BSc Insurance and Actuarial Science

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EUR 12,999.00
EUR 10,999.00

About this course

Aims of the Program

The Insurance and Actuarial Science program combines mathematics, statistics, and financial theory to analyze and manage risks in insurance and financial industries. Actuaries predict future events by analyzing data to assess uncertainties and quantify risks using advanced mathematical models. Their predictions include estimating the impacts of diseases, natural disasters, and other unforeseen events. This program equips students with analytical and problem-solving skills that extend far beyond the typical perception of actuarial science.



Program Outcomes

Graduates of this program will:

  1. Apply core business concepts to make informed decisions.
  2. Demonstrate ethical and legal business practices in collaborative settings.
  3. Communicate effectively through professional oral and written channels.
  4. Analyze legal, ethical, social, and economic factors influencing business decisions.
  5. Utilize advanced technology in business administration.
  6. Evaluate financial, statistical, and quantitative data for informed decision-making.
  7. Assess financial markets and risk exposures in the financial services sector.
  8. Formulate strategies for financial decision-making in businesses and institutions.



Degree Awarded

This is a first-cycle degree program in Insurance and Actuarial Science (240 ECTS).
Upon successful completion, graduates will be awarded a Bachelor of Science in Insurance and Actuarial Science.



Employment Opportunities

In today’s rapidly evolving technological landscape, the demand for experts in insurance and risk management is higher than ever. Graduates are prepared for diverse roles such as:

  • Actuarial Consultant
  • Business Analyst
  • Insurance Actuarial Analyst
  • Investment Analyst
  • Risk Analyst

Each year, thousands of opportunities arise in these fields globally, particularly in regions with expanding financial and insurance markets.



Educational Objectives

Graduates of the program are expected to:

  1. Apply management knowledge and critical judgment in solving real-world problems.
  2. Demonstrate leadership in multicultural and multidisciplinary environments.
  3. Design, establish, and manage business operations using fundamental management principles.
  4. Pursue continuous personal and professional development to address technical challenges.



Educational Methods

The Faculty of Business employs modern and interactive teaching methods to enhance learning outcomes:

  • Traditional Classroom Learning: Emphasis on theoretical foundations with mandatory attendance (minimum 75%).
  • Problem-Solving Sessions: Integrated with group discussions and case studies to foster practical skills.
  • IT-Based Activities: Extensive use of computer software for simulations and analysis.
  • Course Projects: Students apply techniques to solve specific problems and present findings through reports and presentations.
  • Contemporary Articles: Students engage with recent developments in the field by analyzing and presenting scholarly articles.

Distance Learning (Moodle Platform):
The program incorporates Moodle, an interactive e-learning platform, for supplementary education, which includes:

  • Assignment submissions
  • Discussion forums
  • Online quizzes
  • Calendar and news updates

This system enhances accessibility, transparency, and sustainability while fostering collaboration outside traditional classrooms.



Graduation Requirements

To graduate, students must:

  • Complete all required courses, laboratory work, and assignments.
  • Achieve the minimum credit hours for the program.
  • Maintain a CGPA of 2.00 or higher.

Graduation is approved by the University Senate and the Registrar’s Office issues diplomas.


This program prepares students to excel in the competitive fields of insurance and actuarial sciences, equipping them with both foundational knowledge and advanced analytical tools.

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This course focuses on the foundational concepts of management, offering students the tools and frameworks needed to understand and navigate organizational challenges effectively.


Learning Outcomes:

Upon completion of this course, students will be able to:

1. Increase their knowledge of the fundamentals of management, gaining a deeper understanding of core management functions such as planning, organizing, leading, and controlling.

2. Discover various managerial issues that affect organizations, including decision-making processes, problem-solving, and resource allocation.

3. Distinguish between the internal and external organizational environments, recognizing how factors like organizational structure, culture, and external market forces impact management strategies and business performance .

4. Develop an understanding of concepts such as organizational culture and corporate social responsibility, and how these elements influence organizational behavior and decision-making.

5. Evaluate and apply management theories to practical situations, enhancing their ability to manage teams, projects, and organizational change.


Assessment Methods:

1. Exam: To assess the theoretical knowledge and understanding of management principles.

2. Assignments: To evaluate students' ability to apply management concepts to real-world situations.

3. Project/Report: A comprehensive project to assess practical application and analysis of managerial issues.

4. Presentations: To assess communication skills and the ability to present management concepts clearly.

5. Lab Work: Hands-on activities to practice management tools and techniques in a simulated environment.


Course Description:

The Fundamentals of Management course provides an in-depth exploration of the essential principles, practices, and concepts used in effective management. The course covers topics such as organizational theory, leadership styles, strategic planning, and business ethics. Through interactive assignments, group projects, and case studies, students will develop the critical thinking and problem-solving skills necessary to manage organizational challenges. By the end of the course, students will have a solid understanding of both the internal and external factors that influence management decisions, preparing them for leadership roles in diverse organizational settings.

This course delves deeper into advanced topics in financial accounting, focusing on inventory management, internal controls, asset accounting, and business performance evaluation.


Learning Outcomes :

Upon completion of this course, students will be able to:

1. Understand inventory operations and costing methods, including FIFO, LIFO, and weighted average methods, to determine the value of inventory.

2. Apply internal control procedures for cash receipts and payments, ensuring that financial transactions are securely and accurately handled.

3. Manage accounts receivable using various methods for estimating bad debts, such as the allowance method and direct write-off method.

4. Account for plant assets and calculate depreciation using different methods, such as straight-line and declining balance.

5. Evaluate business performance using key financial ratios like asset turnover and accounts receivable turnover to assess operational efficiency.

6. Journalize entries for the exchange of plant assets, including how to properly record disposals and acquisitions.


Course Description:

The Intermediate Financial Accounting course builds on foundational accounting concepts to focus on more complex areas such as inventory valuation, internal controls, and asset management. Students will explore various costing methods, depreciation techniques, and how to estimate and manage bad debts. Additionally, the course emphasizes the evaluation of business performance through financial ratios, equipping students with the tools needed to make informed financial decisions. Practical exercises will also cover journal entries for transactions involving plant assets, helping students develop a comprehensive understanding of financial reporting.
This course is designed to help students improve their reading comprehension and analytical skills, focusing on complex texts across various genres.


Learning Outcomes:

By the end of this course, students will be able to:

1. Develop effective reading strategies to comprehend and interpret complex texts with greater ease and understanding.

2. Identify main ideas and supporting details, and analyze the organizational structure of written material.

3. Enhance vocabulary and contextual understanding, enabling a deeper grasp of texts.

4. Analyze and critically evaluate the purpose, arguments, and underlying themes presented in the texts.

5. Summarize and paraphrase accurately, ensuring that key points are effectively communicated without altering the original meaning.

6. Improve reading speed and accuracy, making it easier to process large volumes of text efficiently.


Course Description:

The Advanced Reading and Comprehension Skills course is designed to improve students' abilities to read, understand, and analyze complex texts. Through a range of reading materials, students will learn strategies for identifying main ideas, supporting evidence, and the organizational framework of various texts. The course will also focus on enhancing vocabulary, critical thinking, and analysis of arguments. Additionally, students will work on refining their ability to summarize and paraphrase effectively while improving reading fluency and precision.

This course offers an in-depth exploration of the key historical events, figures, and developments that have contributed to the formation of national identity.


Learning Outcomes :

By the end of this course, students will be able to:

1. Understand significant historical events and figures that have shaped the national identity, and appreciate their ongoing influence on contemporary society.

2. Analyze and interpret historical sources critically, linking past events to current societal, cultural, and political contexts.

3. Evaluate historical narratives and their role in constructing collective memory and national identity, developing a deeper understanding of cultural and social evolution.

4. Present well-reasoned arguments and insights related to historical contexts, demonstrating a sophisticated understanding of historical processes.

5. Enhance academic and analytical competencies, fostering critical thinking skills applicable to history, social sciences, and humanities disciplines.


Course Description:

The History and National Identity course focuses on exploring key historical events and figures that have shaped national identity and cultural evolution. Through the study of primary and secondary historical sources, students will learn to critically engage with different historical perspectives, assess their implications for modern society, and develop a nuanced understanding of the nation’s political, cultural, and social development. By the end of the course, students will be equipped with analytical tools to present informed, reasoned arguments on historical topics and connect them to present-day issues.

This course provides students with the necessary tools and techniques to prepare and understand financial statements, focusing on accounting for a single proprietorship business. Students will develop practical skills for applying accounting principles and utilizing computerized accounting systems.


Learning Outcomes:

Upon completion of the Financial Accounting course, students will be able to:

1. Prepare financial statements using appropriate accounting techniques, ensuring accuracy and compliance with accounting standards.

2. Apply these financial statements to a single proprietorship type of business, learning to manage and assess business financial performance.

3. Develop their understanding and analytical skills in accounting concepts related to asset, liability, and owner’s equity, enhancing their ability to evaluate a company’s financial position.

4. Interpret and input data into a computerized accounting system, enabling the production of final accounts and other financial reports.

5. Use accounting software tools to streamline financial reporting and improve efficiency in preparing financial statements.


Course Description:

The Financial Accounting course offers a practical and theoretical foundation in accounting, emphasizing the preparation of financial statements for single proprietorship businesses. Students will gain proficiency in identifying, recording, and analyzing financial transactions, as well as applying accounting software to generate accurate financial reports. By the end of the course, students will be equipped with the skills to effectively manage financial information in a business environment.
This course delves into advanced financial analysis techniques, focusing on the application of financial principles to corporate decision-making. Students will build on their foundational finance knowledge to assess and evaluate complex financial scenarios, preparing them for more sophisticated roles in business finance.


Learning Outcomes:

Upon completion of the Business Finance II course, students will be able to:

1. Analyze advanced financial statements with a deeper understanding of the components and implications for corporate decision-making, enabling them to make more informed financial assessments.

2. Assess and value future cash flows, applying these skills to various business scenarios to evaluate the financial viability and sustainability of business operations.

3. Compute both future and present cash flows in greater detail, using these calculations for investment analysis and to determine the financial health and potential of projects.

4. Evaluate complex investment projects, considering factors like risk, return, and the strategic fit within the company’s financial framework to make well-rounded decisions on capital investments.


Course Description:

The Business Finance II course builds on the foundational concepts of finance and takes a deeper dive into the analytical tools and techniques used to evaluate the financial position and performance of businesses. The course emphasizes advanced topics such as valuing future cash flows, investment analysis, and strategic decision-making, all with a focus on real-world applications in business finance. Students will leave the course prepared to assess complex financial data and apply their findings to improve business outcomes.

This course is designed to enhance students' writing abilities, focusing on the creation of clear, coherent, and structured content suited for both academic and professional purposes. Students will learn to refine their writing processes and produce high-quality written work.


Learning Outcomes:

Upon completion of the Development of Writing Skills course, students will be able to:

1. Craft clear, coherent, and well-structured written content, tailoring their work for academic and professional contexts.

2. Organize ideas effectively, ensuring logical flow and clarity throughout their writing.

3. Use appropriate language and tone that aligns with the intended audience and purpose.

4. Adhere to grammatical and stylistic conventions, demonstrating a strong command of language.

5. Develop skills in drafting, revising, and editing their work, improving clarity, precision, and overall quality of their written content.


Course Description:

The Development of Writing Skills course focuses on equipping students with the essential techniques to produce clear and professional written work. Students will learn how to structure their writing, utilize appropriate language and tone, and refine their drafts through revision and editing processes. The course emphasizes continuous improvement and mastery of writing conventions, preparing students for successful communication in both academic and professional settings.

This course provides students with a comprehensive understanding of the key events, figures, and milestones that have shaped their nation's modern history. It encourages students to critically engage with historical developments and their contemporary implications.


Learning Outcomes:

Upon completion of the National History II course, students will be able to:

1. Gain an in-depth understanding of the key events, figures, and milestones that have shaped their nation's modern history.

2. Analyze historical developments within political, economic, and cultural contexts, connecting them to contemporary issues.

3. Develop critical thinking skills by examining historical narratives, interpreting primary and secondary sources, and assessing their relevance to national identity and progress.


Course Description:

The National History II course offers an exploration of significant events and figures in the nation's modern history. Students will critically assess these developments, interpreting sources to better understand their impact on national identity and progress. Through this process, they will connect historical occurrences to present-day challenges and opportunities, fostering a deeper appreciation for the nation's cultural and political evolution.

This course introduces students to the fundamental concepts and principles of microeconomics, focusing on how individual markets operate and how economic agents make decisions.


Learning Outcomes:

Upon completion of the Microeconomics course, students will be able to:

1. Understand core economic principles such as the production possibilities frontier (PPF), opportunity cost, marginal cost, marginal benefit, and the gains from trade.

2. Learn about competitive markets, the roles of demand and supply, and the determination of equilibrium price and quantity.

3. Gain knowledge in elasticity, including price elasticity of demand, income elasticity, and cross elasticity of demand, and learn how to calculate and interpret these concepts.

4. Understand the concepts of efficiency and equity, how resources are allocated in markets, and how government interventions such as rent ceilings, minimum wage laws, and taxes affect markets.

Course Description:

The Microeconomics course covers the foundational theories and models used to analyze individual markets. Students will explore topics such as supply and demand dynamics, market equilibrium, consumer and producer behavior, and the impact of government policies on market outcomes. The course also introduces the concepts of elasticity and efficiency, equipping students with the analytical tools to assess how markets function and how economic policies influence the allocation of resources.


Course Overview
This course introduces students to international business theories and their practical implementation at the graduate level. It covers essential topics, including regional and global strategies, multinational enterprises, international politics and culture, international trade, foreign direct investments, and international financial markets. Through case studies and analytical frameworks, students will gain a comprehensive understanding of the global business system, its evolution, and the interconnected factors shaping international commerce.


Course Objectives

  1. Introduce foundational theories and strategies of international business.
  2. Explore the roles of multinational enterprises in regional and global markets.
  3. Examine the impact of international politics, culture, and economics on business decisions.
  4. Provide insights into international trade, foreign investments, and financial markets.
  5. Highlight ethical considerations, sustainability, and governance in global business practices.


Learning Outcomes
By the end of this course, students will be able to:

  1. Understand the complexities of the global business environment.
  2. Identify and evaluate cross-cultural business dynamics and their implications.
  3. Gain insights into the economic development of nations and their role in global trade.
  4. Interpret and apply key theories of international trade and foreign investments.
  5. Understand the political economy of international trade and its influence on business strategies.
This course continues the exploration of national history, covering major historical events, reforms, and their impacts on contemporary society.
Course Description:

This course introduces the foundational principles of insurance and actuarial science. It provides an overview of risk management, the concept of risk pooling, and the basics of premium calculation. Students will learn about the role of actuaries in insurance and other financial services industries.


Learning Outcomes:

  • Understand the core principles of insurance and risk management.
  • Explain the role and responsibilities of an actuary.
  • Calculate simple premiums and assess risk exposure.

This course provides a comprehensive introduction to the principles and concepts of macroeconomics, focusing on the overall functioning of an economy.


Learning Outcomes:

Upon completion of the Macroeconomics course, students will be able to:

1. Define and explain Gross Domestic Product (GDP), its components, and how it equals aggregate expenditure and aggregate income.

2. Understand the uses and limitations of real GDP as a measure of economic well-being.

3. Explain unemployment, its measurement, and its impact on the economy.

4. Understand inflation and the methods to measure the inflation rate.

5. Learn about economic growth, its rate, and the implications of sustained growth on an economy.

6. Gain insights into financial markets, including the flow of funds, financial decision-making, risks, and the roles of lending and borrowing interactions.

7. Define money, explain its functions, and describe the role of banks in the economy.

8. Understand how money supply and interest rates influence price levels and inflation.


Course Description:

The Macroeconomics course offers a broad overview of the key principles shaping economic systems on a large scale. Topics include national income accounting, the role of government and financial institutions in the economy, inflation, unemployment, and economic growth. Students will learn how GDP is calculated and what it signifies for an economy’s overall health. They will also explore the implications of fiscal and monetary policies, financial markets, and the interrelationship between government actions, money supply, and inflation. By the end of the course, students will have a thorough understanding of macroeconomic indicators and their impact on business and societal well-being.

Course Description:

This course focuses on the fundamentals of life insurance, including policy types, premium calculations, and the legal framework governing life insurance contracts. It explores the financial and social implications of life insurance.


Learning Outcomes:

  • Understand the basic principles and types of life insurance.
  • Calculate premiums and assess policyholder benefits.
  • Evaluate the impact of life insurance on individuals and society.
Course Description:

This course examines the legal principles and frameworks governing the insurance industry. It covers contract formation, claims handling, and regulatory compliance in insurance.


Learning Outcomes:

  • Understand the legal requirements for insurance contracts.
  • Evaluate the implications of non-compliance in insurance law.
  • Analyse case studies related to insurance disputes.
Course Description:

This course focuses on risk identification, assessment, and management within the insurance industry. It introduces students to tools and strategies for mitigating risks effectively.


Learning Outcomes:

  • Identify and assess various types of risks in insurance.
  • Apply risk management techniques to minimise potential losses.
  • Evaluate the effectiveness of risk management policies.

Course Description:

This course focuses on risk identification, assessment, and management within the insurance industry. It introduces students to tools and strategies for mitigating risks effectively.


Learning Outcomes:

  • Identify and assess various types of risks in insurance.
  • Apply risk management techniques to minimise potential losses.
  • Evaluate the effectiveness of risk management policies.
Course Description:

A continuation of Insurance Accounting I, this course delves deeper into financial reporting, solvency calculations, and regulatory compliance. It emphasises advanced concepts such as reinsurance accounting and claims provisioning.


Learning Outcomes:

  • Prepare advanced financial reports for insurance companies.
  • Calculate solvency and manage claims reserves.
  • Analyse the financial impact of reinsurance on insurance firms.

Course Description
This course provides students with the skills to interpret and analyse financial statements within the context of insurance companies. It focuses on key measures such as profitability, liquidity, and solvency, enabling students to assess the financial health and performance of insurance organisations. Through practical applications and case studies, students gain insights into the unique financial dynamics of the insurance industry.


Learning Outcomes
Upon completing this course, students will be able to:

  1. Interpret and analyse financial statements specific to insurance companies.
  2. Assess profitability, liquidity, and solvency using financial ratios.
  3. Evaluate financial performance to identify strengths, weaknesses, and risks.
  4. Make data-driven decisions based on financial analysis in the insurance context.
  5. Understand the regulatory and financial reporting requirements unique to the insurance industry.
Course Description:

This course provides an in-depth exploration of health insurance, including its structure, funding mechanisms, and the role of public and private health insurers. It covers topics such as risk pooling, cost-sharing, claims processing, and health insurance regulations.


Learning Outcomes:

  • Understand the principles and mechanisms of health insurance systems.
  • Analyse the financial and social implications of health insurance policies.
  • Evaluate health insurance products and their impact on public health.

Course Description:

An introduction to the concept of reinsurance, including its necessity, types, and practices. Students will learn about proportional and non-proportional reinsurance, underwriting processes, and the role of reinsurance in risk management.


Learning Outcomes:

  • Explain the principles and functions of reinsurance.
  • Differentiate between types of reinsurance agreements and their applications.
  • Assess the role of reinsurance in mitigating financial risks.


Course Description:
This course examines the design, financing, and delivery of social security systems globally. It explores pension schemes, unemployment benefits, and healthcare provision, focusing on their economic and social impacts.


Learning Outcomes:

  • Analyse the key features and objectives of social security systems.
  • Compare different social security models across countries.
  • Evaluate the sustainability and challenges of social security programmes.


Course Description:
This course introduces the principles and practices of liability insurance, focusing on coverage for legal liabilities arising from personal or professional activities. Topics include risk assessment, claims management, and legal frameworks.


Learning Outcomes:

  • Understand the scope and applications of liability insurance.
  • Analyse liability insurance policies and assess their adequacy.
  • Evaluate the legal implications of liability insurance coverage.


Course Description:
An exploration of monetary systems and banking operations, including money creation, the role of central banks, and monetary policy. The course highlights the impact of financial institutions on economic stability and growth.


Learning Outcomes:

  • Explain the functions of money and the operation of monetary systems.
  • Analyse the role of banks in financial intermediation.
  • Assess the effects of monetary policy on economic stability.


Course Description:
This course focuses on the application of information systems and data mining techniques in actuarial science. Topics include data collection, analysis, and interpretation for risk management and decision-making.


Learning Outcomes:

  • Apply data mining techniques to actuarial problems.
  • Utilise information systems for data processing and analysis.
  • Interpret data to inform business and risk management decisions.
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