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Herald

of L'viv Polytechnic National University

"Problems of Ukrainian Terminology"

№ 842

Zubchenko V., Mishura Yu. Standardization of actuarial and financial terminology //  Website of TC STTS: Herald of L'viv Polynechnic National University "Problems of Ukrainian Terminology". – 2016. – # 842.

Volodymyr Zubchenko

Yuliya Mishura

Taras Shevchenko National University of Kyiv

Standardization of actuarial and financial terminology

© Zubchenko V. P., Mishura Yu. S., 2016

In the article we discuss the problems of construction and standardization of actuarial and financial terminology, conditions and prospects of its development.

The main reason that the actuarial and financial terminology in Ukraine is still in its making phase is the relatively recent beginning of the development of insurance and financial sectors in our country. The reformation of the economy from the centralized to the market-type led to the active implementation of the new methods of planning, accounting, control and coordination. The specific character of insurance and finance generated the need for the wide usage of mathematical models for realization of the most important practical problems.

The important role in this process takes the national school of probability theory and mathematical statistics, whose achievements are literally significant and fundamental. However, due to the peculiarities of historical development of Europe, the USA and Ukraine, the latter at the present time is still mostly at the stage of attracting the foreign experience for development of insurance and finance.

The transmission of foreign experience at the same time takes place in several directions, particularly professional and educational. In the article we outline the key educational steps of the Department of probability theory, statistics and actuarial mathematics of Taras Shevchenko National University of Kyiv for the implementation of Ukrainian terminology in the process of training in the field of insurance and finance.

One of the current tasks outlined at the state level is opening the potential of the market of life insurance and pension insurance. The state program of the development of life insurance and pension insurance provided us with the incentive to create the textbook “Mathematical Principles of Life Insurance” [1]. Besides the classical techniques of insurance rates and reserves calculation for life insurance contracts we consider new for the Ukrainian segment techniques and programs – profit-test, unit-linked insurance, pension insurance models, generalizing insurance indices. We propose Ukrainian-language terms for the corresponding concepts. The examples from different thematic sections are considered in the article.

The majority of the covered in the textbook concepts and models in the coming years are supposed to come into wide practical use, particularly as a result of the state program of integration the insurance market of Ukraine into the global financial space. The decisive moment of it is the adoption of the new edition of the Law of Ukraine “On insurance” and the need for the appropriate adaptation of legislation of Ukraine in the insurance sphere to the legislation of the European Union.

1. Zubchenko V.P.  Mathematical Fundamentals of Life Insurance / Kyiv : VPC “Kyiv University”, 2016. − 224 p.