MATH20962 Jon FernsFIA Jon.ferns@btinternet 07789 487 194 Version 24 Match 2014

# MATH20962 Jon FernsFIA Jon.ferns@btinternet 07789 487 194 Version 24 Match 2014

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## MATH20962 Jon FernsFIA Jon.ferns@btinternet 07789 487 194 Version 24 Match 2014

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1. University of ManchesterContingencies 1Lecture week 926 March 2014“Reserves and Death Strain At Risk” MATH20962 Jon FernsFIA Jon.ferns@btinternet.com 07789 487 194 Version 24 Match 2014

2. Course syllabus

3. Reserves

4. When is tV calculated? Time t-1 Time t Time t+1 Benefit payment (and related expenses) Premium payment (and related expenses) tV

5. Prospective reserves

6. Why hold reserves?

7. Retrospective reserves

8. Retrospective reserves (example continued)

9. When are retrospective and prospective reserves equal?

10. Example proof of equivalence of reserves (1) (when basis the same throughout)

11. Example proof of equivalence of reserves (2) (when basis the same throughout)

12. Recursive relationship of reserves

13. Example proof of recursive formula

14. Quiz

16. But first….. a recap on formula