NMAK19004U Advanced Topics in Modern Life Insurance

Volume 2021/2022

MSc Programme in Actuarial Mathematics


Selection of topics related to modeling, reserving, and pricing for life insurance and pensions with a strong connection to present research. Topics may include but are not limited to: policyholder behavior, state-wise projection of reserves, projection of balances in life insurance, risk-margin calculations, and market consistent valuation.

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 orally present the key aspects of the topics covered in the course and to apply theory from the course.

The course will strengthen the student's competences to navigate inside the classic Markov life insurance setup and develop the student's ability to formulate and handle new models inside this setup.


The course literature will primarily consist of research papers from 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.
4 hours of lectures each week for 7 weeks. In addition to this, 2 hours of exercise classes each week where the students can work on their mandatory homework set.
  • Category
  • Hours
  • Lectures
  • 28
  • Preparation
  • 163
  • Theory exercises
  • 14
  • Exam
  • 1
  • Total
  • 206
Feedback by final exam (In addition to the grade)
7,5 ECTS
Type of assessment
Oral examination, 30 min, no preparation time
Exam registration requirements

To participate in the exam, one mandatory homework set must be approved

Without aids
Marking scale
7-point grading scale
Censorship form
No external censorship
Several internal examiners.

Same as the ordinary exam. If the homework set is not approved before the ordinary exam, the non-approved set must be approved no later than three weeks before the beginning of the re-exam week. 

Criteria for exam assesment

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