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Lecture Portfolio
UNIVERSITAS BRAWIJAYA
FACULTY OF MATHEMATICS AND NATURAL SCIENCES
DEPARTMENT OF STATISTICS / UNDERGRADUATE STATISTICS STUDY PROGRAMME
Course Name: Actuarial Science Course Code:
MAS61332
Laboratory:
Socio-economic Statistics
Semester : Odd
Lecturer Darmanto, S.Si., M.Si.
Introduction
Actuarial Science in the even semester of 2019/2020 is a transitional course offered specifically for students who have taken this course and want to improve the grades they have obtained in the semesters of the previous years. Actuarial Science is used as a transitional course because there are additional prerequisite courses that must be met before programming the course. The evaluation results on this portfolio are the adjustment results based on the Actuarial Science Module Handbook which has undergone several material changes. The new Actuarial Science Module Handbook reduces the fixed annuity material, thus the results of this portfolio only represent about 90% of the whole material.
1 Purpose
General Purpose:
This course is taught so that students understand the basic concepts of calculating actuarial values that are used in the preparation of products in an insurance company, especially life insurance.
This course is taught to support the following Intended Learning Outcomes (ILO):
- ILO 1: The students are able to master basic scientific concepts and statistical analysis methods applied on computing, social science, humanities, economics, industry and life science.
- ILO 3: The students are able to manage, analyze, and complete the real case using statistical method on computing, social humanities, economics, industry and life science that helped by software, then present and communicate the results.
- ILO 5: The students are able to apply logical, critical, systematic, and innovative thinking independently when applied to science and technology that contain humanities values, based on scientific principles, procedures and ethics with excellent and measurable results.
- ILO 6: The students are able to take appropriate decisions to solve the problems expertly, based on the information and data analysis.
- ILO 7: The students are able to improve and develop a job networks, then supervise and evaluate the team’s performance they lead.
- ILO 8: The students are able to apply and internalize the spirit of independence, struggle, entrepreneurship based on values, norms, and academic ethics of Pancasila in all aspects of life.
While the learning outcomes of the Actuarial Science Course (Course Learning Outcome - CLO) are:
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- CLO 1: Students understand the fundamental concept of actuarial science, general purpose of Insurance, the basics of probability theory, expected value and the application in actuarial value calculation.
- CLO 2: Students understand the concept of mortality table construction:
calculation of each column and the symbols.
- CLO 3: Students understand the definition of annuity, correlation between annuity and interest rate, cash value and final value of annuity.
- CLO 4: Students understand the concept of calculating actuarial value (premiums, compensation, and premium reserves) on various types of Life Insurance.
Each Course Learning Outcomes (CLO) provide support for the Study Program Learning Outcomes (ILO) with a certain percentage, which details can be seen in the relationship matrix between CLO and ILO of Actuarial Science, which is presented in Table 1.
Table 1. Relationship Matrix between CLO and ILO of Actuarial Science
ILO1 ILO2 ILO3 ILO4 ILO5 ILO6 ILO7 ILO8
CLO1 0,25 0 0,25 0 0,4 0 0 0,1
CLO2 0,15 0 0,15 0 0,3 0,15 0,15 0,1
CLO3 0,15 0 0,15 0 0,3 0,15 0,15 0,1
CLO4 0,15 0 0,15 0 0,3 0,15 0,15 0,1
2 Teaching Strategy
This lecture presents material which is mathematical theory. Therefore, the following strategies are used:
- The material per meeting is given to students a week before the class in the form of slides.
- The book references are conveyed at the first meeting so that students can explore more deeply independently.
- Present the material in detail, present derivative formulas with explanations that can be followed independently, accompanied by graphic illustrations if needed.
- Use the whiteboard to re-derive formulas that require a more detailed understanding.
- Ask for input from students during the material presentation session regarding the need for the lecturer to re-explain or slow down the speed in explaining.
- Provide examples that are relevant to the material and its application to make it easier to describe abstract formulations.
- Discuss problems that are relevant to the material on the whiteboard, building a logical and rational thinking-flow.
- Give assignments that require a lot of time for elaboration, so they have to be done at home. Tasks are done independently or in groups.
- Re-explain sub-chapters of material that are deemed poorly understood based on task evaluation (assignments collected the day before the class) at the next meeting.
3 Lecture Management
This course is a 3 credit point course. The scheduled meetings are once a week (3 times 50 minutes) for 14 weeks. Midterm Exam is scheduled after 7 meetings, while the Final Exam is scheduled after the 14th meeting.
P2RP-LP3M UB Lecture:
- Schedule: Meetings are scheduled every Tuesday, 13.00 - 15.45 WIB.
- Each lecture is based on the Lecturer Center Learning (LCL) while still providing a discussion portion and asking the students, either between the discussion section or at the end of the discussion section.
- Due to the need for a good understanding of this subject, the explanation is done slowly and is always repeated for some formulas. The formula and its understanding at the first meeting were still used for the process of calculating values at subsequent meetings.
- To measure and evaluate student understanding, assignments with tiered difficulty are given, which are done independently or in groups and are collected back the day before the next meeting.
4 Course Material
- General review of Actuarial Science and Insurance
- Probability theory and expected value overview, and the application in actuarial - Construct mortality table: symbol, structure, and the like.
- Annuity
- Life Insurance: kinds and premium calculation - Premium reserves and adjusted premium reserves - Redemption value
The suitability between the course material designed in the curriculum and its practice can be seen in Appendix 1.
5 Lecture Participants
This course is an elective transitional course which was attended by students of the Undergraduate Statistics Study Program of FMIPA UB who had programmed Acturial Science course in the previous semesters. The participants of this class were 11 students, with a composition of 8 students of class 2016 and 3 students of class 2017.
6 Attendance Percentage
Lecturer attendance is 100% while only 2 students with attendance less than 100%.
7 System Evaluation
- Evaluation consists of attitudes and knowledge evaluation. Attitude evaluation used the concept of basic values without "troubles". This means that grades will decrease if students commit violations (cheating, making noise in class, not being honest in filling out the attendance list, etc.). The base grade is 100.
- Evaluation per week or per sub-chapter discussion is through assignments. The purpose of this evaluation is to explore students' understanding of whether it is in line with the objectives of each week's meeting. The results of the assignment were used by the lecturer to re-discuss the material that they feel they lack understanding. Assignments in this semester, the assessment process is summarized into 1 assignment consisting of 4 assignments per several discussion of sub-chapters.
- Evaluate some materials through Quizzes that measure the students' understanding after 3 or 4 meetings. The types of questions are similar to midterm/final exam questions so that students have an idea of how to prepare for the midterm/final exam. In this semester, there was only one quiz.
- Material evaluation up to mid-semester through the midterm exam, which is
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held on a scheduled basis.
- Material evaluation after mid-semester to the end of the semester through final exam, which is held on a scheduled basis.
- In midterm and final exam weeks, all lecture activities are closed so that students concentrate on midterm/final exam.
Questions for all types of evaluation are standardized / the same for parallel classes, which is the result of discussion from the teaching team. Material evaluation for each assessment and its weight can be seen in Table 2.
Table 2. Measured assessment and material, as well as the weighting of each assessment of the final score and Course Learning Outcome (CLO)
Assessment Material
Weight to Final Score
CLO 1 CLO 2 CLO 3 CLO 4 Assessment Weight to CLO (Course
Learning Outcome)
ABS1 Attitude and team cooperation 0,05 0,25 0,25 0,25 0,25
T1
General overview of actuarial science and insurance, Overview of the theory of probability and expected value, along with their application in actuarial science, Constructing mortality tables:
symbols, structures, and types, Annuities, Life insurance: types and calculation of premiums, Premium reserves and adjusted premium reserves, Redemption value.
0,15 0,25 0,25 0,25 0,25
Q1
General overview of actuarial science and insurance, Overview of the theory of probability and expected value, along with their application in actuarial science, Constructing mortality tables:
symbols, structures, and types, Annuities, Life insurance: types and calculation of premiums, Premium reserves and adjusted premium reserves, Redemption value.
0,2 0,25 0,25 0,25 0,25
UTS1
General overview of actuarial science and insurance, Overview of the theory of probability and expected value, along with their application in actuarial science, Constructing mortality tables:
symbols, structures, and types, Annuities, Life insurance: types and calculation of premiums.
0,3 0,3 0,3 0,4 0
UAS1
Annuities, Life insurance: types and calculation of premiums, Premium reserves and adjusted premium reserves, Redemption value.
0,3 0 0 0,25 0,75
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8 Class Observation
Because the Actuarial Science in the odd semester of 2019/2020 is a transitional course, students who program this course were students who had taken this course in the semesters of previous years. The majority, 8 out of 11 students who program this course were final year students who are writing the final project, so their logical and rational thinking patterns are more mature. The impact is a better understanding of the actuarial science material.
9 Learning Outcomes
The learning outcomes of each student are reflected in the scores in each assessment.
These scores, with their respective weights, are processed into final grades, which later, in accordance with the conversion rules, are converted into numerical scores that are printed on the Study Result Card / transcript. Besides being processed into the final score, the scores in each assessment, taking into account the percentage of CLO contributions to each ILO (Table 1) and the weight of each assessment of CLO (Table 2), are processed with the help of OBES software, so each student also has a score in each CLO and ILO.
The description of the score of each CLO can be seen in Table 3 and Figure 1. Figure 1 (a) presents the student average outcome index for each CLO. Figure 1 (b) presents the percentage of students with an outcome score above 60. In both figures, each corner of the pentagon represents each CLO, and the trajectory of the outer rectangular shows the highest outcome. The outer the position of the blue line, the higher the outcome index of CLO.
In accordance with the outcome category presented in Table 4, it can be concluded that:
- On average, students' scores in achieving CLO are only up to the satisfactory level, even at CLO4, students are still in the developing stage, which means that students still need material strengthening so that they can reach a minimum satisfactory category.
- CLO3 and CLO4 are specifically weighted with a big weight on the Midterm Exam and Final Exam assessment components, which are indeed very heavy in the evaluation content.
- In CLO4, it can be seen that out of 11 students, only 4 of them have achievement scores above 60, while around 60% are still below 60, making the percentage category at a very low level.
Table 3. Score Description and Outcome Category for Each CLO of Actuarial Science
CLO1 CLO2 CLO3 CLO4
Average 76,72 76,72 65,67 55,65
Outcome
Category SATISFACTORY SATISFACTORY SATISFACTORY DEVELOPING
Number of Students with CLO>60
11 11 7 4
Percentage of Students with CLO>60
100 100 63,64 36,36
Percentage
Category HIGH HIGH MEDIUM VERY LOW
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Table 4. CLO/ILO Score Category and Percentage Category of Students with CLO/ILO
>60
CLO/ILO Score Category Percentage Category of Students with CLO/ILO >60
Score ≥ 80 EXCELLENT Percent ≥ 70 HIGH
65 ≤ Score <80 SATISFACTORY 60 ≤ Percent < 70 MEDIUM 50 ≤ Score <65 DEVELOPING 50 ≤ Percent < 60 LOW
0 ≤ Score <50 UNSATISFACTORY Percent < 50 VERY LOW
Figure 1.Visualization (a) outcome index and (b) presentation of students with an outcome>60 in each CLO of Actuarial Science
In addition to the scores for course learning outcomes (CLO), it can also be analyzed the scores of each ILO. The description of the ILO outcomes of this course is presented in Table 5 and Figure 2. Figure 2 (a) presents the average student outcome index for each ILO. Figure 2 (b) presents the percentage of students with an outcome score above 60. In both figures, each corner of the octagon represents each ILO, and the trajectory of the outer octagon shows the highest outcome. The outer the position of the blue line, the higher the outcome index of ILO.
Several things can be concluded from the support of this course for the Study Program Learning Outcomes (ILO):
- As in the achievement of each CLO which is only at the satisfactory level and even CLO4 is at the developing level, this has an impact on the achievement of the ILO of Actuarial Science course.
- Two out of 6 ILO, namely ILO6 and ILO7, respectively, are stated at the developing level, which means that there is still a need for improvement both in terms of lecturers in order to be able to direct and motivate students to reach ILO6 and ILO7 or from students who need to explore their abilities in order to achieve the established ILO.
- Other ILOs are still at satisfactory level and needs to be improved to reach an excellent level.
(a) (b)
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Table 5. Score Description and Outcome Category for Each ILO of Actuarial Science
ILO1 ILO
2
ILO 3
ILO
4 ILO5 ILO6
ILO
7 ILO8 Weighte
d
Average 67,75
67,7
5 67,22 64,24
64,2
4 66,61
Outcome Category
SATISFACTO RY
SA TIS FA CT OR Y
SATISFAC TORY
DEVELOPIN G
DE VE LO PIN G
SATISFAC TORY Number
of Students with
ILO>60 8 8 7 5 5 7
Percenta ge of Students with ILO>60
72,73 72,7
3 63,64 45,45 45,4
5 63,64
Category HIGH
HIG
H MEDIUM VERY LOW
VE RY LO
W MEDIUM
Figure 1.Visualization (a) outcome index and (b) presentation of students with an outcome>60 in each ILO of Actuarial Science
10 Obstacle
- Lots of formulas and symbols for each condition in each case makes students confused in applying and determining the right formulas and symbols to solve problems.
- Understanding the concept of present value and future value at nominal money still makes some students confused.
(a) (b)
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11 Grade Distribution
The final score is obtained from the weighting of all components of the assessment as presented in column three in Table 2, while the descriptive statistics of the final score can be seen in Table 6. The mean of the students' final score is 66.61, with less and more than 10 points from the mean. There is one student with the lowest score (52.06) and one student with the highest score (81).
Table 6. Descriptive Statistics of Final Score of Actuarial Science 2019/2020
Mean 66.61
Median 62.55
Standard
Deviation 10.03
Range 28.95
Minimum 52.06
Maximum 81
After being converted into letter grades under the assessment conversion standards, the distribution of letter grades can be seen in Figure 3. The figure shows that there are 46%
students with grade more than and equal to B, 45% students with C+ and C, and 9%
students with D+. This percentage looks high, but 9% is equivalent to 1 person.
Figure 3. Grade Distribution of Actuarial Science 2019/2020 12 Conclusion
- Based on the results of the CLO and ILO achievements for the actuarial course where participants are “repeat” students, it needs to be further explored both in terms of teaching and student understanding.
13 Recommendation
- There is a need for reminding related to formulas and symbols which differ in each condition and case.
- Students need to explore independently the study case in the form of exercises.
18.2
9.1
18.2 18.2
27.3
9.1
0.0 0.0
0.0 5.0 10.0 15.0 20.0 25.0 30.0
A B+ B C+ C D+ D E
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Appendix 1
Wee
k Plan
Implementation in Week
1 2 3 4 5 6 7
8 and 9
10 11 12 13 14 15 16 17
1 General introduction to actuarial science and insurance:
definitions, terms, and scope.
Class contract, introducti on to Actuarial
Science 2 Basics of
probability theory and expected value:
application to actuarial science.
Review of probabilit
y theory and expected value, the applicatio
n of insurance 3 Mortality tables,
types of mortality tables, use of actuarial mortality tables.
Mortality table
4 Quiz I Fixed
annuity 5 Annuity, fixed
annuity, life annuity.
Life annuity 6 Annuity, fixed
annuity, life
annuity. Quiz I
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Wee
k Plan
Implementation in Week
1 2 3 4 5 6 7
8 and 9
10 11 12 13 14 15 16 17
7 Life insurance, calculation of annuity based on the types of life insurance.
Discussi on – assignm ent 8
and 9
Midterm Exam
UT S 10 Premium: Net
single premium, a premium paid several times a year, premium with increased insurance value.
Life insurance
11 The concept of premium reserves, the principle of calculating premium reserves with prospective and retrospective methods, Fackler methods, initial reserves, average reserves, premium reserves in special cases of insurance.
Premiu m
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Wee
k Plan
Implementation in Week
1 2 3 4 5 6 7
8 and 9
10 11 12 13 14 15 16 17
12 The concept of premium reserves, the principle of calculating premium reserves with prospective and retrospective methods, Fackler methods, initial reserves, average reserves, premium reserves in special cases of insurance.
Premi um reserv es
13 Quiz II Premiu
m reserves, prospect ive and retrospe ctive method 14 The principle of
calculating premium reserves using the
Commissioners, Canada, Illinois, New Jersey, and Zillmer Method.
Exerci ses and assign ment
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Wee
k Plan
Implementation in Week
1 2 3 4 5 6 7
8 and 9
10 11 12 13 14 15 16 17
15 The principle of calculating premium reserves using the
Commissioners, Canada, Illinois, New Jersey, and Zillmer Method.
Adjust ed Prospe ctive Reser ves 16 The principle of
calculating the redemption value is based on adjusted life insurance.
Quiz II
Attendance (%) 100 100 100 100 100 100 100 100 100 100 100 100 100 100
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Appendix 2. List of Grade Details
NIM NAMA ABS1 T1 Q1 UTS1 UAS1
'165090500111015 Asro Layalil Azizah 100 100 85 46,5 27,5
'165090500111025 Muhammad Alfi Zida Syukron 100 100 80 31 22,5
'165090500111027 Diego Irsandy 100 100 80 97,5 52,5
'165090501111001 Muhammad Fajar Zulkifli 100 100 80 68,5 20
'165090501111021 Nisa Dwirahma Widhiasih 100 100 100 58 62,5
'165090501111040 Abela Chairunissa 100 100 90 65,5 52,5
'165090507111036 Lisa Safira Dhamayanti 100 100 80 41 35
'165090507111039 Intan Ayu Maulida 100 100 60 51 32,5
'175090500111003 Rismania Hartanti Putri Yulianing Damayanti 100 100 100 79,5 55
'175090500111014 Gusti Agung Ayu Devi Indra Suari 100 100 70 55 37,5
'175090500111031 Erika Triswanda 100 100 85 71,5 40
