NMAK19004U  Advanced Topics in Modern Life Insurance

Volume 2019/2020

MSc Programme in Actuarial Mathematics


Selection of topics related to modeling, reserving, and pricing for life insurance and pensions with a strong connection to the research of the present century. Topics include but are not limited to: policyholder behaviour, semi-Markov modeling, experience rating, forward transition rates, market consistent valuation.

In the first three weeks, the lecturers introduce a number of interconnected topics based on recent research. In the following four weeks, the students work (under supervision) in groups on a project focusing on one of these topics. The project has to be handed in to attend the exam. The exam is individual and consists of an oral defense of the project and a general discussion on the topics of the course.

Learning Outcome

At the end of the course the student is expected to have:


Knowledge about selected topics in modern life insurance mathematics.


Skills to formulate practical problems in life insurance mathematics in a theoretical framework.
Skills to summarize, orally as well as in writing, key aspects of an actuarial research paper.


Ability to read research papers in actuarial journals.
Ability to work on a small, partly independent, project in advanced life insurance mathematics.

In addition to the skills and competences mentioned above, additional skills and competences will be developed depending on the selection of topics and the topic specialization of the student in his/her project.

The course literature will primarily consist of research papers from primarily actuarial journals, which will be made available on Absalon.

Stochastic Processes in Life Insurance (LivStok) and Topics in Life Insurance (Liv2).

Academic qualifications equivalent to a BSc degree is recommended.
First three weeks: Six (6) hours of lectures per week.
Beginning at the end of week three and until the end of week seven: One (1) hour of group supervision per week.
Continuous feedback during the course of the semester

The students will recieve continuous feedback in groups on their project work in the supervision sessions of week 3 till 7.

7,5 ECTS
Type of assessment
Written assignment, during the course
Oral examination, 30 minutes
The project will be the focal point of the examination. The grade will be given based on an overall evaluation.
Exam registration requirements

To participate in the exam, the mandatory project must have been handed in.

Only certain aids allowed

The student can bring his/her project for the examination.

Marking scale
7-point grading scale
Censorship form
No external censorship
Several internal examiners.

Same as the ordinary exam, but the student is allowed to hand in a new version of the project no later than three weeks before the beginning of the re-exam week. If the mandatory project has not been handed in before the ordinary exam, it must be handed in no later than three weeks before the beginning of the re-exam week to attend the exam.

Criteria for exam assesment

The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course.

  • Category
  • Hours
  • Lectures
  • 18
  • Project work
  • 100
  • Guidance
  • 5
  • Exam
  • 1
  • Course Preparation
  • 82
  • Total
  • 206