STK1500 – Insurance, economy and risk
Schedule, syllabus and examination date
Course content
The course provides an elementary introduction to insurance, economy, risk and reliability. More specifically, the subject introduces the most central concepts in micro- and macroeconomics, through examples that are directly relevant in insurance mathematics. A leitmotif in the subject is the concept of risk, which, in short, is about quantifying the uncertainty of unwanted events that involve financial losses. The course also offers an introduction to so-called reinsurance, which is used in the insurance industry as a measure to insure against large losses. Finally, the subject includes an introduction to the field of reliability.
Learning outcome
After completing the course you have
- gained insight into the most central concepts within micro and macroeconomics such as, e.g. interest, inflation, price growth, supply, demand, elasticity, utility, etc.
- knowledge about how interest is defined and used to calculate the value of, for example, a loan or a mortgage
- the possibility to model non-life and life insurance risks at a basic level and some of the most classic contracts
- knowledge of reinsurance as a tool to protect against large losses and how to optimize these
- understanding of the concept of risk and learned to carry out risk calculations in computers using simulation methods
- acquired understanding of the numbers and figures that are included in actuarial analyses
- been introduced to the topic of reliability of systems.
Admission to the course
Students who are admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for?in Studentweb.
Special admission requirements
In addition to fulfilling the?Higher Education Entrance Qualification, applicants have to meet the following special admission requirements:
Mathematics R1 (or Mathematics S1 and S2) + R2
And in addition one of these:
Physics (1+2)
Chemistry (1+2)
Biology (1+2)
Information technology (1+2)
Geosciences (1+2)
Technology and theories of research (1+2)
The special admission requirements may also be covered by?equivalent studies from Norwegian upper secondary school or by other equivalent studies?(in Norwegian).
Recommended previous knowledge
- MAT1100 – Calculus
- IN1900 – Introduction to Programming with Scientific Applications
- MAT1105 – Linear algebra and numerical methods
Teaching
4 hours of lectures and 2 hours of group sessions per week throughout the semester.
The number of groups offered can be adjusted during the semester, depending on attendance.
Examination
Final written exam which counts 100 % towards the final grade.?
This course has 2 mandatory assignments that must be approved before you can sit the final exam.
Examination support material
A list of formulas put together by the lecturer.
Grading scale
Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.
Resit an examination
This course offers both postponed and resit of examination. Read more:
More about examinations at UiO
- Use of sources and citations
- Special exam arrangements due to individual needs
- Withdrawal from an exam
- Illness at exams / postponed exams
- Explanation of grades and appeals
- Resitting an exam
- Cheating/attempted cheating
You will find further guides and resources at the web page on examinations at UiO.