Actuarial Mathematical models II

Multiple state models: Kolmogorov’s equations; numerical evaluation of probabilities; premiums; policy values and Thiele’s differential equation; multiple decrement models; joint life and last survivor benefits; transitions at specified ages, Salary scale function; setting the DC contribution; the service table; valuation of benefits; funding plans, Interest rate risk: the yield curve; valuation of insurances and life annuities; diversifiable and non-diversifiable risk; Monte-Carlo simulation, Emerging costs for traditional life insurance: profit testing for traditional life insurance; profit measures.