The concept of probability applied in insurance actuarials

We all know that probability in the measure of likelihood of an event happening or not happening. It is a concept that we use in day to day activities whenever we use our predictions and judgement.The concept is important in calculating the mortality table for life insurance purposes.

https://www.youtube.com/watch?v=TcaSV4uqg0A&index=11&list=PLs7ffEMvVtT1l7dDR3kI03WgRJahLYpej

https://www.youtube.com/watch?v=HRcl3bVtj34&index=12&list=PLs7ffEMvVtT1l7dDR3kI03WgRJahLYpej

Redemption of Loans

Loans can be redeemed or paid back in three ways:

1) The entire lump sum amount of interest and principal can be repaid at the end of the loan period.

2) The interest on loan can be paid back at the end of each year and the principal can be paid back at the end of the term of the loan.

3) The interest and the principal can both be repaid monthly which is also popularly known as equated monthly installments.

The concept of redemption or repayment of loans has been explained vividly in this video presented by Mr J Kulkarni on behalf of the Insurance Institute of India.

https://www.youtube.com/watch?v=aXzDctYv49M&list=PLs7ffEMvVtT1l7dDR3kI03WgRJahLYpej&index=8

Actuarial Science

Discount is described as the present value multiplied by the interest rate. This concept has been explained lucidly by Professor J Kulkarni in the chapter given by the link below. The chapter also explains the concept of annuities, premium and payment contained within an annuity. Do take a look.( The first portions of the video appears muted though)
https://www.youtube.com/watch?v=UuvZL21PYkA

Foundation of Actuarial Science

This link from the Insurance Institute of India explains the concepts of simple interest, compound interest, present value or discounted value and accumulated value of investments. The concepts have been explained mathematically by Professor J Kulkarni. The concepts of effective and nominal rate of interest have been also expressed mathematically. Have a look to gain a solid insight!!

https://www.youtube.com/watch?v=dz_ia8A2_gY