Soa Exam Fam-L: Long Term Actuarial Mathematics

Covers the contents of course SOA Exam FAM-L

What you'll learn

Prepare for Society of Actuaries (SOA) Exam FAM-L (Fundamentals of Actuarial Mathematics - Long Term)

Understand the key features of insurance coverages and retirement financial security programs

Understand key concepts concerning parametric and non-parametric mortality models for individual lives

Understand and be able to estimate parameters for parametric and nonparametric survival models

Will be able to perform calculations on the present value random variables associated with benefits and expenses for long term insurance coverages

Will be able to use and explain the premium and policy value calculation processes for long-term insurance coverages

Requirements

Knowledge of probability and financial mathematics are assumed

Description

Suitable for students looking for an in-depth understanding of concepts tested in SOA Exam FAM-L.The concepts in SOA Exam FAM-L are covered in depth in this course.Also suitable for actuarial students and practitioners who are looking to brush up their understanding of Life Contingencies.The following course objectives are covered:1) Key features of insurance coverages and retirement financial security programs2) Key concepts concerning parametric and non-parametric mortality models for individual lives3) Estimation of parameters for non-parametric survival models4) Calculations on the present value random variables associated with benefits and expenses for long term insurance coverages5) Premium and policy value calculation processes for long-term insurance coveragesExam FAM-L is one part of Exam FAM (the other part is FAM-S), and is a pre-requisite for Exam ALTAM.Please be sure to refer to the SOA and CAS websites for the most current details regarding the exams. About the InstructorI am very passionate about actuarial science and education, and have been actively involved in the actuarial education scene for many years. I have been tutoring students for SOA (Society of Actuaries) exams for 5 years, and have volunteered as the Education Chairperson for the Actuarial Society of Malaysia from 2018 to 2020.I have also lectured in a number of universities, including Inti International University & Colleges, Universiti Malaya and UCSI University. I am also currently an Industry Advisor at the Asia Pacific University (APU).I actively volunteer to speak to students about actuarial science, and do mentor students.

Overview

Section 1: Introduction to Life & Long-Term Health Insurance

Lecture 1 Introduction to Life & Long-Term Health Insurance (Part 1 of 2)

Lecture 2 Introduction to Life & Long-Term Health Insurance (Part 2 of 2)

Section 2: Parametric Survival Models

Lecture 3 The Future Lifetime Random Variable & Survival Functions

Lecture 4 Mortality Laws, Actuarial Notations, Mean & Variance, Curtate Future Lifetime

Lecture 5 Tutorial

Section 3: Life Tables & Selection

Lecture 6 Life Tables, Fractional Age Assumptions & Underwriting

Lecture 7 Select & Ultimate Survival Models

Lecture 8 Mortality Improvement Modelling

Lecture 9 Tutorial

Section 4: Insurance Benefits & Annuities

Lecture 10 Insurance Benefits (1 of 2)

Lecture 11 Insurance Benefits (2 of 2)

Lecture 12 Annuities (1 of 2)

Lecture 13 Annuities (2 of 2)

Lecture 14 Tutorial

Section 5: Premium Calculation

Lecture 15 The Loss at Issue Random Variable, Equivalence Principle, Net & Gross Premiums

Lecture 16 Profits, Portfolio Percentile Principle, Extra Risks

Lecture 17 Tutorial

Section 6: Policy Values

Lecture 18 The Future Loss Random Variable, Net & Gross Policy Values, Recursions, AoS

Lecture 19 1/m-thly Policy Values & Thiele's Differential Equation

Lecture 20 Negative Policy Values, Expense Policy Values & Modified Net Premium Reserves

Lecture 21 Tutorial

Section 7: Estimating Survival Models

Lecture 22 Non-parametric methods & the Alive-Dead model

Students preparing for Society of Actuaries (SOA) Exam FAM-L,Students and/or practitioners interested in learning the principles of Life Contingencies mathematics