On 7 December 2020, Springdales School, Pusa Road, held the XXIX R. S. Niamat Rai Rajpal Memorial Contest of Investigatory Projects in Mathematics. Four students of our School- Aamna Raza (XI- A), Anushka Saxena (XI-A), Harshit Sethi (XI-C) and Roshan Sanwlani (XI-C) participated in the contest.
The project required the students to choose a topic related to Math and research its various aspects with an aim to provide a solution to a real life problem. Since this contest was conducted on an online platform, our students prepared a video presentation to showcase their findings and ideas. Around 20 schools participated in the competition and presented their results.
The topic chosen by our students was Mathematics in Actuarial Science. Actuarial Science is a discipline that assesses financial risks in the fields of insurance and finance, using mathematical and statistical methods. Our project focused on the mathematical concepts involved in Actuarial Science, its applications in life insurance policies and how it is used in real life.
It was a good experience where students researched extensively to find the mathematics underlying insurance policies, the calculation of premium in a policy and the factors affecting it. It was interesting to learn about the intricacies of Actuarial Science.
The students gained knowledge about insurance plans and their working and how such a plan can be different for every person due to differences in their lifestyles. It helped them understand a new field, namely, Actuarial Science.
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