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The minimum curriculum

The minimum curriculum for actuarial training consists of six courses with separate examinations for each individual course.

The first two courses are basic and are mandatory from June 1, 2001, and the remaining four courses are specialized and are mandatory: the third and the fourth course – from January 1, 2004; and the fifth and the six courses – from January 1, 2008.

The topics of the courses and minimum lists of sections incoprporated in to the course content include the following:

  1. Fundamentals of simple and compound interest
  2. Principles for building annuities
  3. Loans and their repayment schedules
  4. Debt securities
  5. Life span tables
  6. Life annuities
  7. Theory of joint life insurance
  8. Retirement benefits 
  1. Idividual life and health insurance
  2. Group life and health insurance
  3. Disability insurance
  4. Non-life insurance
  5. Reinsurance
  6. Retirement benefit
  7. Social insurance
  8. Investments 
  1. Principles of non-life insurance
  2. Designing insurance products
  3. Underwriting
  4. Pricing in insurance
  5. Insurance reserves
  6. Utility function
  7. Theory of creditbility
  8. Reinsurance and its types
  1. Individual life insurance
  2. Insurance products generation and underwriting
  3. Pricing: various methods to compute insurance premiums
  4. Methods for creation of actuarial reserves
  5. Medical insurance
  6. Pricing and reserving in medical insurance
  7. Group life and health annuity
  8. Estimating claim expenses and computing insurance premiums
  9. Insurance reserves in group life and health insurance
  1. Principles of pension accumulations
  2. Pension schemes: governmental and private
  3. Pension plans with fixed contributions and pay offs
  4. Types of pension plans with fixed pay offs
  5. Financing pension plans with fixed pay offs
  6. Types of pension plans with fixed contributions
  7. Pay offs under pension plans with fixed contributions
  8. Assessment of risks in pension plans with fixed contributions and pay offs
  9. Principles of social insurance
  10. Types of social insurance systems
  11. Methods of social insurance financing
  12. Comparative analysis of advantages and evaluation of costs related to different methods of social insurance financing 
  1. Types of investment: shares, securities with fixed return, foreign exchange market instruments and derivatives
  2. Risk and returns
  3. Assets and investments of insurance companies, pension funds, social insurance trust funds
  4. Investment risks of insurance organizations
  5. Financial planning for insurance organizations: assets/liabilities ratio
  6. Capitalization requirements to insurance organizations
  7. Laws related to insurance and insurance activity, taxation, book-keeping at the insurance market