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MS4241 Life Insurance
Part I
Course Duration : One Semester
Credit Units : 3
Level: B4
Medium of Instruction: English
Prerequisite(s) : Nil
Precursors(s) : FB2200 Management Sciences I &
FB2201 Management Sciences II
Equivalent Course(s) : Nil
Exclusive Course(s) : Nil
Part II
Course Aims:
- Provide students with knowledge of life insurance both in principle and in practice.
- Enhance students’ ability to identify, formulate and evaluate problems in the area of life insurance using statistical and/or quantitative techniques.
- Develop students’ ability to design workable solutions to problems in the field of life insurance
Course Intended Learning Outcomes (CILOs)
Upon successful completion of this course, students should be able to:
| No. | CILOs | Weighting | | 1 | demonstrate a basic knowledge of life insurance both in principle and in practice | 20% | | 2 | identify and formulate problems in the area of life insurance using statistical and/or quantitative techniques | 20% | | 3 | examine and determine statistical and/or quantitative techniques for modeling life insurance data | 20% | | 4 | evaluate the use of statistical and/or quantitative techniques when attempting to solve life insurance problems | 20% | | 5 | assess theoretical knowledge of life insurance to support and enhance the organizations in which the students may be employed (Ability + Accomplishment) | 20% |
Teaching and Learning Activities (TLAs)
(Indicative of likely activities and tasks designed to facilitate students’ achievement of the CILOs. Final details will be provided to students in their first week of attendance in this course)
| CILO No. | TLAs | Hours/week (if applicable) | | 1,2,3,4 | 1. Interactive Lectures: - concepts and specific subject knowledge are explained
- students listen to lectures and respond to specific problems interactively (in large or small groups)
| - | | 2,3,4 | 2. Tutorial exercises and activities: - students brainstorm ideas and/or discuss the answers to questions arising from case studies / problem sets
- with the teacher acting as a facilitator, the students work on assigned problem sets to consolidate their understanding of the concepts and methods
- students are required to employ the problem-solving techniques learned in the course to design feasible solutions for the cases they encounter
| - | | 1,5 | 3. Group discussions: - students take part in discussions on major issues in class, critique case studies and/or report back to the class after brief small group discussions
- the instructor provides instant feedback and support for students’ queries
| - | | 1,5 | 4. Reading assignments: - students read relevant chapters/papers from the reference reading list to categorise and distinguish life annuity and life insurance products
- students conduct a critical evaluation and/or identification of key issues related to life insurance
| - |
Constructive Alignment of CILOs and TLAs
| | Interactive
Lecture | Tutorial | Group
Discussion | Reading
Assignment | | CILO 1 | ü | | ü | ü | | CILO 2 | ü | ü | | | | CILO 3 | ü | ü | | | | CILO 4 | ü | ü | | | | CILO 5 | | | ü | ü |
Assessment Tasks
(Indicative of likely activities and tasks designed to assess how well the students achieve the CILOs. Final details will be provided to students in their first week of attendance in this course)
| CILO No | Type of Assessment Tasks/Activities | Weighting (if applicable) | | 1,5 | Case study / other tasks:
This includes tasks to stimulate students’ original thinking via tackling analytic problems, assessing contemporary life insurance topics and evaluating real/hypothetical financial planning scenarios. | 20% | | 2,3,4 | Mid-term test:
The test is designed to assess students’ ability to apply the quantitative techniques to analyse and solve problems relating to annuities and life contingencies. | 30% | | 1,2,3,4,5 | Written examination: The examination is designed to assess students’ professional knowledge of life insurance as well as the ability to apply the statistical and/or quantitative techniques to formulate and evaluate life insurance problems. | 50% |
Constructive Alignment of CILOs and Assessment Tasks
| | Case study /
other tasks | Mid-term test | Written examination | | CILO 1 | ü | | ü | | CILO 2 | | ü | ü | | CILO 3 | | ü | ü | | CILO 4 | | ü | ü | | CILO 5 | ü | | ü |
Grading of Student Achievement :Refer to Grading of Courses in the Academic Regulations (Attachment) and to the Explanatory Notes.
Case Study / Other Tasks
| Letter Grade | Grade Point | Grade Definitions | | A+
A
A- | 4.3
4.0
3.7 | Excellent: | Strong evidence of original thinking; good organization, capacity to analyse and synthesize; superior grasp of subject matter; evidence of extensive knowledge base. | B+
B
B- | 3.3
3.0
2.7 | Good: | Evidence of grasp of subject, some evidence of critical capacity and analytic ability; reasonable understanding of issues; evidence of familiarity with literature. | C+
C
C- | 2.3
2.0
1.7 | Adequate: | Some evidence of grasp of subject, little evidence of critical capacity and analytic ability; reasonable understanding of issues. | | D | 1.0 | Marginal: | Sufficient familiarity with the subject matter to enable the student to progress without repeating the task(s). | | F | 0.0 | Failure: | Little evidence of familiarity with the subject matter; weakness in critical and analytic skills; limited or irrelevant use of literature. |
Mid-Term Test
| Letter Grade | Grade Point | Grade Definitions | | A+
A
A- | 4.3
4.0
3.7 | Excellent: | Strong evidence of acquiring the skills to define, formulate and solve problems in the life insurance. | B+
B
B- | 3.3
3.0
2.7 | Good: | Evidence of acquiring the skills to define, formulate and solve problems in the life insurance. | C+
C
C- | 2.3
2.0
1.7 | Adequate: | Some evidence of acquiring the skills to define, formulate and solve problems in the life insurance. | | D | 1.0 | Marginal: | Sufficient familiarity with the subject matter to enable the student to progress further. | | F | 0.0 | Failure: | Little evidence of familiarity with the subject matter; weakness in critical analytic skills. |
Written Examination
| Letter Grade | Grade Point | Grade Definitions | | A+
A
A- | 4.3
4.0
3.7 | Excellent: | Strong evidence of original thinking; good organization, capacity to analyse and synthesize; superior grasp of subject matter; evidence of extensive knowledge base. | B+
B
B- | 3.3
3.0
2.7 | Good: | Evidence of grasp of subject, some evidence of critical capacity and analytic ability; reasonable understanding of issues; evidence of familiarity with literature. | C+
C
C- | 2.3
2.0
1.7 | Adequate: | Student who is profiting from the university experience; understanding of the subject; ability to develop solutions to simple problems in the material. | | D | 1.0 | Marginal: | Sufficient familiarity with the subject matter to enable the student to progress without repeating the course. | | F | 0.0 | Failure: | Little evidence of familiarity with the subject matter; weakness in critical and analytic skills; limited or irrelevant use of literature. |
Part III
Keyword Syllabus:
Introduction to Life Insurance
Nature, scope and terminology of life insurance. Nature and management of risk. Basic types of life and health insurance policies.
Life Insurance Management
The Hong Kong life insurance market: some facts. Underwriting principles. Product design and modification. Economic and social importance of life insurance industry.
The Insurance Company
Types of insurance and marketing systems. Insurance company operations. Functions and organization of insurers. Insurance pricing.
Insurance Regulation
Government Regulation. Industry self-regulation. Other legal regulation. Ethical and other related issues.
Life Insurance and Annuities
Fundamentals of life insurance. Types of life insurance. Life insurance policy provisions. Applications of life insurance. Choosing life insurance. Annuities and individual retirement accounts.
Health Insurance
Individual health insurance. Disability insurance.
Pricing of Life Insurance and Annuity
Accumulated value and present values. Mortality tables and life annuity. Life insurance: net single premiums and annual premium.
Life Insurance and Annuity Reserves
Terminal reserves. The retrospective method and prospective method
Related Links
Department of Management Sciences
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