Mathematics in insurance and finance

A pension scheme says that you will receive 1 million kr., at age 70 - if you are still alive. What should it cost? Where in mathematics do we find the when and if? Perhaps the customer would rather have the value of a Maersk share to ensure buying power at retirement. What should that cost and why?

Lecturer: Professor Mogens Steffensen from the Department of Mathematical Sciences, University of Copenhagen.