.com
S14033-TB2
Reference-Books
Financial economics with applications to 2nd The Actuarial Foundation
S14033-RB1 investments, insurance and pensions 1997
Panjer
Modern Portfolio Theory and Investment John Wiley & Sons
S14033-RB2 Analysis
Elton, Gurber, Brown
S14033-RB3
CD / DVD
S14033-CD1
S14033-CD2
Web Links
S14033-WL1
S14033-WL2

S14034: FINANCIAL ECONOMICS - II
4 Level UG
COURSE INFORMATION
01 S14034 Financial Economics - II 4 40 4 120 20 80 100 T

 S14013  Price derivatives
 S14022  Design hedging strategies
 S14033  Analyse interest rate models and use
them for better estimation of future
values in various actuarial
applications
UNITS
CP Block 01
1 Introduction To Derivatives '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Binomial Model '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
3 Black-Sholes Option Pricing Formula '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.

CP Block 04
Interest Rate Models '1 of 1' SAQ in CA and
4 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Introduction To Derivatives: Introduction to derivatives CP
1
The Greeks Bock
01
Binomial Model: The Binomial Model CP
2
The 5-step method in discrete time Bock
02
Black-Sholes Option Pricing Formula: The Black-Sholes Option Pricing Formula
3 The 5-step method in continuous time CP
Bock
Arbitrage-free pricing and 5-step method with the Black-Sholes model
03
Interest Rate Models: Interest rate models CP

4 Credit Risk models Bock
04

Title Edition ISBN
LR Code
Text-Books
S14034-TB1
Subject CT8 Company acted@bpp.com
S14034-TB2
Reference-Books
Options, Futures and Other Derivatives 6th Prentice Hall of India
S14034-RB1
Hull 2006
Financial Calculus, an Introduction to Cambridge University Press
S14034-RB2
Derivative Pricing Baxter, Rennie
S14034-RB3
CD / DVD
S14034-CD1
S14034-CD2
Web Links
S14034-WL1
S14034-WL2

S14035: COMMUNICATION AND RESEARCH METHODOLOGIES
4 Level UG
COURSE INFORMATION
Communication and Research 4 20 80
01 S14035 4 40 120 100 T
Methodologies

 None of this course, student will be able to
understand:

UNITS
CP Block 01
1 Research Methodology '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
Summarizing A Report '1 of 1' SAQ in CA and
2 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
3 Making A Power Point Presentation '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.
CP Block 04
How To Write A Resume '1 of 1' SAQ in CA and
4
'1 of 1' SAQ & '1 of 2'
5 Preparation For Interview CSs
LAQs in end exam on
31-40
these units.

DETAILS SYLLABUS
CP
Block
Research Methodology: survey, data collection to analysis, modern technology on
1 surveys, citations. CP
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
2 organization. CP
Bock
Summarizing a report having actuarial content – emphasis on communicating complex
topics in simple ways. 02
Making A Power Point Presentation: Power point presentations – do’s and don’ts, CP
3
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
Body Language 04

Title Edition ISBN
LR Code
Text-Books
acted@bpp.com
S14035-TB2
Reference-Books
S14035-RB1 CA3 Company
acted@bpp.com
Basics of Research Paper Writing and 2009 License: Creative
Publishing Commons Attribution-
S14035-RB2
Michael Derntl Noncommercial-Share
Alike 3.0
Communication in Organisation Jaico Publications
S14035-RB3
Dalmar, Fisher
Business Communication: Process and Product South Western
S14035-RB4
Mary, Allen, Guffey College Publication
Research Methodology-A Step-by-Step Guide for 2nd.ed, Pearson Education,
S14035-RB5 Beginners 2005 Singapore
Kumar Ranjit
Resume Magic: Trade Secrets of a Professional 4th JIST Works
S14035-RB6
Resume Writer Edition

Susan Britter Whitcomb
Winning at Interviews 2nd Pearson Education
S14035-RB7
Edgar Thorpe and Showick Thorpe Edition
CD / DVD
S14035-CD1
S14035-CD2
Web Links
http//www.damngood.com
www.damngood.com/jobseekers/tips.html
S14035-WL1
www.damngood.com/catalog/exmpl/coverLtrGuid
e.html
http//www.internationalgraduate.net
S14035-WL2
www.internationalgraduate.net/resume.htm

S14036: BUSINESS ENVIRONMENT AND ENTERPRISE RISK MANAGEMENT
4 Level UG
COURSE INFORMATION
Business Environment and Enterprise Risk 4 20 80
01 S14036 4 40 120 100 T
Management

 None 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
UNITS
CP Block 01
1 Financial System '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Professionalism '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
3 Introduction To ERM '1 of 1' SAQ in CA and
CSs '1 of 1' SAQ & '1 of 2'

these units.
CP Block 04
4 Operational Risk '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Financial System : Environment, Markets and Instruments, Intermediaries
1 Macro economy and Financial Service Industry CP
Bock
Strategic Planning and Strategic Management with Case studies for illustrations
01
Professionalism: Professionalism
Role of Actuary in Financial services Industry CP
2
Actuarial Applications into different areas with case studies Bock
Actuaries Act India 02
Introduction To ERM: Introduction to ERM

ERM in Context
ERM in Practice CP
3
ERM Framework Bock
Hazard Risk 03
Financial Risk
Operational Risk: Operational Risk

Strategic Risk
CP
Risk Metrics
4 Bock
Application of ERM
04
COSO Pros and Cons
Conclusion

Title Edition ISBN
LR Code
Text-Books
S14036-TB1
S14036-TB2
Reference-Books
Strategic Management : Concepts and Cases 11th 8120331464
S14036-RB1 Fred David 2006 Prentice Hall of India
Rs. 525
Strategic Management : 2006 0324275285
S14036-RB2
Competitiveness and Globalization, Concepts and South-West College

Cases Pub
Hitt, Ireland, Hoskisson
Enterprise Risk Management : From Incentives to 2003 0471430005
S14036-RB3
Control Lam James John Wiley & Sons
Overview of Enterprise Risk Management 2003 Casualty Actuarial
S14036-RB4
Casualty Actuarial Society ERM Committee Society
CD / DVD
S14036-CD1
S14036-CD2
Web Links
S14036-WL1
S14036-WL2

SEMESTER 04
S14041: ASSET AND LIABILITY MANAGEMENT - I
4 Level UG
COURSE INFORMATION
01 S14041 Asset and Liability Management - I 4 40 4 120 20 80 100 T

 S14011-S14016 of this course, student will be able to do:
 S14021-S14026  Evaluate benefits from insurance
 S14031-S14034 coverages
 Understand Investment options and
impact of various factors on their
values
 Design investment strategies
UNITS
CP Block 01
1 Actuarial Control Cycle '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Stakeholders '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
3 Introduction To Financial Products
CSs '1 of 1' SAQ & '1 of 2'

these units.
CP Block 04
4 Project Management '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
31-40
these units.
DETAILS SYLLABUS
CP
Block
Actuarial Control Cycle: Actuarial Control Cycle
1 Overview CP
Bock
Working Professionally
01
Stakeholders: Stakeholders
Providers of Benefits CP
2
Regulation Bock
External Environment 02
Introduction To Financial Products: Role of Insurance and Reinsurance

Introduction to Financial Products and Customer Needs CP
3
Life Insurance Products Bock
General Insurance Products 03
Project Management: Cashflows of Simple Products

CP
Contract Design
4 Bock
Project Management
04
Capital Project Appraisal

Title Edition ISBN
LR Code
Text-Books
S14041-TB1
Subject CA1 Company acted@bpp.com
S14041-TB2
Reference-Books
Demystefying Capital Management in the 2002 SIAS
S14041-RB1 Life Assurance Industry London
Gemmell, McAusland, Shah, Silby
The Control Cycle: Financial Control of a Life 1985 JSS, 28
S14041-RB2
Assurance Company Goford
S14041-RB3
CD / DVD
S14041-CD1
S14041-CD2
Web Links
S14041-WL1
S14041-WL2

S14042: ASSET AND LIABILITY MANAGEMENT - I
4 Level UG
COURSE INFORMATION
01 S14042 Asset and Liability Management-II 4 40 4 120 20 80 100 T

 S14021-S14026  Correlate between Assets and
 S14031-S14034 Liabilities
 Actuarially value liabilities
 Value a company to determine
goodwill on acquisition/merger
UNITS
CP Block 01
1 Markets '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Futures And Options '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
3 Investment Markets '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.
4 Investment Strategies

CSs '1 of 1' SAQ & '1 of 2'
these units.
DETAILS SYLLABUS
CP
Block
Markets: Money Markets
Bond Markets
1 Credit Risk and Credit Rating CP
Bock
Property Markets
01
Equity Markets
Futures And Options: Futures and Options

Collective Investment Vehicles CP
2
Overseas Markets Bock
Investment Indices 02
Investment Markets: Economic Influence on Investment Markets

Other Influence on Investment Markets
3 Valuation of Individual Investments CP
Bock
Relationship between returns on investment classes
03
Valuation of Asset classes and Portfolios
Investment Strategies: Investment Strategies for Institutions

Investment Strategies for Individuals CP
4 Developing an Investment Strategy Bock
Relationship between Assets and Liabilities 04
Asset Management

Title Edition ISBN
LR Code
Text-Books
S14042-TB1
Subject CT5 Company acted@bpp.com
S14042-TB2
Reference-Books
S14042-RB1 Life Assurance Industry London
Gemmell, McAusland, Shah, Silby
S14042-RB2
S14042-RB3
CD / DVD

S14042-CD1
S14042-CD2
Web Links
S14042-WL1
S14042-WL2

S14043: ASSET AND LIABILITY MANAGEMENT - III
4 Level UG
COURSE INFORMATION
01 S14043 Asset and Liability Management - III 4 40 4 120 20 80 100 T

 S14021-S14026  Correlate between Assets and
 S14031-S14034 Liabilities
 Actuarially value liabilities
 Value a company to determine
goodwill on acquisition/merger
UNITS
CP Block 01
1 Data & Modeling '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-10
these units.
CP Block 02
2 Setting The Discount Rate '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
11-20
these units.
CP Block 03
3 Risk Management '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
21-30
these units.
4 Capital And Capital Management

CSs '1 of 1' SAQ & '1 of 2'
these units.
DETAILS SYLLABUS
CP
Block
Data & Modeling: Data
Modeling
1 Setting Assumptions CP
Bock
Costing, Pricing and Funding
01
Valuing Liabilities
Setting The Discount Rate: Setting the discount rate

Setting discontinuance benefits CP
2
Expenses Bock
Monitoring investment strategy 02
Risk Management: Risks in Benefit Schemes

Risks in insurance CP
3
Risk Management Process Bock
Risk Management Tools 03
Capital And Capital Management: Capital and capital management

Insolvency and Closure CP
4 Merger and Acquisitions Bock
Accounting 04
Surplus and surplus management

Title Edition ISBN
LR Code
Text-Books
S14043-TB1
Subject CA Company acted@bpp.com
S14043-TB2
Reference-Books
S14043-RB1 Life Assurance Industry Gemmell, London
McAusland, Shah, Silby
S14043-RB2
S14043-RB3
CD / DVD
S14043-CD1

S14043-CD2
Web Links
S14043-WL1
S14043-WL2

S14044: EXCEL, MACROS WITH VISUAL BASIC
4 Level UG
COURSE INFORMATION
01 S14044 EXCEL, MACROS With Visual Basic 4 40 4 120 20 80 100 P

 None 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
UNITS
CP Block 01
1 Introduction To Microsoft EXCEL
'1 of 1' SAQ & '1 of 2'
2 Creating And Operating On Worksheets CSs
LAQs in end exam on
01-15
these units.
CP Block 02
Working With Formats And Functions '1 of 1' SAQ in CA and
3 '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
16-30
these units.
CP Block 03
4 Creating Charts And Graphics
'1 of 1' SAQ & '1 of 2'
5 Advanced Features CSs
LAQs in end exam on
31-45
these units.
6 Programming EXCEL With VBA

CSs '1 of 1' SAQ & '1 of 2'
these units.
DETAILS SYLLABUS
CP
Block
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
Working with formats and functions: Introducing formulas and functions.

Creating formulas using functions useful for text manipulation, date and time related CP
3
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
database files, performing what-if analysis, analyzing data using Goal Seek and Solver 03
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

Title Edition ISBN
LR Code
Text-Books
S14044-TB1
S14044-TB2
Reference-Books
2007 Microsoft Excel Bible, 2007 Wiley
S14044-RB1
John Walkenbach
Professor Teaches Word, Excel, & Individual Software, Inc.
S14044-RB2
Power Point 2007
Learn Excel 2007 Essential Skills with 2008 www.amazon.com
S14044-RB3 the Smart Method
Mike Smart
CD / DVD
S14044-CD1
S14044-CD2
Web Links
S14044-WL1 http://www.soa.org

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

S14045: ACTUARIAL APPLICATIONS USING EXCEL
4 Level UG
COURSE INFORMATION
01 S14045 Actuarial Applications Using EXCEL 4 40 4 120 20 80 100 P

 None of this course, student will be able to do:
 Deal with mathematical analysis
involving differentiation, integration,
limits
 Handle various actuarial applications
using them
UNITS
CP Block 01
1 Data Cleaning '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
01-15
these units.
CP Block 02
2 Using EXCEL, Develop Actuarial Applications '1 of 1' SAQ & '1 of 2'
CSs
LAQs in end exam on
16-30
these units.
CP Block 03
3 Pension, Employee Benefits
'1 of 1' SAQ & '1 of 2'
4 Healthcare CSs
LAQs in end exam on
31-45
these units.
5 Capital Market CP Block 04 Students have to answer
6 Project Appraisal And Other Applications '1 of 1' SAQ in CA and

CSs '1 of 1' SAQ & '1 of 2'
these units.
DETAILS SYLLABUS
CP
Block
Data Cleaning: Understanding of Data. Real-life data. Data cleaning- meaning, need and CP
1
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.

Title Edition ISBN
LR Code
Text-Books
S14045-TB1
S14045-TB2
Reference-Books
S14045-RB1 Actuarial Tables 2006 Acted@bpp.com
Regression Modeling with Actuarial and Financial Cambridge
S14045-RB2 Applications
Edward W. Frees
S14045-RB3 Loss Models : From Data to Decisions Wiley

S. A. Klugman, H. H. Panjer and G.E. Willmot
Modern Actuarial Theory and Practice 2nd Chapman and Hall
S14045-RB4
Phillip Booth
Actuarial Models : The Mathematics of Insurance Chapman and Hall
S14045-RB5
Vladimir I. Rotar
S14045-RB6
S14045-RB7
CD / DVD
S14045-CD1
S14045-CD2
Web Links
S14045-WL1 www.palisade.com
http://www.palisade.com/cases/actuarial_societ
S14045-WL2
y.asp

S14046: ACTUARIAL PROJECT
4 Level UG
COURSE INFORMATION
01 S14046 Actuarial Project 4 40 4 120 20 80 100 PW

 All courses at Semesters 1-3 of this course, student will be able to do:
 All other courses at Semester 4  Explore solutions for the real
problems, encountered in a real life
job, in the complete project execution
from start to finish, by applying basic
concepts, principles and skills.
ACTIVITIES
CS Details of Activities
1 Selection of the Project and Project Guide
2 Preparation of Project Execution Plan : Time and Resource Allocation
3 Guidance by the Project Guide, for the self-study of relevant actuarial aspects and concepts by
the student.
4 Self-study of relevant actuarial topics and techniques by the student.
5 Specification by the student of the Project goal/objective, practicality, data collection plan,
choice of Actuarial model to analyse, software needed for the same.
6 Guidance and approval by Project Guide for Project goal/objective, practicality, data collection
plan, choice of Actuarial model to analyse, software needed for the same.
7 Decide on the size of the data to be collected vis-à-vis accuracy desired and ensure that it is
practically feasible.
8 Let the student execute the data collection now as per the plan. Examine the quality and
quantity of data collected. Address to the problems encountered in the data collection, if any.
9 After satisfactory completion of data collection, let student work on modeling and come up
with a well-defined actuarial model statement.

10 Approval of the model by the guide.
11 Analysis of the model by the student with the intermittent help from the guide.
12 Run the analysis with the data and achieve the desired kind of result.
13 Examine if there are surprises or the possibility of an error in the process.
14 If no errors are envisaged, prepare the report.
15 Preparation of Project Report draft listing details of all the steps carried out.
16 Discussion of the Project Report draft with the Project Guide. Address all the issues of
ambiguity. Suggestions for improvement/completeness.
17 Come up with the final project Report and the final submission of the same.
DETAIL SPECIFICATIONS
UN Detail Specifications
1 The “Project Work” course envisages exposing the students to actual work environment, work
practices during the implementation of a project. The aim is to imbibe in students the
principle that working is learning. Learning and working are two sides of the same coin and
thus, work experience enhances the learning.
2 The Project Work must involve practical work related to Actuarial Analysis.
3 Students are expected to work on “Project Work” for about 6 hours per week (About 4 hour’s
self-study at residence or time spent in the data collection and 2 hours in counseling session
at study center), for minimum 20 days in a semester. Thus only those projects, demanding
such study efforts on all those activities, listed in above, should be selected.
4 As students have to finance expenditure on “Project Work”, normally only those projects
should be selected, which involve maximum expenditure up to Rs 1000/-.
5 The original design requirements are not essential, although highly encouraged. Hence,
normally, projects should not be repeated. The same project undertaken in recent past, by
past students, should be avoided. But it is most important that, students must put his
independent study efforts on the project. Thus, student should gain practical project
execution knowledge about making some useful product, after he goes through all projects
completion steps listed above.
6 A single student will normally do a project. The university also encourages large Joint projects,
requiring the participation of a small team of students. However, in such cases, clear
delegation of work and responsibilities, among the students, must be clearly stated in the
“Project Report”. Maximum number of students, in a team for joint project, should not
exceed 3.
7 The student invests his energy, time and resources in a project. The project therefore should,
if possible, have important bearing on some practical aspect. This will help student to justify
his efforts on project.
8 Employed Students are allowed to complete “Project Work” in the industry where he is
employed or his place of choice. Such a student has to identify a resource person in industry,
who can take responsibility of guiding him in project work. Such person should be eligible to
work as “Project Guide”.
9 Study center should assist unemployed students, in locating sponsored “Projects” from local
industries. Students are encouraged to locate sponsored projects from the local industries.
But, in case, a student is unable to locate such project, he is also allowed to complete
“Project Work” at his study center.
10 Each “Project Guide” may be assigned maximum 5 students.

11 Specimen of Pages
Specimen 1 Specimen 2
Project Title Certificate
M. Sc. in This is to certify that
Actuarial Science Mr/Ms ................... ....................
Submitted by ..................... (SIN: ...................)
Name of Student has successfully completed a project entitled
Project Guide "..................................................."
Name of Project Guide in partial fulfillment for the requirement of
Name of the Study Center M. Sc. in
Yashwantrao Chavan Maharashtra Actuarial Science
Open University Signature with Date
2011
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 :·

 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.

Title Edition ISBN
LR Code
Text-Books
ActEd Study Materials 2010 Actuarial Education
S14046-TB1
Subject CA1 CT1-CT8 Company

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

Fdocuments - Us - Syllabus V45bscactuarial Science Yashwantrao Ycmou Syllabussyllabus

Uploaded by

Copyright:

Available Formats

You might also like

Fdocuments - Us - Syllabus V45bscactuarial Science Yashwantrao Ycmou Syllabussyllabus

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Fdocuments - Us - Syllabus V45bscactuarial Science Yashwantrao Ycmou Syllabussyllabus

Uploaded by

Copyright:

Available Formats

School of Architecture, Science and technology

Yashwantrao Chavan Maharashtra Open University

AST, YCMOU, NASHIK – 422 222, MS, INDIA

Syllabus For V48: PG Dip (Actuarial Applications) Page 4

Syllabus For V48: PG Dip (Actuarial Applications) Page 5

SEMESTERS AND COURSES

Syllabus For V48: PG Dip (Actuarial Applications) Page 6

Syllabus For V48: PG Dip (Actuarial Applications) Page 7

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 8

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

6 Immediate and Level Annuity: Compound interest functions-I CP

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 9

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 10

Problems Involving Compound Growths: Compound Interest Problems in various forms CP

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 11

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 12

Probability: Probability of Simple and Compound Events, Conditional Probability,

Syllabus For V48: PG Dip (Actuarial Applications) Page 13

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 14

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 15

Testing of Hypothesis: Simple and composite hypothesis, Null and alternative

Large Sample Tests For Population Correlation Coefficient(S) Using Fisher’s Z-

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 16

Syllabus For V48: PG Dip (Actuarial Applications) Page 17

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 18

4 Generating Accounts: Construct PLA, BS, and CFS. CP

Interpretation Of Accounts Using Accounting Ratios– Security Of Loan Capital,

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 19

Syllabus For V48: PG Dip (Actuarial Applications) Page 20

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 21

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 22

Syllabus For V48: PG Dip (Actuarial Applications) Page 23

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 24

Markov Chains: Basic features, Chapman-Kolmogorov Equations, Time-homogeneous

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

LEARNING RESOURCE DETAILS

Survival models and their estimation, 1988 Actex Publications

Syllabus For V48: PG Dip (Actuarial Applications) Page 25

PRESUMED KNOWLEDGE AND LEARNING OBJECTIVES

Syllabus For V48: PG Dip (Actuarial Applications) Page 26

Distribution Of Future Lifetime, Censoring: Censoring in mortality investigation. Its

Graduation and statistical tests: Process of Graduation, Necessity, Desirable properties

LEARNING RESOURCE DETAILS

Syllabus For V48: PG Dip (Actuarial Applications) Page 27