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What you'll be able to do (official learning outcomes)
At the end of the course, students should be able to:
describe the basis for decision making processes for insurance pricing purposes
differentiate between the economic security and nature of insurance
explain how information asymmetry affect insurance pricing for corporate organizations
apply utility theory to calculate minimum and maximum premiums under condition of uncertainty; and
identify various operational relationship in insurance markets
Course contents
Economic Foundations: Expected utility. Methodology of Economic Science. Utility theory. Consumer behaviour. Risk aversion. Finding points on a utility curve. Using Utility Theory to Solve Gambling Problem. Using utility theory to determine the maximum premium that the decision maker, would pay for complete insurance.
Source: the Nigerian Universities Commission (NUC) Core Curriculum and Minimum Academic Standards (CCMAS). StudyOps loads this syllabus automatically when you study ACS 207.