MECE-103 ACTUARIAL ECONOMICS: THEORY AND PRACTICE in English Solved Assignment 2022-2023
Tutor Marked Assignment (TMA)
Course Code: MECE-103
Assignment Code: MECE-103/AST/2022-23
Maximum Marks: 100
| Title Name |
MECE-103 Solved Assignment 2022-2023 |
| University | IGNOU |
| Service Type | Solved Assignment (Soft copy/PDF) |
| Course | MA(ECONOMICS) MEC |
| Language | ENGLISH |
| Semester | 2022-2023 Course: MA(ECONOMICS) MEC |
| Session | For July 2022 and January 2023 Sessions |
| Short Name | MECE-103 |
| Assignment Code | MECE-103/AST/2022-23 |
| Product | Assignment of MA(ECONOMICS) 2022-2023 (IGNOU) |
| Submission Date | For July session, you need to submit the assignments by March 31, and for January session by September 30 for being eligible to appear in the term end examination.Assignments should be submitted to the Coordinator of your Study Centre. Obtain a receipt from the Study Centre towards submission. |
Note: Answer all the questions.
SECTION A
Answer the following questions in about 700 words each. The word limits do not apply in case of
numerical questions. Each question carries 20 marks.
1) Apply Chebychev’s inequality to: (i) arrive at ‘Chebychev’s bounds’ for the sum of ‘n’
Bernoulli variables; and (ii) state the Law of Large Numbers (LLN) in general.
2) Specify the features of ‘parametric survival models’. Describe the extended versions of
‘parametric survival models’.
SECTION B
Answer the following questions in about 400 words each. Each question carries 12 marks.
3) Outline the properties of an ‘accumulation function’ with illustrations.
4) Describe the concepts of ‘hazard function’ and ‘cumulative hazard function’.
5) Show that the probability of a life alive at age ‘x’ dying before the age ‘x + 1’ is the
‘weighted average of the force of mortality’.
6) Discuss the concept of ‘benefit reserves’ with equations for different type of insurance policies.
7) Discuss the distribution of ‘excess beyond a threshold’.
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