Fall 2022 - ACMA 101 E100
Introduction to Insurance (3)
Class Number: 4618
Delivery Method: In Person
Course Times + Location:
Mo 4:30 PM – 6:20 PM
WMC 3260, Burnaby
We 4:30 PM – 5:20 PM
AQ 3181, Burnaby
Exam Times + Location:
Oct 24, 2022
7:00 PM – 9:00 PM
AQ 3182, Burnaby
Dec 17, 2022
7:00 PM – 10:00 PM
AQ 3003, Burnaby
Corequisites:MATH 150, 151, 154 or 157.
General overview of universally useful concepts in insurance, pensions and financial management. Typical life, health and property & casualty insurance products; underwriting; pricing; reserving; regulation; social insurance; retirement plans and annuities; financial planning: mortgages, loans, wealth management. Quantitative/Breadth-Science.
This course is an introduction to insurance products and financial planning. The topics covered include
Introduction: insurance, interest rates, valuing cash flows, determinants of interest rates
Life Insurance: actuarial fundamentals, mortality tables, pricing, premium calculations for life insurance products (term, whole-life, endowment, life annuities), universal life insurance, underwriting
Health insurance: individual versus group coverage, health benefits in Canada, private medical plans, coverage modifications (deductible, coinsurance, policy limit), pricing
Retirement income arrangement: government-administered pension programs, employer-sponsored retirement income plans (defined contribution, defined benefit, combinations), principal provisions
Property & Casualty insurance: frequency and severity, car insurance (coverage, risk classification, experience ratings), home insurance (coverage, types of policies), workers' compensation
Personal financial planning: personal loans, mortgages, role of insurance in personal financial planningThe topics covered by this course are subject to some adjustments
- Assignments 20%
- Midterm 30%
- Final Exam 50%
All above grading is subject to change
- Life Insurance by K. Black and H. Skipper, Prentice-Hall
- Morneau Shepell Handbook of Canadian Pension and Benefit Plans by Morneau Shepell.
- Group Insurance by W.F. Bluhm, ACTEX Publications
- Insurance Operations Edited by Susan Kearney, The Institutes
- Survey of Personal Insurance and Financial Planning, Edited by Mary Ann Cook, The Institutes
- Survey of Commercial Insurance, Edited by Arthur Flitner, The Institutes
REQUIRED READING NOTES:
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Department Undergraduate Notes:
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