Actuarial Modelling I (ACTL30001)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

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Semester 1
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Topics include survival models concepts; estimation procedures for lifetime distributions; multiple state models; binomial model of mortality; actuarial applications of Markov processes.

Intended learning outcomes


  • Explain the concept of survival model;
  • Describe estimation procedures for lifetime distributions;
  • Define a Markov process, and apply Markov models in actuarial problems;
  • Describe models of transfer between multiple states, including processes with single or multiple decrements, and derive relationships between probabilities of transfer and transition intensities;
  • Derive maximum likelihood estimators for the transition intensities in models of transfers between states with piecewise constant transition intensities;
  • Describe the binomial model of mortality, a maximum likelihood estimator for the probability of death and compare the binomial model with the multiple state models;
  • Apply pre-requisite mathematical and statistical concepts to the solution of problems on the above topics.

Generic skills

  • High level of development: written communication; problem solving; statistical reasoning; application of theory to practice; synthesis of data and other information.

Last updated: 20 March 2025