INTRODUCTION TO ACTUARIAL SCIENCE

About this Course

This course introduces the students to the actuarial science practices. The syllabus for this course provide with the basic understanding of actuarial science and how to become actuary that exist in the market provided by Malaysian¡¯s insurance companies. Students will also be equipped with the fundamentals of insurance in the context of actuarial science.

Course Learning Outcomes

2) Study the elements needed in an insurance product in insurance company.
3) Explain knowledge and understanding of actuarial science to community.
1) Clarify the overview of actuarial profession in insurance industry.

Course Syllabus

+ Course Syllabus

1) Role of theActuary
1.1. Introduction
1.2. Prudential supervision
1.3. Disclosure information
1.4. Fair treatment
1.5. Monitoring the standards within the actuarial profession
1.6. Materiality
1.7. Independence of employed actuaries
1.8. Data quality
1.9. Ethics and professional behaviour


2) The Context of Actuarial Work
2.1. Introduction
2.2. Professional and regulatory contexts
2.3. Government policy
2.4. Taxation
2.5. Social assistance and social insurance
2.6. Economic conditions and trends
2.7. Accounting standards and practices
2.8. Range of products and services offered

3) Meeting Consumer Needs
3.1. Financial Life Cycle
3.2. Risk and Volatility in the Life Cycle
3.3. Savings Products
3.4. Non-savings Products (Insurance)

4) Risk Management for Insurers
4.1. Type of risk for insurers
4.2. Risk management strategies
4.3. Reinsurance


5) Product Design
5.1. Product Design Cycle
5.2. Understand the need
5.3. Nature of the product design process
5.4. Risk assessment and underwriting

Frequently Asked Questions

Q1 : What is an actuarial science?
A1 : Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations. Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).