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  3. Introduction to Actuarial Studies

Introduction to Actuarial Studies (ACTL10001)

Undergraduate level 1Points: 12.5On Campus (Parkville)

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Overview

Year of offer2017
Subject levelUndergraduate Level 1
Subject codeACTL10001
Campus
Parkville
Availability
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

This subject is an introduction to compound interest functions and operations; valuation of annuities, bonds and loans; demography, and factors affecting population growth and size; construction and use of the life table; applications of these in life insurance; types of insurance products; the role of the actuary; and the significance of financial institutions utilising actuarial management.

Intended learning outcomes

  • Apply relevant pre-requisite mathematical knowledge in the solution of a range of practical problems
  • Calculate the accumulation or present value of money under compound interest
  • Calculate the amount or present value of payments under fixed interest contracts such as loans,annuities and bonds;
  • Solve equations of value for the effective rate of interest;
  • Describe the factors that affect the growth and structure of populations and explain their impact on these populations;
  • Apply simple mathematical techniques to analyse and project populations
  • Apply survival models and life tables to calculate probabilities of death or survival
  • Calculate the expected present value of contingent payments under securities subject to default and under simple insurance contracts
  • Describe the features of insurance products sold in Australia;
  • Describe the role of an actuary in a range of commercial situations.

Generic skills

  • High level of development: problem solving; synthesis of data and other information.

Last updated: 15 July 2017