STAT487 INSURANCE AND ACTUARIAL ANALYSIS
| Course Code: | 2460487 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 8.0 |
| Department: | Statistics |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. ÖZLEM İLK DAĞ |
| Offered Semester: | Fall Semesters. |
Course Objectives
To have an understanding of risk transfer; risk identification; risk reduction; statistical tools to support understanding of risk; risk governance.
Course Content
Basic definition of insurance. Historical background. Insurance applications in government and private sector, regulations and legislation in insurance. Fundamentals of insurance. Types of insurance, disaster insurance and risk menagement applications around the world. Turkish catastrophe insurance pool. Definition of risk, probability aspect of risk. Utility theory, claim processes, distribution of claim processes.
Prerequisite: Consent of the department
Course Learning Outcomes
Understanding risk; insurance glossary; national and international insurance scheme; disaster risk management frameworks; disaster risk management; disaster risk reduction; insurance as a financial disaster risk reduction tool; Covid-19 preparedness and response at national and international level
Program Outcomes Matrix
| Level of Contribution | |||||
| # | Program Outcomes | 0 | 1 | 2 | 3 |
| 1 | Applying the knowledge of statistics, mathematics and computer to statistical problems and developing analytical solutions. | ✔ | |||
| 2 | Defining, modeling and solving real life problems that involve uncertainty, and interpreting results. | ✔ | |||
| 3 | To decide on the data collection technique, and apply it through experiment, observation, questionnaire or simulation. | ✔ | |||
| 4 | Analysing small and big volumes of data and interpreting results. | ✔ | |||
| 5 | Utilizing up-to-date techniques, computer hardware and software required for statistical applications; developing software programs and numerical solutions for specific problems when necessary. | ✔ | |||
| 6 | Taking part in intradisciplinary and interdisciplinary teamwork, using time efficiently, taking leadership responsibilities and being entrepreneurial. | ✔ | |||
| 7 | Taking responsibility in individual work and offering authentic solutions. | ✔ | |||
| 8 | Following contemporary developments and publications in statistical science, conducting research, being open to novelty and thinking critically. | ✔ | |||
| 9 | Efficiently communicating in Turkish and English to define and analyze statistical problems and to interpret the results. | ✔ | |||
| 10 | Having a professional and ethical sense of responsibility. | ✔ | |||
| 11 | Developing computational solutions to statistical problems that cannot be solved analytically. | ✔ | |||
| 12 | Having theoretical background and developing new theories in statistics, building relations between theoretical and practical knowledge. | ✔ | |||
| 13 | Serving the society with the expertise in the field. | ✔ | |||
0: No Contribution 1: Little Contribution 2: Partial Contribution 3: Full Contribution