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1 Semester - 2021 - Batch | Course Code |
Course |
Type |
Hours Per Week |
Credits |
Marks |
MAS131 | FINANCIAL MATHEMATICS AND LIFE CONTINGENCIES-I | Core Courses | 4 | 4 | 100 |
MAS132 | ACTUARIAL STATISTICS - I | Core Courses | 4 | 4 | 100 |
MAS133 | BUSINESS FINANCE-I | Core Courses | 4 | 4 | 100 |
MAS134 | LIFE INSURANCE AND PENSIONS | Core Courses | 4 | 4 | 100 |
MAS135 | PROFESSIONAL ETHICS AND BUSINESS AWARENESS | Core Courses | 2 | 2 | 50 |
MAS151 | FINANCIAL MATHEMATICS AND LIFE CONTINGENCIES USING EXCEL -I | Core Courses | 2 | 2 | 50 |
2 Semester - 2021 - Batch | Course Code |
Course |
Type |
Hours Per Week |
Credits |
Marks |
MAS231 | FINANCIAL MATHEMATICS AND LIFE CONTINGENCIES-II | Core Courses | 4 | 4 | 100 |
MAS232 | ACTUARIAL STATISTICS - II | Core Courses | 4 | 4 | 100 |
MAS233 | BUSINESS FINANCE-II | Core Courses | 4 | 4 | 100 |
MAS234 | RISK MODELLING AND SURVIVAL ANALYSIS-I | Core Courses | 4 | 4 | 100 |
MAS251 | FINANCIAL MATHEMATICS AND LIFE CONTINGENCIES USING EXCEL-II | Core Courses | 2 | 2 | 50 |
MAS252 | ACTUARIAL STATISTICS USING R PROGRAMMING | Core Courses | 2 | 2 | 50 |
3 Semester - 2020 - Batch | Course Code |
Course |
Type |
Hours Per Week |
Credits |
Marks |
MAS331 | FINANCIAL MATHEMATICS AND LIFE CONTINGENCIES-III | Core Courses | 4 | 4 | 100 |
MAS332 | BUSINESS ECONOMICS-I | Core Courses | 4 | 4 | 100 |
MAS333 | FINANCIAL ENGINEERING-I | Core Courses | 4 | 4 | 100 |
MAS334 | RISK MODELLING AND SURVIVAL ANALYSIS-II | Core Courses | 4 | 4 | 100 |
MAS335 | GENERAL AND HEALTH INSURANCE | Core Courses | 4 | 4 | 100 |
4 Semester - 2020 - Batch | Course Code |
Course |
Type |
Hours Per Week |
Credits |
Marks |
MAS431 | RISK MODELLING AND SURVIVAL ANALYSIS-III | Core Courses | 4 | 4 | 100 |
MAS432 | BUSINESS ECONOMICS-II | Core Courses | 4 | 4 | 100 |
MAS433 | FINANCIAL ENGINEERING-II | Core Courses | 4 | 4 | 100 |
MAS434 | RESEARCH METHODOLOGY | Core Courses | 4 | 4 | 100 |
MAS435 | BUSINESS MODELS AND COMMUNICATION | Core Courses | 4 | 4 | 100 |
MAS451 | FINANCIAL ENGINEERING USING EXCEL | Core Courses | 2 | 2 | 50 |
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Introduction to Program: | |||||||||||||||||||||||||||||||||||||||||||||
MSc Actuarial Science is a multi-disciplinary programme that applies both qualitative and quantitative (Mathematical and Statistical) methods to assess and analyze different risks in financial markets like banking and insurance markets and non-financial markets like manufacturing, trading, government organizations. This course provides a strong foundation in enhancing the core principles and techniques of Actuarial Science and also equips students with adequate skills to analyze and solve real-world actuarial problems.
This course will help students to predict the financial impact of probable future events on a business policy or a financial project initiated by an organization. The process usually involves analysing the data from the past, modelling the future, assessing the risks involved, and communicating what the results mean in financial terms to the senior level management. Students will get a good exposure on market relevant tools and technique used by actuaries from different domains. | |||||||||||||||||||||||||||||||||||||||||||||
Programme Outcome/Programme Learning Goals/Programme Learning Outcome: PO1: Apply the fundamental theories of actuarial science as applicable in various domains of the industryPO2: Demonstrate expertise in Mathematics and Statistics to perform Actuarial modeling to formulate solutions for problems concerning the industry PO3: Exhibit proficiency in the areas of finance and economics and assume the role of actuarial experts and offer pertinent consultancy services PO4: Exhibit expertise in enterprise risk management and thereby equip organisations to manage risks effectively PO5: Act with integrity in a difficult situation by complying with professional ethics. PO6: Demonstrate proficiency in various insurance products and services and assume the role of insurance advisors PO7: Apply advanced knowledge of research and statistics to conduct independent research investigations and formulate solutions to complex problems of insurance and actuarial science by applying right tools PO8: Demonstrate leadership traits, communication skills and innovative thinking for optimal performance in personal, professional, societal and environmental domains. PO9: Evaluate personal and professional choices in terms of ethical values and governance and their application to society, business and professions PO10: Exhibit social sensitivity and sense of equality to embrace diversity and inclusion and promote peaceful co-existence | |||||||||||||||||||||||||||||||||||||||||||||
Assesment Pattern | |||||||||||||||||||||||||||||||||||||||||||||
Minimum marks required for passing ESE shall be as under: SEMESTER I to IV: 40% per paper Aggregate Average 50%
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Examination And Assesments | |||||||||||||||||||||||||||||||||||||||||||||
The applicable evaluations are CIA-1, CIA –2 (based on Mid-Sem examination), and CIA –3 based on internals. Pattern of End Semester Examination question paper for 100 marks of 3 hours’ duration will be as follows: There will be six questions, each carrying twenty marks, out of which any five has to be answered. |
MAS131 - FINANCIAL MATHEMATICS AND LIFE CONTINGENCIES-I (2021 Batch) | |
Total Teaching Hours for Semester:60 |
No of Lecture Hours/Week:4 |
Max Marks:100 |
Credits:4 |
Course Objectives/Course Description |
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The Master of Science in Actuarial Science program is designed to prepare students to pursue careers in quantitative finance. The aim of this course is to provide grounding in Financial Mathematics and their applications. Increasingly firms of all types, but especially financial institutions, investment banks, and commodities firms, rely upon highly sophisticated mathematical models to identify, measure, and manage risk.Topics covered also include the life table, life assurance contracts, life annuity contracts. |
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Course Outcome |
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CO1: Understand the principles of Actuarial modelling and cashflow models and apply them in real world problem CO2: Apply the financial mathematics concepts like time value of money, calculation of present values and accumulated value of cashflows, annuities, project appraisals, NPV, loan schedule etc. CO3: Understand the concepts of financial instruments, cashflows associated with different assets classes, present value and accumulated value of investments, project appraisal, net present value, capital repaid & interest paid on loans and preparing loan schedules etc. and would be in a position to pass the exams conducted by the institute of actuaries of UK and India. CO4: Apply the life insurance concepts in introducing various life insurance products and their use. CO5: Evaluate the life insurance products by financial models |
Unit-1 |
Teaching Hours:20 |
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Probability Distributions & Generating Functions
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Definition and important characteristics of discrete and continuous distributions- Discrete: geometric, binomial, negative binomial, hypergeometric, Poisson, and uniform on a finite set. Continuous: normal, lognormal, exponential, gamma, chi-square, t, F, beta and uniform on an interval. Poisson Process. Generate basic discrete and continuous random variables using the inverse transform method. R Programming. Definition and derivation of moment generating function of random variables, cumulant generating function and probability generating function of discrete, integer-valued random variables; generating moments and cumulants of random variables, by expansion as a series or by differentiation as appropriate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-2 |
Teaching Hours:10 |
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Joint distributions and Conditional Expectations
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Jointly distributed random variables, marginal and conditional distributions; probability functions of marginal and conditional distributions; expected value of a function of two jointly distributed random variables; covariance and correlation; probability function of sum of two independent random variables as the convolution of two functions; mean and variance of linear combination of random variables; conditional expectations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-3 |
Teaching Hours:10 |
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Central Limit Theorem and Sampling
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Central limit theorem for independent, identically distributed random variables and its applications. Population, sample, parameter and statistic, random sample, sampling distributions of a statistics; sampling distribution of sample mean, sample variance in terms of the population mean, variance and sample size; sampling distribution of t-statistics, F-statistic, and Chi-square statistic and their statistical properties and applications. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-4 |
Teaching Hours:20 |
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Statistical Inference
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Concepts of estimator, estimate; method of moments and method of maximum likelihood estimation for constructing estimators of population parameters; Properties of best estimator: unbiasedness, consistency, efficiency and mean square error; asymptotic distribution of maximum likelihood estimators; concept of confidence interval, construction of confidence intervals for an unknown parameter using sampling distributions, mean and variance of normal distribution, binomial probability and Poisson mean, two-sample situations involving the normal distribution and binomial and Poisson distributions using normal approximation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Books And Reference Books: 1. S. C. Gupta and V. K. Kapoor, Fundamentals of Mathematical Statistics. New Delhi, Sultan Chand and sons, 11th ed. 2002. (reprint 2011) 2. J. E. Freund, Mathematical Statistics. New Delhi, Prentice hall, 7th ed. 2004. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essential Reading / Recommended Reading 1. P. Mukhopadhyay, Mathematical Statistics, New Central Book Agency, 3rd ed. 2006. 2. Hogg et al. Introduction to Mathematical Statistics, Pearson Education, 6th ed. 2005. (reprint 2009) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluation Pattern
Department of Professional Studies follows a rigorous system of continuous evaluation, and the assessment events include quizzes, tests, assignments, mid-term and end-term exams, individual/group project work, presentations etc. Students are evaluated for each course on the basis of written examination and continuous internal assessments. Each paper carries maximum of 100 marks and is evaluated as follows:
· Written Examinations consists of: § Mid Semester Exam – 50 Marks (2 hours duration) § End Semester Exam – 100 Marks (3 hours duration) · A student should secure a minimum of 50% Marks in the ESE to pass in that paper. · In aggregate for each paper, for internal and end semester put together, at least 40 Marks out of 100 must be secured to pass in that paper.
1. Examinations, Question Paper Pattern and Pass Mark/Grade.
For all semesters there shall be a Mid Semester Examination (MSE) for 50 marks per subject and an End Semester Examination (ESE) for 100 marks per subject. Pattern of question paper for 100 marks of 3 hours’ duration will be as follows: There will be six questions, each carrying twenty marks, out of which any five has to be answered. Minimum marks required for passing ESE shall be as under: SEMESTER I to IV: 40% per paper Aggregate Average 50%
2. Grading Pattern: Grading pattern will be the same as approved by the University for PG Courses as detailed herein below:
3. Continuous Internal Assessment (CIA): The course shall be subject to CIA and will be in the same pattern as approved by the University in respect of other PG Courses. The applicable evaluations are CIA-1 (based on Mid-Sem examination), CIA –2 and CIA –3 based on internals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAS133 - BUSINESS FINANCE-I (2021 Batch) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Teaching Hours for Semester:60 |
No of Lecture Hours/Week:4 |
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Max Marks:100 |
Credits:4 |
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Course Objectives/Course Description |
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The course focuses on financial decision making in the modern corporation. An introduction to accounting and interpretation of the accounting information is covered here. Core concepts are integrated into the standard theories of risk and return, valuation of assets and market structure. |
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Course Outcome |
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CO1: Understand and appreciate the various sources of finance for a business. CO2: Understand the various forms of organisation along with its advantages and limitations CO3: Appreciate the need for accounting and the concepts involved in developing accounting information CO4: Understand the need for integrating the accounting information CO5: Understand the purpose of interpreting the details provided by accounts from various stakeholders point of view. |
Unit-1 |
Teaching Hours:15 |
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Introduction to Accounts
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Introduction to accounts, accounting standards, basic accounting concepts, contents of annual report, director’s report, auditor’s report, international financial reporting standards, credit, debit, asset, liability, income, expense profit and loss account, balance sheet and cash flow statement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-2 |
Teaching Hours:15 |
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Generating Accounts
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Construct profit and loss account, balance sheet and cash flow statement. Depreciation - concept, methods of calculation. Reserves - types and uses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-3 |
Teaching Hours:15 |
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Group Accounts
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Holding company, subsidiary company, minority holding, consolidated balance sheet. Understanding how goodwill arises on consolidation. Preparation of Insurance company accounts - technical and non-technical account, profit and loss accounts and balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-4 |
Teaching Hours:15 |
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Interpretation of financial information through ratios
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Interpretation of accounts using accounting ratios, Accounting ratios to assess security of loan capital and their interpretation. Accounting ratios to enable shareholder analysis and their interpretation, limitations of accounts and Introduction to working capital management. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Books And Reference Books: 1. Brealey, SC and Myers, RA, 2000, Principles of Corporate Finance, 6th ed, Irwin/McGraw-Hill 2. Atrill, P and McLaney, E, 2015, Management Accounting for decision makers, 8th ed, Pearson 3. Berry, A and Jarvis, R, 2011, Accounting in a business context, 5th ed, Cengage 4. Sloman, J, Garratt, D, Guest, J and Jones, E, 2016, Economics for Business, 7th ed, Pearson 5. Leiwy, D and Perks, R, 2013, Accounting Understanding and Practice, 4th ed, McGraw-Hill | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essential Reading / Recommended Reading 1. Crowd funding regulation. Available at: https://www.fca.org.uk 2. The Association of Chartered Certified Accountants, London, 2010, ‘Sustainability reporting matters. What are national governments doing about it?’. Available at: http://www.accaglobal.com/content/dam/acca/global/PDF-technical/sustainability- reporting/tech-tp-srm.pdf 3. Companies Act, 2006, Contents of the strategic report. Available at: http://www.legislation.gov.uk/ukpga/2006/46/contents 4. FRC: The UK Corporate Governance Code, April 2016 5. The International Integrated Reporting Council, how to prepare an integrated report. Available at: http://integratedreporting.org/. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluation Pattern
Evaluation Pattern Department of Professional Studies follows a rigorous system of continuous evaluation, and the assessment events include quizzes, tests, assignments, mid-term and end-term exams, individual/group project work, presentations etc. Students are evaluated for each course on the basis of written examination and continuous internal assessments. Each paper carries maximum of 100 marks and is evaluated as follows:
· Written Examinations consists of: § Mid Semester Exam – 50 Marks (2 hours duration) § End Semester Exam – 100 Marks (3 hours duration) · A student should secure a minimum of 50% Marks in the ESE to pass in that paper. · In aggregate for each paper, for internal and end semester put together, at least 40 Marks out of 100 must be secured to pass in that paper.
1. Examinations, Question Paper Pattern and Pass Mark/Grade.
For all semesters there shall be a Mid Semester Examination (MSE) for 50 marks per subject and an End Semester Examination (ESE) for 100 marks per subject. Pattern of question paper for 100 marks of 3 hours’ duration will be as follows: There will be six questions, each carrying twenty marks, out of which any five has to be answered. Minimum marks required for passing ESE shall be as under: SEMESTER I to IV: 40% per paper Aggregate Average 50%
2. Grading Pattern: Grading pattern will be the same as approved by the University for PG Courses as detailed herein below:
3. Continuous Internal Assessment (CIA): The course shall be subject to CIA and will be in the same pattern as approved by the University in respect of other PG Courses. The applicable evaluations are CIA-1 (based on Mid-Sem examination), CIA –2 and CIA –3 based on internals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAS134 - LIFE INSURANCE AND PENSIONS (2021 Batch) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Teaching Hours for Semester:60 |
No of Lecture Hours/Week:4 |
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Max Marks:100 |
Credits:4 |
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Course Objectives/Course Description |
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This course will make the students understand the domains of life insurance and pensions, develop an understanding of the different areas of risk management, techniques available to handle the same and focus on insurance as a risk management tool for individuals and corporates. By virtue of this understanding, it also instills in students the ability to apply the principles of actuarial planning and control needed for the efficient functioning of providers of insurance products. |
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Course Outcome |
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CO1: Gain an understanding of the different underlying principles of insurance and their applications. CO2: Know the different types of products developed in individual and group insurance CO3: Develop a good understanding about the different risk management tools in life insurance and the role of actuaries towards the same. CO4: Understand the different types of products used in individual and group pension schemes. CO5: Develop a good understanding of the underlying mechanics of group gratuity and group superannuation schemes. |
Unit-1 |
Teaching Hours:12 |
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Introduction to Insurance
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Introduction and Overview - Definition of risk and categories of risks, insurable risks, types of insurance, risk management and objectives. Key insurance concepts - Concept and role of insurance, fundamental principles, indemnity, insurable interest, subrogation, utmost good faith, contract conditions. Differences between life and non-life contracts, need for regulation and the role of the regulator in the insurance business, professionals in the insurance business-need for professionalism, intermediaries in the insurance contract. IRDA regulations on Actuaries, Financial planning - Needs analysis, life cycle planning, asset allocation and taxation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-2 |
Teaching Hours:24 |
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Life Insurance Basics and Underwriting
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Introduction to Life insurance contracts - Contract conditions and requirements. Types of life insurance products - term life insurance, whole life insurance, endowment policies, unit linked insurance plans and other related products. Riders to a life insurance policy - waiver of premium riders, disability benefit riders, accelerated benefit riders, how a rider works and the advantages of riders. Life insurance policy provisions - incontestability provision, grace period provision, reinstatement provision, operation of free look-in period etc. Life insurance policy beneficiaries - naming a beneficiary, change of beneficiary and related concepts. Factors determining the calculation of premium - understanding mortality. Life insurance underwriting: Life insurance underwriting - Need for risk classification and grouping of risks, agents' role in underwriting, underwriting policy, process of underwriting and restrictions on post-selection underwriting. Documents and premium - Underwriting and actuarial framework. Methods of funding life insurance - Life insurance reserves. Channels of distribution, lapse and surrenders and its impact on insurance business. Reinsurance- need for reinsurance, types of reinsurance, treaty and facultative, proportionate and non-proportionate reinsurance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-3 |
Teaching Hours:12 |
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Introduction to Group Insurance
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Different types of group insurance schemes. Group term Insurance: Group OYRTA Plans, Employers Deposit Linked Insurance Scheme (EDLI), mortgage cover, graded cover, etc. Different types of groups and their characteristics from insurance point of view, benefits provided, group underwriting for employer-employee and other groups, premium rating, Expected claims cost, premium calculation for different group schemes, experience rating-its rationale and methods, prospective and retrospective rating. Group term products- UPR and IBNR Reserve, calculation of UPR and IBNR reserves for Group term policies. Social insurance programs in India. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-4 |
Teaching Hours:12 |
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Pension and Group Gratuity Schemes
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Need for pension, role of government in providing pensions, Employee Provident Fund, Employee Pension Scheme 1995, occupational pension schemes, individual personal pension plans, installation and operation of employer run pension schemes, defined contribution and defined pension plans, associated risks to employer and employees,, insurer administer and self-administered pension schemes, exempt superannuation scheme, income tax act and rules, investment norms for self-administered pension schemes, insurer administered pension schemes, National Pensions Scheme, PFRDA and its regulatory aspects. Payment of gratuity act, installation and administration of a gratuity scheme, nature of gratuity liability, exempt gratuity scheme, income tax act and rules, insurance company administered and self-administered gratuity schemes, investment norms for self-administered gratuity schemes, insurer administered gratuity schemes- unit linked, variable insurance plans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Books And Reference Books:
1. Kenneth Black and Harold D. Skipper, Life and Health Insurance. Pearson Education publication, 1999. 2. Emmett. J. Vaughan and Therese Vaughan, Fundamentals of risk and insurance. Wiley publications, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essential Reading / Recommended Reading 1. M.J.Mathews, Insurance-Principles and Practices. 2. Principles of Insurance : A publication of the Insurance Institute of India. 3. IC 83: A publication of the Insurance Institute of India. 4. Practice of Life Insurance : A publication of the Insurance Institute of India | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluation Pattern Department of Professional Studies follows a rigorous system of continuous evaluation, and the assessment events include quizzes, tests, assignments, mid-term and end-term exams, individual/group project work, presentations etc. Students are evaluated for each course on the basis of written examination and continuous internal assessments. Each paper carries maximum of 100 marks and is evaluated as follows:
· Written Examinations consists of: § Mid Semester Exam – 50 Marks (2 hours duration) § End Semester Exam – 100 Marks (3 hours duration) · A student should secure a minimum of 50% Marks in the ESE to pass in that paper. · In aggregate for each paper, for internal and end semester put together, at least 40 Marks out of 100 must be secured to pass in that paper.
1. Examinations, Question Paper Pattern and Pass Mark/Grade.
For all semesters there shall be a Mid Semester Examination (MSE) for 50 marks per subject and an End Semester Examination (ESE) for 100 marks per subject. Pattern of question paper for 100 marks of 3 hours’ duration will be as follows: There will be six questions, each carrying twenty marks, out of which any five has to be answered. Minimum marks required for passing ESE shall be as under: SEMESTER I to IV: 40% per paper Aggregate Average 50%
2. Grading Pattern: Grading pattern will be the same as approved by the University for PG Courses as detailed herein below:
3. Continuous Internal Assessment (CIA): The course shall be subject to CIA and will be in the same pattern as approved by the University in respect of other PG Courses. The applicable evaluations are CIA-1 (based on Mid-Sem examination), CIA –2 and CIA –3 based on internals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAS135 - PROFESSIONAL ETHICS AND BUSINESS AWARENESS (2021 Batch) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Teaching Hours for Semester:30 |
No of Lecture Hours/Week:2 |
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Max Marks:50 |
Credits:2 |
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Course Objectives/Course Description |
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This course stresses importance of professional ethics which is important for actuarial profession. Discuss some case studies and scenarios to strengthen the understanding of scenarios that we may encounter in actuarial profession. The business awareness touches on specific areas to understand a business environment better and related actuarial functions. |
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Course Outcome |
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CO1: What is professional ethics and its importance to actuarial profession CO2: Actuarial functions in an insurance/reinsurance environment CO3: How to act with integrity in a difficult situation CO4: Business environment awareness CO5: Different possible dilemmas which actuaries may encounter |
Unit-1 |
Teaching Hours:5 |
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Professional Ethics
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What is Professional Ethics - It's importance to any profession – How related to Actuarial professional and why actuarial bodies focus seriously on these aspects | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-2 |
Teaching Hours:10 |
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Dilemma's - Pick scenarios (Professional CPD videos) from IFOA website
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Your professional responsibilities - Possible Dilemma's in an actuarial role - Discuss on how as an actuary we will be able to handle them - Discuss four scenarios from different actuarial capacities and understand the importance of handling dilemma's better. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-3 |
Teaching Hours:10 |
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General Business Awareness
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Understanding a business environment – How to financial companies create value to customers- - Financial Service industry (any one country) - External and Internal factors impacting financial environment - Strategic thinking in business - Relevant legal principles (any one country) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-4 |
Teaching Hours:5 |
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Actuarial Functions
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Different functions in an Insurance/Reinsurance company – Actuarial predominate functions (ex: Pricing, Valuation, Risk management etc) – Purpose of different actuarial functions – Roles and responsibilities of actuaries in actuarial functions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Books And Reference Books: 1. Working Ethics – How to be fair in culturally complex world – Richard Rowson 2. Insurance Business Environment & Insurance Company Operations – K.C. Mishra 3. IFOA website on professional dilemma videos as base for discussion | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essential Reading / Recommended Reading 1. Modern actuarial theory and practice 2. The Insurance Management playbook | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluation Pattern Department of Professional Studies follows a rigorous system of continuous evaluation, and the assessment events include quizzes, tests, assignments, mid-term and end-term exams, individual/group project work, presentations etc. Students are evaluated for each course on the basis of written examination and continuous internal assessments. Each paper carries maximum of 100 marks and is evaluated as follows:
· Written Examinations consists of: § Mid Semester Exam – 50 Marks (2 hours duration) § End Semester Exam – 100 Marks (3 hours duration) · A student should secure a minimum of 50% Marks in the ESE to pass in that paper. · In aggregate for each paper, for internal and end semester put together, at least 40 Marks out of 100 must be secured to pass in that paper.
1. Examinations, Question Paper Pattern and Pass Mark/Grade.
For all semesters there shall be a Mid Semester Examination (MSE) for 50 marks per subject and an End Semester Examination (ESE) for 100 marks per subject. Pattern of question paper for 100 marks of 3 hours’ duration will be as follows: There will be six questions, each carrying twenty marks, out of which any five has to be answered. Minimum marks required for passing ESE shall be as under: SEMESTER I to IV: 40% per paper Aggregate Average 50%
2. Grading Pattern: Grading pattern will be the same as approved by the University for PG Courses as detailed herein below:
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