D1. Knowledge and understanding
At the end of the course the student will have to demonstrate their ability to analyze and build insurance products in the area of life and health insurance insurance, as well as be able to evaluate and manage life insurance portfolios and, finally, to measure, evaluate and manage the main technical risks associated with life and health insurance.

D2. Applying knowledge and understanding
At the end of the course the student must be able to build actuarial models and propose solutions to problems relating to evaluation and
risk management of life and health insurance, with particular reference to stochastic simulation models and the associated analysis and interpretation techniques of numerical and graphical results.

D3. Making judgments.
At the end of the course the student will have understood and made his/her own the concepts presented during the course and will also be able to apply them to carry out technical evaluations relating to problems other than those illustrated.

D4. Communication skills
At the end of the course the student will be able to express himself/herself appropriately on the course topics, being able to establish fruitful communication with professionals operating in the life and health insurance area, not necessarily in the actuarial sector.

D5. Learning skills
At the end of the course the student will be able to independently undertake the study of more advanced topics, also for the purposes of scientific research in the field of actuarial mathematics and associated techniques.

Life insurance actuarial mathematics

1. Linking life insurance benefits to investment yields
1a. Adjustment actuarial model
1b. Participating policies
1c. Unit-linked policies
1d. Hybrid products
1e. Variable annuities

2. Life annuities
2a. Standard annuities
2b. "Old-age" life annuities
2c. "Special-rate" life annuities
2d. Tontine annuities
2e. Decumulation plans

3. Health insurance products
3a. The need for health insurance
3b. The main products
3c. Actuarial models for sickness insurance.
3d. Actuarial models for disability insurance

4. The balance sheet of a life insurance company: an introduction

5. Evaluating life insurance portfolios
5a. The "value" of a life insurance portfolio
5b. From VIF to Embedded Value
5c. Key Performance Indicators

6. Risks, reinsurance,solvency
6a. Porfolio risk profile
6b. Reinsurance for life insurance and life annuities
6c. Alternative Risk Transfers; Mortality Bonds
6d. Solvency models

7. ERM and QRM. Applications to life insurance
7a. Enterprise Risk Management (ERM) and Quantitative Risk
Management (QRM)
7b. Risk and impact assessment; deterministic and stochastic approaches
7c. Applications to endowment insurance portfolios
7d. Applications to life annuity portfolios

- Handouts available on Moodle
- A. Olivieri, E. Pitacco (2015), "Introduction to Insurance Mathematics.
Technical and Financial Features of Risk Transfers", 2nd Edition, Springer
- E. Pitacco (2021), "Life Annuities", Risk Books
- E. Pitacco (2014), "Health Insurance. Basic Actuarial Models", Springer
- E. Pitacco (2020), "ERM and QRM in Life Insurance. An Actuarial Primer",
Springer

1. Linking life insurance benefits to investment yields
1a. Adjustment actuarial model
1b. Participating policies
1c. Unit-linked policies
1d. Hybrid products
1e. Variable annuities

2. Life annuities
2a. Standard annuities
2b. "Old-age" life annuities
2c. "Special-rate" life annuities
2d. Tontine annuities
2e. Decumulation plans

3. Health insurance products
3a. The need for health insurance
3b. The main products
3c. Actuarial models for sickness insurance.
3d. Actuarial models for disability insurance

4. The balance sheet of a life insurance company: an introduction

5. Evaluating life insurance portfolios
5a. The "value" of a life insurance portfolio
5b. From VIF to Embedded Value
5c. Key Performance Indicators

6. Risks, reinsurance,solvency
6a. Porfolio risk profile
6b. Reinsurance for life insurance and life annuities
6c. Alternative Risk Transfers; Mortality Bonds
6d. Solvency models

7. ERM and QRM. Applications to life insurance
7a. Enterprise Risk Management (ERM) and Quantitative Risk
Management (QRM)
7b. Risk and impact assessment; deterministic and stochastic approaches
7c. Applications to endowment insurance portfolios
7d. Applications to life annuity portfolios

Lectures

The oral exam will evaluate the student's ability to independently process the concepts introduced in the course, with particular attention to reasoning and the ability to link concepts.

This course explores topics closely related to one or more goals of the United Nations 2030 Agenda for Sustainable Development (SDGs)