Contingencies (ACTL30003)
Undergraduate level 3Points: 25On Campus (Parkville)
Overview
| Availability | Semester 2 |
|---|---|
| Fees | Look up fees |
Topics include traditional life insurance products; present values of annuities and assurances for single lives; net and gross premiums and policy values; select mortality; joint life theory; cashflow models; competing risks; discounted emerging costs; multiple decrements; guarantees and options; risk classification.
Intended learning outcomes
- Define simple assurance and annuity contracts, and develop formulae for the means and variances of the present values of the payments under these contracts, assuming constant deterministic interest.
- Describe practical methods of evaluating expected values and variances of the simple contracts defined in the above objective.
- Describe and calculate, using ultimate or select mortality, net premiums and net premium reserves of simple insurance contracts.
- Describe the calculation, using ultimate or select mortality, of net premiums and net premium reserves for increasing and decreasing benefits and annuities.
- Describe the calculation of gross premiums and reserves of assurance and annuity contracts.
- Define and use straightforward functions involving two lives.
- Describe methods which can be used to model cashflows contingent upon competing risks.
- Describe the technique of discounted emerging costs, for use in pricing, reserving, and assessing profitability.
- Describe the principal forms of heterogeneity within a population and the ways in which selection can occur.
Generic skills
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High level of development: written communication; problem solving; statistical reasoning; application of theory to practice; interpretation and analysis; synthesis of data and other information; evaluation of data and other information; use of computer software.
Last updated: 20 March 2025
Eligibility and requirements
Prerequisites
The following:
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ACTL30001 | Actuarial Modelling I | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
Students may not gain credit for both
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ACTL30003 | Contingencies | Semester 2 (On Campus - Parkville) |
25 |
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 20 March 2025
Assessment
Additional details
- One three-hour end of semester exam (70%)
- One major project which is no more than 3000 words, due at the end of semester (30%)
- To pass this subject students must pass the end of semester examination.
Last updated: 20 March 2025
Dates & times
- Semester 2
Principal coordinator Ping Chen Mode of delivery On Campus (Parkville) Contact hours Six hours of lectures and/or tutorials per week Total time commitment 340 hours Teaching period 24 July 2017 to 22 October 2017 Last self-enrol date 4 August 2017 Census date 31 August 2017 Last date to withdraw without fail 22 September 2017 Assessment period ends 17 November 2017 Semester 2 contact information
Time commitment details
Estimated total time commitment of at least 340 hours.
Last updated: 20 March 2025
Further information
- Texts
- Subject notes
- Breadth options
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Last updated: 20 March 2025