MECE-103: ACTUARIAL ECONOMICS: THEORY AND PRACTICE
Section-A
Answer the following questions in about 700 words each. Each question carries 20 marks. 2X20=40
1. Why is health insurance important for individuals? Describe the various types of health insurance contracts.
2. Define the term risk. Discuss various categories of risk. How is valuation of risk made?
Section B
Answer the following questions in about 400 words each. Each question carries 12marks. 5X12=60
1. What are the assumptions on which the Black-Scholes theorem is based? What are the important conclusions of the Black-Scholes theorem?
2. What is meant by annuities? Distinguish between various types of annuities.
3. Distinguish between the traditional approach and the integrated approach to risk management.
4. Bring out the significance of extreme value theory.
5. Write short notes on the following:
a) Sinking Fund
b) Net Present Value
c) Hazard Function
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