2009 SKKU BK 21 Math Modeling Actuarial Science Open Short course on Fundamental Actuarial Practice

A Short Course on Fundamental Actuarial Practice

Invited Instructor : Professor Thomas Y.S. Lee, ASA, PhD.

                           University of Illinois at Chicago, USA.

    특강 일정 (Schedule)  (Tentative)  :  
    접수 및 문의 : jjin_@naver.com  02-760-0948, 최진석 조교

   Fundamentals of Actuarial Practice 강의 일정입니다.  

               Date : June 22, 23, 25, 26

               Place: Sunkyunkwan Univ. Downtown campus 성균관대학교 명륜동 인문사회캠퍼스  (24일은 자연과학캠퍼스)

                        32-210(다산경제관) : 이론강의  

                        32-426(다산경제관) : 컴퓨터 실습시    

                  (1) 6월22일 오후 2시 ~ 5시 (강의 및 실습) 5시 ~ 6시(연습)  

                    Introduction to the actuarial control cycle and Case Study;
                    Professionalism, External Forces and Case Study

A Short Course on Fundamental Actuarial Practice


Invited Instructor : Professor Thomas Y.S. Lee, ASA, PhD.

                                   University of Illinois at Chicago, USA.


2009 특강 개요 Course Overview


Actuarial practice involves the application of quantitative, economic and financial models and analysis to long term financial management particularly in life insurance, property & casualty insurance, health insurance, and retirement planning as well as in other financial services. The purpose of this short course is to provide an introduction to the fundamental of actuarial practice with a focus on the actuarial control cycle. This overall aim of the Actuarial Control Cycle is for you to understand the basic principles underlying the actuarial management of financial products, services, and schemes across commercial, government and other environments, so that you will be able to apply those principles to a wide range of problems and issues that you may encounter in professional practice.

The emphasis of the course is on application. The course draws examples from actuarial practice and discusses implications for life insurance, annuities, credit insurance, retirement planning,  and other areas where actuaries are involved in product design, pricing, reserving, investment and surplus management. Through a number of case studies and exercise, we also aim to help the students develop the use of the necessary combination of judgment, analytical and modeling skills to provide recommendations for complex situations.


The materials cover in this short course corresponds to part of the materials cover by Fundamental of Actuarial Practice of the professional examination offer by the Society of Actuaries.


2009 특강 내용 Course outline


Introduction to the actuarial control cycle


External Forces

Introduction to Life Insurance and Annuities

Introduction to retirement planning

Introduction to Social Security

Model Selection and Solution Design


Case Study:



Term Life Insurance Product Examination

Retirement Strategy for Mr. Freeman

Life Needs

Evaluating Acquisition

Managing Landfill



Actuarial Communication

Actuarial Modeling & Professionalism – LHIC

Annuity Pricing: Profit Based on Internal Rate of Return Format

Metrics For Testing The Accuracy of A Model - Term Insurance


The course contains a mixture of case discussions and lectures by the instructor. The lectures will present an actuarial methodology (e.g., The Control Cycle) helpful in the analysis of various aspects of fundamental actuarial practice. The cases are chosen to illustrate the application of the methodology as well as to demonstrate their limitations. The challenge to the students is to appreciate these limitations but still use the insight generated from these models to analyze a wide range of issues in actuarial practice. Study questions on each case should serve as a starting point and the students are encourages to introduce additional issues.



<상기 Open School 은 신청하여 허가된 모든 수학전공 학생과 현직에 근무하는 보험계리사가 청강 할 수 있습니다.>

수강인원 : 총 40명 (성대생 20명, 현장보험계리인 10명, 타학교생 10명 : 선착순 과 해당학교 교수님 추천을 고려하여 선정)

수강인원 : 총 40명 (성대생 20명, 현장보험계리인 10명, 타학교생 10명 : 선착순과 해당학교 교수님 추천)


접수 및 문의 : jjin_@naver.com  02-760-0948, 최진석 조교

(수강을 신청하시려는 분은 jjin_@naver.com 로 추천자 명이 기록된 자신의 이력서를 보내시면 됩니다. 40명을 선발하여 선정된 분에게 통지 할 것입니다.)

         관심에 감사드립니다. 

  We can review his talks of 2008 Open Schools

  in    http://matrix.skku.ac.kr/BK-Talks/2008-SKKU-talks.html

Refer : http://matrix.skku.ac.kr/2008-Album/2008-Thomas.html



1.  Once you arrive at the INCHEON INT. airport,  just Before or after the Enterance process, there are 2 or 3 complementary free PHONE to Seoul and CP.

  Please call me after you arrive at the INCHEON INT. airport by any free telephone.

                   You can make a phone call to (in Korea) 02-****-**** my home or my CP 01*-****-****.

2.  You can use ATM to make about US$20- in Korean curruncy =  KRW20,000- and then) for the bus use etc, so go down to the Transportation Center (B1 floor) to do so.

3.   I recommend you take the Airport Limousine (Standard) bus  6009 (Airport - Garak Market Station) at 1st Floor 5A or 11B at Incheon Int. Airport.

The first stop of 6009  is GuBanpo where you took the bus before.  (The 2nd stop of 6009  is Gangnam Express terminal.)

4. In any case of help, just show the following Korean statement  to anyone around:  Would you call to my friend *** ?

<전화 한 통화 부탁드립니다. CP 01*-****-****. 친구입니다. with US$1>

       When we meet, I will drive you to hotel nearby. There is a couple of subway stations to SKKU downtown campus and SKKU Science campus.