Actuarial Modelling II (ACTL30002)

Undergraduate level 3Points: 12.5On Campus (Parkville)

You’re viewing the 2017 Handbook:
Or view archived Handbooks
You’re currently viewing the 2017 version of this subject

Overview

Availability
Semester 1
FeesLook up fees

Topics include exact and census methods for estimating transition intensities based on age; goodness of fit and smoothness of graduated estimates versus crude estimates; actuarial modelling; general principles of stochastic processes; Markov chains in actuarial work.

Intended learning outcomes


  • Describe the principles of actuarial modelling
  • Describe the general principles of stochastic processes, and their classification into different types
  • Define and apply a Markov chain
  • Describe how to estimate transition intensities depending on age, exactly or using the census approximation
  • Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates, and describe the process of graduation
  • 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