MATERI BUAT BELAJAR (Agustus-Oktober)

1. A10 – Matematika Keuangan (5-11 Agustus 2019)

Day 1 Interest rate (rate of interest), Simple interest and Compound interest
Accumulation function, Future value and Present value/net present value

Day 2 Discount factor, Discount rate (rate of discount) and Convertible m-thly
Nominal rate, Effective rate, Force of interest

Day 3 Effective interest rate, Nominal interest rate, convertible m-thly, Effective discount
rate, Nominal discount rate convertible m-thly, Force of interest.

Day 4 Annuity-immediate, Annuity-due Perpetuity, Payable m-thly, Level payment

annuity, Arithmetic increasing/decreasing payment annuity.

Day 5 Principal, Interest, Term of loan, Outstanding balance, Final payment (drop
payment, balloon payment), Amortization, Sinking fund

Day 6 Anuitas dengan pembayaran tetap dan tidak tetap untuk jenis anuitas immediate (or
due), anuitas pembayaran m-thly

Day 7 Menghitung outstanding balance dan menghitung tingkat bunga

 Buku Referensi :
1. Theory of Interest (Second Edition), 1991, by Kellison, S.G.:
Chapters 1-2, Chapter 3 (exclude 3.6 and 3.10), Chapter 4, Section 4.1 and the rest of
page 95 , Examples 4.1 and 4.2, Sections 4.4– 4.8, Chapter 5, Sections 5.1–5.7,
Chapter 6, Sections 6.1–6.4 and 6.6, Chapter 7, Sections 7.1–7.7 and 7.10, Chapter 8,
Sections 8.7 and 8.8 (exclude Options, Futures, Forwards and Swaps), Chapter 9,
Sections 9.4, 9.6, 9.8–9.10, Appendix VIII.

2. Daniel, J.W.; and Vaaler, L.J.F., Mathematical Interest Theory (Second Edition),
2009, The Mathematical Association of America
Chapter 1 (1.3-1.12, 1.14), Chapter 2 (2.2-2.7), Chapter 3 (3.2-3.9, 3.11,
3.13), Chapter 4 (4.2-4.6), Chapter 5 (5.2-5.4), Chapter 6 (6.2-6.6, 6.9), Chapter 7
(7.1), Chapter 8 (8.3), Chapter 9 (9.1-9.5)
2. A20 – Probabilita dan Statistika (12-18 Agustus 2019)

Day 1 Konsep Probabilita

Day 2 Variabel Acak dan Karateristiknya

Day 3 Distribusi Probabilita

Day 4 Metoda dan Estimasi Variabel Acak

Day 5 Uji Hipotesa dan selang kepercayaan

 Buku Rujukan :
 Leonard A. Asimow & Mark M. Maxwell, Probability and Statistics with Applications
– Problem Solving Text, 2010,
Chapter 1 : Combinatorial Probability
Chapter 2 : General Rules of Probability
Chapter 3 : Discrete Random Variable
Chapter 4 : Some Discrete Distribution
Chapter 5 : Calculus and Probability
Chapter 6 : Some Continuous Distribution
Chapter 7 : Multivariate Distribution
Chapter 8 : A Probability Postpourri
Chapter 9 : Sampling Distribution and Estimation
Chapter 10 : Hipothesis Testing

 John e. Freunds Mathematical Statistics with Applications (Seventh Edition), 2002,

by Irwin Miller and Marylees Miller, Chapters 1-14.
3. A30 – Ekonomi (19-25 Agustus 2019)

Day 1-2
 Mikroekonomi (Pengantar Teori Mikroekonomi, by Sadono Sukirno)
Bagian I : Metodologi dan Liputan Analisis Ekonomi
Bagian II : Teori Permintaan, Penawaran dan Aplikasinya
Bagian III : Teori Tingkah Laku Konsumen
Bagian IV : Teori Produksi dan Biaya Produksi
Bagian V : Struktur Pasar dan Penentuan Keseimbangan Firma
(Perusahaan)
Bagian VI : Penetuan Harga Faktor-Faktor Produksi
Bagian VII : Mekasnisme Pasar dan Kebijakan Pemerintah
 Mikroekonomi (Ilmu Mikroekonomi, Edisi17, Mc Graw Hill, by Samuelson,
Nordhaus)
Bagian I : Konsep Dasar
Bagian II : Ilmu Mikroekonomi : Penawaran, Permintaan dan Pasar Produk
Bagian III : Pasar Faktor Produksi : Tenaga Kerja, Tanah, dan Modal
Bagian IV : Ilmu Mikroekonomi Terapan: Perdagangan Internasional,
Pemerintah, Dan Lingkungan
Day 3-4

 Makroekonomi (Pengantar Teori Makroekonomi, by Sadono Sukirno)

Bagian I : Liputan Analisis dan Data Makroekonomi
Bagian II : Analis Penentuan Kegiatan Ekonomi dan Pendapatan Nasional
Bagian III : Penawaran Uang dan Kegiatan Perekonomian
Bagian IV : Kebijakan Ekonomi dalam Perekonomian Tertutup dan Terbuka
Bagian V : Pertumbuhan dan Pembangunan Ekonomi

 Makroekonomi (Ilmu Makroekonomi Edisi 17, Mc Graw Hill,by Samuelson,

Nordhaus)
Bagian I : Konsep Dasar
Bagian II : Ilmu Makroekonomi : Kajian Mengenai Pertumbuhan Ekonomi
dan Siklus Bisnis
Bagian III : Pertumbuhan Ekonomi dan Kebijakan Ekonomi Makro
Bagian IV : Pengangguran, Inflasi dan Kebijakan Ekonomi

4. Buku Rujukan :
1. Pengantar Teori Mikroekonomi, by Sadono Sukirno
2. Pengantar Teori Makroekonomi, by Sadono Sukirno
3. Ilmu Mikroekonomi Edisi 17, Mc Graw Hill, by Samuelson, Nordhaus
4. Ilmu Makroekonomi Edisi 17, Mc Graw Hill,by Samuelson, Nordhaus
5. A40 – Akuntansi (25 Agustus – 1 September 2019)

Day 1
 Prinsip-prinsip dasar Akuntansi
 Standart dan Fungsi Akuntasi

Day 2
 Alur dan Konsep Akuntasi
 Laporan Tahunan dan Pernyataan Tahunan

Day 3
 Akuntansi untuk Aset Investasi dan Aset lainnya
 Akuntansi untuk kewajiban dan cadangan

Day 4
 Akuntansi untuk manfaat polis
 Akuntansi untuk Modal dan Surplus

Day 5
 Akuntansi untuk Pendapatan dan pengeluaran
 Akuntansi Manajemen dan Biaya.

Day 6
 Analisis Laporan Keuangan
 Penganggaran

Day 7
 Akuntansi Pertanggungjawaban
 Pengendalian Internal dan Auditing

 Buku rujukan :
1. Accounting and Financial reporting in Life and health Insurance Companies, by
Ellizabeth A. Mulligan and Gene Stone, chapter 1-20
2. Financial Accounting and Reporting Requirements in Life Insurance
Companies, 2002 by Ellizabeth A. Mulligan, Chapter 1-10.
3. PSAK (Indonesia Statement of Financial Accounting Standards) 18 [Akuntansi
Dana Pensiun],24[Akuntansi Biaya Manfaat Pensiun] 28 [Akuntansi Asuransi
Kerugian], 36 [Akuntasi Asuransi Jiwa] dan 62 [ Kontrak Asuransi ].
6. A50 – Metoda Statistika (2-8 September 2019)

Day 1-2
 Statistical Methods
 Regression Analystis

Day 3-4
 Properties of Survival Models
 Estimation of Survival Models from Data Samples

Day 4-6
 Time Series
 Model Statistik dan Econometrika

 Buku Referensi :
1. Survival Models and Their Estimation (third edition), Actex Publication 1997,
Dick London.
Part 1: The nature and properties of survival models, Chapter 1-3
Part 2: Estimation survival models from complete data samples, Chapter 4-8
Part 3: Application Actuarial and Extensions Chapter 9-11

2. Econometric Models and Economic Forecasts (Fourth Edition), 1998, by

Pindyck, R.S. and Rubinfeld,D.L., Chapters 3–6, 15–18. 6
7. A60 – Matematika Aktuaria (9-15 September 2019)

Day 1-2
 Life Insurance Models
 Contingent Life Annuities Models

Day 3-4
 Premi dan Cadangan Premi
 Multiple Life Models

Day 4-6
 Multiple Decrement Models
 Model Klaim dan Model Collective Risk

Buku Referensi:
1. Model for Quantifying Risk (Second Edition), 2006, Robin Cunningham, FSA,
Ph.D. Thomas Herzog, ASA, Ph.D. Richard L, London, FSA, Chapter 3, Chapter 4,
Chapter 5 - Sections 5.1–5.4, Chapter 6 - Sections 6.1–6.4, Chapter 7 - Sections 7.1–
7.3, Chapter 8 - Sections 8.1–8.4, Chapter 9 - Sections 9.1–9.5, Chapter 10 - Sections
10.1–10.6, Chapter 11, Chapter 12, chapter 13 Sections 13.1–13.3.
8. A70 – Pemodelan dan Teori Risiko (16-22 September 2019)

Day 1
 Actuarial Models
 Continouos Models

Day 2
 Discrete Distribution and Process
 Aggregate Loss and Ruin Models

Day 3-4
 Empirical Models
 Estimated Parametric Models

Day 5-6
 Adjusted Estimated and Credibility
 Simulation Methods

 Buku Referensi :
Loss Models: From Data to Decisions, (Second Edition) 2004, by Klugman, S.A.,
Panjer, H.H., and Willmot, G.E.
 Chapter 1 sd 3 (background only)
 Chapter 4, Sections 4.1–4.4 (excluding data-dependent distributions),
4.6.1–4.6.5, 4.6.7 through Theorem 4.51 (excluding zero-modified
distributions, in particular Example 4.46, Theorem 4.49 and subsequent
examples that depend on these distributions), 4.6.9–4.6.11,
 Chapter 5
 Chapter 6, Aggregate Loss
 Chapter 7 dan 8, Ruin Models
 Chapter 9 sd 11, Empirical Models
 Chapter 12 sd 14, Parametric Statistical Method
 Chapter 15 dan 16, Adjusted Estimates
 Chapter 17, Simulation
9. F10 – Investasi dan Manajemen Aset (16-22 September 2019)

Day 1
 Lingkungan Investasi: aset riil dan aset keuangan, pasar keuangan dan
perekonomian, para klien sistem keuangan, pasar dan struktur pasar
 Instrumen keuangan: pasar uang, pasar obligasi, sekuritas ekuitas, indeks pasar
saham dan obligasi, pasar derivatif, kontrak berjangka

Day 2
 Bagaimana sekuritas diperdagangkan: bagaimana perusahaan menerbitkan
sekuritas, di mana sekuritas diperdagangkan, perdagangan di bursa, perdagangan di
bursa OTC, biaya perdagangan, membeli atas margin, penjualan short
 Reksa dana dan perusahaan investasi lainnya: jenis-jenis perusahaan investasi,
reksa dana, dana jual-beli sekuritas (ETF)

Day 3
 Suku bunga dan premi risiko: faktor yang menentukan tingkat suku bunga, risiko
dan premi risiko, risiko riil dan nominal, distribusi imbal hasil dan value at risk
 Risiko dan penghindaran risiko: nilai utilitas, risiko portofolio

Day 4
 Alokasi modal: portofolio berisiko dan bebas risiko, toleransi risiko, alokasi aset
 Portofolio berisiko yang optimal: diversifikasi, model seleksi portofolio Markowitz
 Model penetapan harga aset modal (CAPM)

Day 5
 Harga dan imbal hasil obligasi: karakteristik obligasi, obligasi berkupon nol, risiko
gagal bayar
 Struktur jangka waktu tingkat bunga: struktur jangka waktu dengan kepastian,
tingkat bunga forward, mengukur struktur jangka waktu,
 Mengelola portofolio obligasi: durasi, konveksitas, imunisasi, swap tingkat bunga,

Day 6
 Pasar opsi: jenis-jenis opsi, nilai opsi, hubungan paritas opsi jual-beli, waran, opsi
binomial, opsi Black-Scholes, rasio lindung nilai
 Pasar berjangka: kontrak futures dan penetapan harga, mekanisme dan strategi
pasar berjangka, swap
 Evaluasi kinerja portofolio: mengukur imbal hasil investasi, rata-rata aritmetik,
rata-rata geometrik, ukuran sharpe, alokasi aset
Day 7
 Proses manajemen portofolio .
 Pengetahuan dan Penerapan Peraturan Pemerintah yang terkait dengan investasi.
 Buku Referensi :
1. Investasi – Buku 1, Bodie, Kane, Marcus, Edisi 6, Penerbit Salemba Empat, 2006;
Bab 1 – 9.
2. Investasi – Buku 2, Bodie, Kane, Marcus, Edisi 6, Penerbit Salemba Empat, 2006;
Bab 14 – 16, Bab 20 – 24, Bab 26.
3. Peraturan Menteri Keuangan RI Nomor: 199 /PMK.010/ 2008 tentang Investasi
Dana Pensiun.
4. Peraturan ketua Bapepam-LK Nomor : PER-01/BL/2009 tentang dasar Penilaian
Jenis-jenis Investasi Dana Pensiun.
5. Peraturan Menteri Keuangan Nomor 53/PMK.010/2012 Tentang Kesehatan
Keuangan Perusahaan Asuransi dan Perusahaan Reasuransi.
10. F20 – Manajemen Aktuaria (23-29 September 2019)

Day 1-3
 The general operating environment
 Reserving and valuation of liabilities

Day 4-7
 Asset and liability relationships
 Solvency of the provider
 Calculation and distribution of profit (surplus)

 Buku Rujukan :
1. Understanding Actuarial Management: The Actuarial Control Cycle. Institute of
Actuaries of Australia, 2003 by Bellis, C., Shepherd, J., and Lyon, R.
2. Enterprise Risk Management: From Incentives to Controls. John Wiley & Sons, Inc.
2003 by Lam, J.
11. F31 – Aspek Aktuaria dalam Asuransi Jiwa (30 September-6 Oktober 2019)

Day 1
Assessment of risks

Day 2
Product design and development

Day 3
Pricing and assumptions

Day 4
Reserving and valuation of liabilities

Day 5
Monitoring the experience

Day 6
Reinsurance

 Buku Referensi :
1. Actuarial Aspects of Individual Life Insurance and Annuity Contracts, ACTEX
Publications, 1999 by Easton, A.E. and Harris, T. F.
2. Group Insurance, (Fourth Edition), ACTEX Publications, 2003 by Bluhm W.F.
3. Life Insurance Products and Finance, 2000, by Atkinson, D., and Dallas, J.,
4. Government Regulations
12. F32 – Aspek Aktuaria dalam Dana Pensiun (7 Oktober -13 Oktober 2019)

Day 1
 Determination of benefit and tax treatments
 Total retirement income: setting goal and meeting them, delivery of retirement
benefits, adjustment of retirement benefits for inflation and productivity gains

Day 2
 The structure of private pensions: defined benefit, defined contribution, hybrid
plans, Individual retirement plans.
 Plan Cost: replacement ratio, the effects of age and plan design, anticipating
inflation, recognizing inflation, pension payments, surplus

Day 3
 Actuarial cost factors and Actuarial Cost Methods: Accrued benefit cost methods
(Benefit Allocation Actuarial Cost Methods) and Projected benefit cost methods
[Cost Allocation Actuarial Cost Methods]
 Experience gain and losses

Day 4
 Change in : cost methods, retirement benefits, retirement age, interest assumption,
salary increase assumption, decrement assumption, ancillary benefits, employee
contributions
 Options and assets: retirements options, optional forms of benefits, assets

Day 5
 Allocated funding instruments and unallocated funding instruments
 The regulatory environments (in Indonesia):Net Assets for funding, solvency
liability, actuarial liability, normal cost, supplemental cost, calculation and using of
surplus, paying of a deficit, solvency ratio, funding ratio, quality of funding, fully
funded for DB and DC, change pension program, wind-up a pension fund and other
regulations related to pension fund industry.

 Buku Referensi :
1. Pension Funding and Valuation (second edition:1996) oleh Wiiliam H. Aitken
2. Fundamental of Private pension (seventh edition:1996) oleh Mc
Gill/Brown/Haley/Schiber
3. Keputusan/Peraturan Menteri keuangan tentang Pendanaan dan Solvabilitas
Dana Pensiun Pemberi kerja [KMK No 510/2002 dan PMK No 113/2005]
4. Peraturan perundang-undangan dan peraturan pelaksanaanya di bidang Dana
Pensiun
13. F33 – Aspek Aktuaria dalam Asuransi Umum (14-20 Oktober 2019)

Day 1
Property/Casualty Coverage

Day 2
Risk Premium and Experience Rating

Day 3
Retemaking and Loss Reserving

Day 4
Individual Risk Rating and Limits Factors

Day 5-6
Reinsurance

 Buku Referensi
1. Introduction to Ratemaking and Loss Reserving for Property and Casualty
Insurance (Second Edition), 2001, ACTEX Publications by Brown, R. L. and Gottleib,
L.R.
a. Chapter 1, (sebagai latar belakang)
b. Chapter 2, Coverage
c. Chapter 3, Ratemaking
d. Chapter 4, Loss Reserving
e. Chapter 5, Intermediate Topic

2. Introduction statistics with applications in general insurance (second edition),

Cambridge 1999, I.B.Hossack, J.H.Pollard,B.Zehnwirth.
a. Chapter 1 – 4 (sebagai latar belakang),
b. Chapter 5, Statistical Distribution useful in general insurance work
c. Chapter 6, Inferences form general data
d. Chapter 7, The Risk Premium
e. Chapter 8, Experience Rating

3. Foundations of Casualty Actuarial Science (Fourth Edition), 2001.

4. Government Regulations
14. F34 – Aspek Aktuaria dalam Asuransi Kesehatan (21-27 Oktober 2019)

Day 1-2
Product design and development
a. Individual Medical Expense Benefits
b. Individual Disability Income Benefits
c. Individual Health Insurance

Day 3
Assumptions, setting premium rates and pricing

Day 4
Reserving, Liabilities, Reporting and Solvency

Day 5
Forecasting and Modeling

Day 6
Monitoring the experience

 Buku Referensi :
1. Actuarial Mathematics (Second Edition), 1997, by Bowers, N.L., Gerber, H.U.,
Hickman, J.C., Jones,D.A. and Nesbitt, C.J
a. Chapter 12 & 13, Collective Risk Models
b. Chapter 14, Applications of Risk Theory
c. Chapter 15, Insurance Models Including Expenses

2.Individual Health Insurance, ACTEX Publications, 2007, by Bluhm W.F.

a. Chapter 2, The Product
b. Chapter 3, Policy Forms
c. Chapter 4, Managing Antiselection
d. Chapter 5, Setting Premium Rates
e. Chapter 6, Reserve and Liability
f. Chapter 7, Financial Reporting and Solvenct
g. Chapter 8, Forecasting and Modeling

3. Group Insurance, (Fifth Edition), ACTEX Publications, 2007 by Bluhm W.F.

Chapter 3, Chapter 5-10.